Long-Term Care (Medicaid) Planning
Aging can present certain challenges including how you will pay for your long-term care needs and how you will provide for the financial needs of your spouse or dependent child. Many people are surprised to learn that Medicare does not pay for long-term care. Medicare pays for hospitalization, rehabilitation, physician visits, durable medical equipment and hospice services.
The good news is there are solutions to these challenges including planning ahead and purchasing long-term care insurance. By working with me you benefit from my knowledge, experience and creativity in designing a long-term care plan for you. If it is too late or too expensive for you to purchase long-term care insurance Medicaid and Veteran benefits may be options to help you pay for your care. If you have concerns or if you or your spouse have recently been diagnosed with a physical or cognitive illness, I invite you to meet with me to discuss how to legally plan for your and your loved one’s future. Here are some of the issues that we will discuss as we explore together how to qualify you for Medicaid:
Type of Medicaid Program and Services Provided
There are several different Medicaid programs that help people of varying ages, disabilities and also take into account the level of care required and where the person is residing. Here are just two:
- Institutional Care Program – services are provided to individuals residing in a licensed skilled nursing facility
- Statewide Medicaid Managed Care- services are provided to individuals living in their own home or in an assisted living facility
I encourage you to write down your questions and bring them to our meeting.
Financial Eligibility Requirements
We will discuss the resource and income requirements including:
- Asset limit (depending on marital status)
- Income limit
- Which resources are exempt (non-countable)
- How to protect retirement type of assets
- The effect that gifting of assets has on when you will qualify for Medicaid assistance
- Legal planning options to maximize exempt resources.
Medicaid Lien Recovery
Federal law provides that the Medicaid agency is entitled to recover benefits paid when the Medicaid recipient dies from that person’s probate estate. Together we will explore:
- Exceptions to Medicaid lien recovery and whether your circumstances qualify as an exception
- Assets that are not subject to the Medicaid lien
- How to avoid probate
Don’t delay as your planning options will be reduced. Make your appointment today.