medical Planning

As the average life expectancy of individuals increases, more and more Americans need long-term medical care.  Many people “spend down” their assets to qualify for Medicaid; however, that is not your only choice.  With help from a proper advisor, we can help you protect your assets so you can pass them on to a loved one rather than a nursing home.  In the case of a married couple, often most, it not all, of the assets can be preserved.

Medicaid planning comes in two varieties: Crisis Planning and Proactive Planning.  

Crisis planning occurs when an individual has a traumatic life event, like a stroke or accident, that causes them to require long term medical care.  With proper advising, individuals may be able to protect all or a fraction of their assets while qualifying for Medicaid once Medicare coverage ends.  This typically occurs when it is determined that the person needs long-term skilled care and Medicare is helping to cover the expenses before Medicaid kicks in.  It is important to have a properly drafted Durable POA in place when proceeding with this type of planning.  If a POA is not in place, a guardianship may have to be filed in order to make the requisite transfers and application to qualify for Medicaid.

Proactive planning, with the help of an attorney, occurs prior to the need for long term medical care.  Using various planning techniques, an individual may be able to transfer assets to whom they want while still qualifying for Medicaid later when they need it.  Utilizing good planning with an attorney and specialized insurance, individuals may be able to pass on their assets to their family and loved ones while still being able to pay for healthcare and qualify for Medicaid.