How Will You Pay For An Extended Illness?
By default, most Americans who face care in a skilled nursing facility or even a lengthy home healthcare crisis will be forced to spend down their assets until less than $2,000 is available for their use. After spending down, Medicaid becomes the primary payor of their healthcare costs.
But do you have to spend down to this rediculously low limit in order to qualify for Medicaid? The answer is NO!!
Regardless of where you live or how much you have in assets, there are rules in place that allow you to protect some of those assets for the care of your spouse and/or dependent children as well as provide for a legacy for your family. These rules and the subsequent planning techniques are not available through your state Medicaid administrators or through nursing home or assisted living personnel. Much like tax planning, Medicaid planning requires the advice and guidance of a professional . . .or two. We recommend the coordination of a financial planner and an elder law attorney.
Please use this site as a reference for any questions you may have about Medicaid Planning. If we can be of assistance to you, you may call us at 317-564-5056. We can provide information from the eligibility manuals of all 50 states.
This site is prepared and maintained by Kevin Wedmore, a noted author on the subject of Medicaid Planning, VA Aid and Attendance pension planning, and senior retirement issues. He is a regular contributor to several financial industry publications and is a sought-after speaker by financial groups, elder law attorneys, and CPA societies. He can be reached at 877-752-0055.