Medicaid and Long Term Care-The Advantages of Pre Planning

The Medicaid Program is overwhelming to most

The Medicaid Program is overwhelming to most. It is however one of those safety nets that is there from the very beginning for those who are most needy. It also stretches far and wide into many health related areas. Where it becomes a universal safety net is at the last stages of our lives.

Except for the mega rich, we are all subject to seeing the fruits of a lifetime of labor evaporate when we or a family member are faced with needing long-term care. Only when your personal resources are depleted will you be able to qualify for Medicaid. Although there are provisions in the law and steps you can take to protect some of your assets, it is up to you to educate yourself so that you can protect yourself and your family from financial devastation.

The newest laws look back five years prior to your application and will count any transfers of funds or property to family members as still being your assets when you are trying to qualify for Medicaid. The fairness of those restrictions is a debate for another day.

The process of controlling the reduction of your own assets and making decisions so that your family is left as financially sound as possible is called a "Spend Down". The key is to make financial transfers and expenditures well in advance of being in a long-term care situation.

Medicaid allows the reduction of assets through paying off debt, making home modifications, buying a car and prepaying funeral expenses.

The home of a single individual is exempt if the person intends to return to it. In some states, Medicaid assumes that the person will not return home if he or she does not return within six months of entering a nursing home, in which case it would not be exempt. However, if the individual in the nursing home is married and the non-institutionalized spouse remains in the home, then the home is exempt from spending down. Similarly, for a married couple with an at-home spouse, the family car is also exempt.

As a Family Service Counselor I work with families on a daily basis. Whether they are sitting with me because they are "at need" and someone has died and arrangements must be made immediately or if they are "pre need" and just want to pre arrange and pre pay so that they are prepared, the biggest concern is finances.

Pre arranging and pre paying for your final expenses allow you to make decisions and takes the burden off your loved ones. Medicaid allows up to $10,000 to be spent on final arrangements and that expenditure will not be used against you in the qualifying process. If you procrastinate, the decisions and the expense will be left to your loved ones to deal with at a very emotional and difficult time. It may not be the easiest conversation to have but it is a necessary one. Educate yourself to the facts and protect your family and your resources as best you can. If you foresee a long-term care situation in your family take action, the sooner the better. You will be glad you did. Begin today by requesting free Medicaid information packet...

Medicaid and Long Term Care-The Advantages of Pre Planning

By: Linda Morneau

POST COMMENT

Advantages Of Qrops Advantages Of Implementing As9120 Certification Egyptian Sheets: Some Of Their Advantages Advantages And Downsides Of Using A Canadian Pharmacy Finding A Limo In Ct And Its Advantages. The Advantages of Hiring an Escort in Italy Advantages Of Colocation Point to Point T1 - What Are Its Advantages? The advantages you have by using the kit ethanol 85 Four Advantages to Using Yearbook Binding Starter Kits Discovering Many Of The Advantages Of Using Party Pills Advantages of Using Leaf Plates Advantages of Detox