Plan Today for a Worry-Free Tomorrow
For families of all financial backgrounds, the prospect of long-term care can be frightening. With nursing home costs averaging $4,000- $7,000 per month in the state of Oklahoma, it’s not uncommon for families to blow through their entire life savings during the first 1-3 years of care.
Fortunately, there’s a better way to pay for the help you need.
You may be surprised to learn that the government will cover most, if not all of your long- term care costs under the Medicaid program, even if you believe that you have too many assets or too much income to qualify.
What is Medicaid for Long-Term Care?
Medicaid for long-term care is the program designed to assist nursing home residents with the staggering costs of their care. It is jointly funded by the state and the federal government.
What does Medicaid for Long-Term Care Cover?
- Doctor Bills
- Hospital Bills
- Skilled Nursing Facilities
You CAN Qualify for Benefits!
You CAN qualify for benefits from the government to pay for your long-term care, without having to sacrifice everything you’ve worked so hard for during your lifetime.
This is accomplished through Medicaid planning, which is the use of legal tools and strategies approved by the state and federal government to help you reallocate assets and modify income streams in order to fall within Medicaid income and asset requirements.
With a solid Medicaid plan in place, qualification for benefits is easy and you’ll no longer have to worry about becoming a burden to loved ones or running out of money to pay for your continued care. You will also enjoy the peace of mind knowing that your assets and income streams will stay preserved for a healthy spouse or a child with special needs still living at home. And your inheritance will transfer safely to your loved ones after your passing, rather than getting eaten up by nursing home costs.
Don't Believe the Medicaid Myths and Lose Out on Benefits!
Myth #1: You have to be impoverished to qualify for benefits.
FALSE. While Medicaid is a need-based program, the government approves the use of legal tools such as trusts, to help you reallocate assets and ultimately fall within Medicaid income and asset guidelines. The purpose of Medicaid is to prevent people of modest means from becoming impoverished because of a disability or long-term care need. Medicaid planning provides the best of both worlds to ensure you can receive government benefits without sacrificing your nest egg or entire life savings.
Myth #2: You’ll have to use up your resources and “spend down” any assets before you can qualify.
FALSE. Sometimes people are provided with incorrect information about how to spend down assets, such as making gifts of your home or money in an improperly structured manner, selling your home and dividing your estate in order to qualify for Medicaid benefits. Heeding this advice can actually cost you your eligibility for Medicaid benefits in the future. Yes, you need to be within the asset limitations, but there are better ways than “spending down” to reach them. Many things can be done to preserve your assets, safeguard your income and still qualify for Medicaid.
Myth # 3: I have too much income to qualify.
FALSE. Although income is an important factor in determining the “share of cost,” it is not the only factor in determining Medicaid qualification.
Myth #4: I have already been denied for Medicaid benefits and do not qualify.
FALSE. It’s OK if you’ve been denied for Medicaid benefits in the past. This is why Medicaid planning exists, to help you make the necessary changes that will allow you to receive your benefits in the future. We can help you make such changes and reapply at the appropriate time.