While the goal of your working life is to make money and save money so that you have a robust nest egg off which to live your retirement years, there are some families who have a hard time making ends meet for various reasons. And when something happens that limits a person’s ability to even do everyday tasks, then there can be a real problem without a safety net.
Needing assisted care can wipe through even a very robust retirement fund, never mind one that has been scraped together over years of just getting by.
Medicaid, the federal-state partnership benefit that covers nursing-care costs for low-income and disabled people, can be a life-saver – at least in terms of your financial life.
But as with most government programs, you will have to jump through hoops to get access. That involves some advanced planning while understanding what you need and what you are dealing with when it comes to getting Medicaid approval.
Medicaid planning, however, has gotten a bad rap of late because some people love to “game” the system by finding way to move all assets to family members so the individual can qualify for Medicaid – a way to preserve an estate and have taxpayers pay for the nursing home care. This is not right, and we would never advocate such an approach.
Medicaid planning is actually meant for those with few assets and little income, but could use some quality planning to make sure Medicaid pays quickly and effectively when you need it.
Here are some strategies, but we caution: it is always best to consult with a financial planner or certified elder-law attorney in your state, as Medicaid rules vary from state to state, so these Medicaid planning strategies won’t work everywhere, and we don’t recommend you try these at home:
We’re not making these suggestions because they will all work 100 percent of the time. Every state has different rules and guidelines for assets, and only an experienced planner or elder-law attorney in your specific state can help you understand these strategies better and how they might work in your situation.
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