Medicaid Planning, How Do They Do It.

[Trent]

I hear the various radio commercials by attorney's stating if you need long term care you do not have to spend down you estate to be eligible for the state Medicaid program.

I realize many states have different requirements as to eligibility for the Medicaid or welfare programs to pay for nursing home expenses.

What do the elder attorney's recommend or advise to someone on becoming eligible for welfare even if they have assests to pay for the nursing home care?

I have heard many times "I do not need long term care insurance, I will just have the state pay for my nursing home expenses if I need nursing care"

 

[Graham]

I hear those commercials too and they drive me nuts. Are there ways to hide or protect easets even after the DRA changes, sure there are, but what I never understood is why someone with enough assets to worry about that and spend the money to do it would 1) want to end up in a Medicaid facility (they cover little if no home care) or 2) was unwilling to spend a little of that money to buy a LTCi policy which protects their assets and allows them the flexibility to recieve care in the home, assisted living or nursing home as well as many other benefits. I just don't get it.

 

[insuranceexec]

I hear the various radio commercials by attorney's stating if you need long term care you do not have to spend down you estate to be eligible for the state Medicaid program.

I realize many states have different requirements as to eligibility for the Medicaid or welfare programs to pay for nursing home expenses.

What do the elder attorney's recommend or advise to someone on becoming eligible for welfare even if they have assests to pay for the nursing home care?

I have heard many times "I do not need long term care insurance, I will just have the state pay for my nursing home expenses if I need nursing care"

There are many different types of things that can be done. I would advise you to take a look at the following site to get some answers. Good topic!


ElderLaw Answers

 

[patch36]

insuranceexec posted the best site I have ever come across regarding Medicaid Planning. I have subscribed to their blog for a year or two and go to their site whenever I need 3rd party authoritative info to share with my clients.

Be careful you do not give legal advice in this area. It is a minefield.

ElderLaw Answers

 

[insuranceexec]

insuranceexec posted the best site I have ever come across regarding Medicaid Planning. I have subscribed to their blog for a year or two and go to their site whenever I need 3rd party authoritative info to share with my clients.

Be careful you do not give legal advice in this area. It is a minefield.

ElderLaw Answers

Oh how right you are! The problem with the law is that it is open to interpretation by the courts of your respected state. Even if there is a case where a past precedent has been set; it is still open to an appeal.

So even if you have an attorney who claims he can do it all, more times than not, that same attorney is in court spending more of his clients assets trying to defend his point of view, and getting paid in the process. Wonderful system!

 

[Charpress]

I have people worth millions come in to ask me how they can become "medicaid eligible". Half the time they say "Medicare" because they don't have a clue.

They don't have a prayer of becoming eligible.

The first question I ask them is "Why do you think you want to become Medicaid eligible?"

After listening to them --and their reasoning for thinking they want it is unimportant, I then ask them:

"Do you want to be on welfare?"

"Do you want less the the best care?"

"Are you willing to divest yourself of your assets and hope for the best?"

"Are you willing to take drastic steps today knowing that the Medicaid laws change frequently and the steps you take today will likely be of no value tomorrow?"

I could go on, but you get the idea.

In my locality, by the way, the best care facilities, and everyone here knows them by name when I bring them up, don't accept Medicaid patients. I then ask them which facilities they have actually been in. When the bring up one that does not pass the smell test, then I say "Good! they accept Medicaid and you would be able to go there. Is that what you want?"

On the current path our government is going, I think a Soylent Green solution to long term care will be where we eventually end up.

 

[Newby]

I have people worth millions come in to ask me how they can become "medicaid eligible". Half the time they say "Medicare" because they don't have a clue.

They don't have a prayer of becoming eligible.

The first question I ask them is "Why do you think you want to become Medicaid eligible?"

After listening to them --and their reasoning for thinking they want it is unimportant, I then ask them:

"Do you want to be on welfare?"

"Do you want less the the best care?"

"Are you willing to divest yourself of your assets and hope for the best?"

"Are you willing to take drastic steps today knowing that the Medicaid laws change frequently and the steps you take today will likely be of no value tomorrow?"

I could go on, but you get the idea.

In my locality, by the way, the best care facilities, and everyone here knows them by name when I bring them up, don't accept Medicaid patients. I then ask them which facilities they have actually been in. When the bring up one that does not pass the smell test, then I say "Good! they accept Medicaid and you would be able to go there. Is that what you want?"

On the current path our government is going, I think a Soylent Green solution to long term care will be where we eventually end up.

You are a wise man.

 

[Justin Bilyj]

And i give belushi a thumbs up
very awesome rebuttals!!

My question is, what is easier to understand, more affordable, a ltci policy or a life policy with a ltci rider on it?

 

[Charpress]

I forgot the most important reason you don't want Medicaid: it doesn't pay for in-home care.

Since 87% of seniors reported that their preference in long-term care would to be cared for in their homes, this is a big deal.

Let me get on the soapbox for a second, since this area has pissed me off for years.

The majority of people who are concerned that "the nursing home is going to get it all" are the kids who want to bring mom and pop in "for some planning" -not the parents. When you provide even a small piece of accurate information to mom and pop, they want no part of Medicaid and the kids are out the door to find someone else who will "protect their inheritance."

I long ago discovered that the key to selling insurance is to be different than the other thousand guys selling insurance. I added a bullet point to some of my planning seminars ads that said "The five reasons you don't want to be Medicaid eligible" which was 180 degrees different from the other ads people were getting that basically said "LEARN HOW TO BECOME MEDICAID ELIGIBLE."

People want to learn about other views, not the same old same old. That is what brings them in -not to mention this is much more accurate, simple, and is way more FINRA and every other regulatory body friendly. And, at the end of the day, I don't have this nagging feeling that I am telling people about dubious methods to flim-flam the government and the taxpayers.

 

[Samm]

Charpress,

Would you mind sharing with us "The 5 reasons you don't want to be Medicaid eligible"?

Thanks

I forgot the most important reason you don't want Medicaid: it doesn't pay for in-home care.

Since 87% of seniors reported that their preference in long-term care would to be cared for in their homes, this is a big deal.

Let me get on the soapbox for a second, since this area has pissed me off for years.

The majority of people who are concerned that "the nursing home is going to get it all" are the kids who want to bring mom and pop in "for some planning" -not the parents. When you provide even a small piece of accurate information to mom and pop, they want no part of Medicaid and the kids are out the door to find someone else who will "protect their inheritance."

I long ago discovered that the key to selling insurance is to be different than the other thousand guys selling insurance. I added a bullet point to some of my planning seminars ads that said "The five reasons you don't want to be Medicaid eligible" which was 180 degrees different from the other ads people were getting that basically said "LEARN HOW TO BECOME MEDICAID ELIGIBLE."

People want to learn about other views, not the same old same old. That is what brings them in -not to mention this is much more accurate, simple, and is way more FINRA and every other regulatory body friendly. And, at the end of the day, I don't have this nagging feeling that I am telling people about dubious methods to flim-flam the government and the taxpayers.