Dealing with changing medical and emotional needs as you or your parent ages is difficult enough. You don’t need to worry about paying for all of the care either you or your parent need with diminishing savings. You want to be able to provide for your family with the money you’ve saved over the years, not spend it all on nursing home or hospital bills.
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.
Are you doing something wrong by attempting to avoid spending all of your savings on medical care? Absolutely not! Asset protection is a legal and ethical way to protect your wealth and life’s work. You didn’t work hard all your life and save your money to just hand over that money to a hospital or nursing home.
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. The key is to create a plan to help you make sure that your money goes to your loved ones, while still making sure that any long-term care needs are still being met.
What is Medicaid for Long-Term Care?
Medicaid for long-term care is a program jointly funded by the state and federal government. It is designed to assist nursing home residents with the staggering costs of their care. With proper planning, Medicaid for long-term care can cover the majority of your medical bills, so you don’t wind up spending the savings it took you a lifetime to create in a matter of months.
Medicaid for Long-Term Care covers:
Doctor’s bills
Hospital bills
Skilled nursing facilities costs
So, if you become ill, or you need care in a skilled nursing facility or extended care at home when you have a condition that is severe enough to warrant care in a nursing facility, Medicaid for long-term care will help provide for that care financially. And, it’s a program that can be accessible to just about anybody, if you follow the income and asset requirements.
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 enable you to meet Medicaid income and asset requirements. It’s the smart way to make sure you’re being a good steward of your savings, and to make sure you’re taking care of your family, too.
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 in order to to pay for your continued care. You will also enjoy the peace of mind of 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.
The Truth: While Medicaid is a needs-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.
The Truth: Sometimes people are provided with incorrect information about how to spend down their 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 gain eligibility. Many things can be done to preserve your assets, safeguard your income and still qualify for Medicaid.
Myth # 3: You have too much income to qualify.
The Truth: Although income is one important factor in determining eligibility, it is not the only factor in determining Medicaid eligibility.
Myth #4: You do not qualify if you have already been denied for Medicaid benefits.
The Truth: 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.