Medicaid Planning is the process of applying deductions, exemptions, and allowances that are available to everyone wanting or needing assistance with long-term healthcare costs . . .whether that is home healthcare aids, assisted living, nursing home, or skilled care. These exemptions and deductions allow you to access assistance that you have already paid when you pay your taxes.
Most people think you must be completely BROKE before you can access Medicaid . . .which is not true. You must meet specific medical and financial requirements to gain assistance with paying for care. But, what does that mean? How do you meet those requirements and qualify for assistance? And, if you don't qualify now, what steps can you take to meet those requirements that will allow your money to last as long as you do.
We start with a free consultation to review your current long-term care needs, programs that will help offset the cost of care, and help you obtain the legal, financial and tax advice necessary to implement your plan.
If you are single, Medicaid long-term care expenses are generally not available until you are impoverished . . .in most states, you must have less than $2000 in available resources to help pay for care. But what are your options if you have more than $2000 . . .even significantly more than $2000?
There are rules that allow you to make some changes in the way your assets are counted (or more specifically, how they are exempted) and how you can even protect some of those assets for the benefit of others. Your facts will different than other friends and family members, so while gathering information from others may be helpful, keep in mind that your case may have options not available to them such as the level of care, the cost of care, the amount of income, marital status, home ownership, etc. This is why an individual assessment is necessary . . . .
The simple answer is 'NO". There are protections in every state to protect one spouse from becoming impoverished when the other spouse needs long-term healthcare assistance. These include protecting cash assets, the house, a car, retirement savings, and other resources. Age is not a factor. Nor, is the type of care needed . . .home healthcare, assisted living, memory care, or skilled nursing care.
If you are married and worried about the cost of care for your spouse and how you will survive financially, give us a call today . . .you will be surprised at how these special rules apply to you.
Our consultation serves two purposes: It helps us to gather the information we need to assess what programs are available to offset expenses and what options are available to you to minimize out-of-pocket expenses and maximize any benefits. And, it gives you the opportunity to learn how those benefits can relieve the financial stress that comes with paying for long-term care.
Your story is different . . .your facts are different . . and, your family dynamics are different. All of these play into what your plan looks like. While state rules and regulations dictate specific steps that can and cannot be taken, there may be several options that can be implemented to successfully achieve the desired result.
Plus, we coordinate all of the necessary parts of the plan to ensure you follow those rules and regulations.
We work with elder law attorneys, financial planners, and accountants that practice in this area, utilizing their expertise to address the legal, financial, and tax issues that must be incorporated into any Medicaid Plan Knowing what you can do is just as important as knowing what you can't do . . .and may save you tens or hundreds of thousand of dollars.
John, an 85 year old male with dementia needs memory care. With a modest amount of income and assets totaling just over $100,000, he thinks his desire to help fund a college education for one of his grandchildren is no longer possible. Instead, we were able to accomplish his goal while still meeting his obligation to pay his fair share of his long-term care expenses.
Bill and Mary have been married over 60 years. Mary now needs skilled care at a cost of over $8,500 per month. With two Social Security checks and a small pension, Bill isn't
sure he can maintain his home and wonders what will happen if Mary passes and his income decreases. In addition, they have accumulated some assets which can be used to supplement his income if that happens. 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.eriod of time
We were able to ensure Bill's income was sufficient to meet his expenses under the Minimum Monthly Maintenance Needs Allowance AND retain their assets to provide the income he will need if she should pass away and he loses her Social Security income.
And finally, June is a 78 year old widow who needs either home health aids to provide assistance or she could move into an Assisted Living Facility . . .something she thought she could not afford because the cost would erode her savings over a short period of time.
For June, we were able to get assistance under a special program call Medicaid Waiver which limited her cost of assisted living to under $800 per month . . .her rent, utilities, meals, activities, and medical assistance and aides all included. Now, she has physical activities, socialization, entertainment, medicine management, nutrition, and safety . . .things she would not have if she remained home by herself.
Do any of these situations sound familiar? Are you or a loved one facing a transition into or need for additional care. Regardless of whether you are just entering into this reality or have been paying for care or assistance for years, you may still be able to access programs to offset the expense and take the financial burden off yourself or other family members.
Call us today at 317-564-5056.
ACTIVE SENIORS If you are still active and do not require care currently, pre-planning can provide the confidence you need to know that your spouse will be taken care of or that some of your legacy will go to where you have directed. Too many times, clients have waited to plan and that delay has costs them tens of thousands of dollars. We encourage you to find out which planning processes can help you minimize your out-of-pocket costs and maximize the benefits that are paid on your behalf . . .benefits you have already paid for.