Many people rely on certain government benefits for their healthcare and basic financial needs. Eligibility for some benefits is determined by financial need and are referred to as “means tested” programs.
Medicaid and Supplemental Security Income are examples of means tested programs. Exceeding the income or resource qualification threshold can cause a person to become disqualified and lose the benefits they have been receiving.
Proper Planning Preserves Benefits
A person who is receiving means tested government benefits may be able to preserve benefits even if he or she receives money from an unexpected source such as a legal settlement or an inheritance. Proper planning allows a legal dispute to be settled or family members to contribute for the needs of loved ones without affecting government benefits, thus preserving their access to needed care.
Tombs Maxwell, LLP thoroughly reviews an individual’s government benefits and those of others in their household, and makes appropriate recommendations for the settlement proceeds or other source of assets. Ensuring a plan that will work with government benefits programs can protect the long-term financial security of minors, persons with disabilities and their families.