If you need money for your medical care but are confused as to how to apply for help, you might be wondering about the process of going through a medicaid trust to help care for your specific needs. What is the medicaid trust, how does it differ from a pooled trust, and will I qualify for this? To help answer your question and see if you will be able to reap the benefits of this financial protection, then you need to look into the details of the medicaid asset protection trust.
If you are considering investing in real estate – or you have currently acquired a big purchase on the housing market – this may disrupt your current medical coverage. After all, medicaid is typically dependent on your current assets – if you have too much, you will be disqualified! However, there is a way around this. Find out how you can still reap the benefits of medical care by using the medicaid asset protection trust, also known as the MAPT.
Learn about how to apply for the medicaid asset protection trust!
There are certain things that you need to learn more and know about the medical trust before you can ensure you will stay covered for your medical care.
Avoid transferring assets
There are many mistakes and notions that people have regarding their medicare before they take real estate planning into mind – make sure that you avoid transferring any of your assets while you are going through the medicaid application process. If you transfer assets prematurely, this can cause issues with the ownership of the house and possible denying of medicaid coverage.
Learn about medicaid asset protection trust
But what is the medicaid asset protection trust? In short terms – and in simple terms as possible – the medicaid asset protection trust basically lets a person who needs medical care qualify for long-term health benefits from their medicaid plan. While obtaining the benefits from medical care, they can still be in control and have ownership of their hard-earned real estate assets without being denied coverage.
Keep ownership of your assets
If they need long-term care for a chronic illness or long-term health condition, they can still retain ownership of their asset without having to give up ownership or transfer the asset to a family member.
Apply for the medicaid trust
Since the rules about the levels of assets you can have to still qualify to be eligible for medicaid, you need to take this into account when you are applying for the medicaid asset trust. If you don’t have this type of trust, you may find that you have been denied medicaid coverage, since the rules about lost levels are very strict and typically go back as far as 5 years to regain your financial situation.
When you are looking into medicaid asset trusts and coverage for current health plans, you may be worried that you will have to transfer the assets to another person in your family to still receive medical care for your long-term illness. However, with medicaid asset protection trust, you don’t have to worry about this issue – you can simply keep your assets while also having simultaneous medical care. Avoid any changes of ownership and freezing of medical care by purchasing this trustworthy solution – this way, the assets in the trust are not counted by medicaid!