Medicaid and Long-Term Care Planning

Most of us strongly desire to avoid institutionalized care, we worry that our retirement will last longer than our money, and we hate the idea of burdening our family members with financial or caregiving responsibilities for us as we age. Many folks think that Medicare pays for nursing home care, but that is just not true except for very limited time periods. If you are wealthy and you have a great long term care insurance policy, then maybe you don’t need to worry about how to pay for long term care. For everyone else, learning about protecting your assets while requesting government assistance should happen years before you need nursing home type care – when you update your will is an ideal time. We call this process proactive planning. If you need care now, we call the process crisis planning. In both types of planning, we can help strategize for Medicaid eligibility and safeguard assets for your spouse and children. We can help you understand eligibility requirements and assist you in applying for benefits. If you don’t have a team, which may consist of financial advisors, private pay or non-profit service providers, and care managers, we can help you build one.