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Our passion is helping families who are transitioning a loved one into a long-term healthcare environment.
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 ridiculously 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 or three. We recommend the coordination of a financial planner, tax advisor, 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.
We once worried about dying too soon . . . now we worry about living too long and running out of money. Is there anything you can do to protect yourself from going bankrupt due to large nursing home or assisted living expenses?
Medicaid Planning will allow you to retain more of your retirement money, provide lifetime income for your spouse, and perhaps leave a legacy for your children and grandchildren.
A properly constructed plan will address:
How to maximize the deductions, exemptions, and allowances that can be applied to access benefits faster when you or a loved one faces long-term health care costs.
How to protect your spouse from going broke when you go into a nursing home.
How to protect your home from sale or estate recovery.
How you can leave a legacy for your children and grandchildren, church, school, or favorite charity.
There are basically three ways to pay for long-term care.
Long-term care insurance
Long-term care insurance is by far the best way to pay for care. But did you know that only 5% of the senior population has this type of coverage? Did you also know there are alternatives to traditional long-term care insurance that are cheaper and easier to qualify for? If you don't have long-term care insurance, you will be asked to 'spend down' your assets to get to the maximum allowable . . . $2000 (may vary by state). You have just begun the 'private pay' option. This option could cost you over $8,000 per month.
Government benefits, on the other hand, are used to pay for care when assets are depleted or income is insufficient to pay the monthly cost of care. Most seniors cannot afford the $6500 per month or more that is required when they are seeking care and eventually run out of money. It is at this time that Medicaid begins to pay. The only question is, why did they wait until they ran out of money? Could Medicaid have begun paying the bills sooner if they had only known what to do?
We work with you, your family, your financial advisor, and attorney (or we help you find them) to provide a custom-tailored plan to help you make your retirement dollars last your lifetime.
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.