Strategy to Avoid Medicaid Spend-down? Huh?

[Guest]

What is this business selling?

I spoke with the owner and am meeting with him on Monday for coffee (I network with lots of "financial folks"... CPAs, stock jocks, RM guys, trust lawyers, etc.) just to get to know each other and see if we have mutual interests, etc.

He is NOT insurance licensed (so he said) and claims to have a strategy to somehow bypass the Medicaid spend-down rules.

Anyone have an idea of what his magic is? I'd like to know before I sit down with him.

Thanks,

Al

 

[medx]

not sure.
Let us know what he say's

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[Justin Bilyj]

A way to get beyond the medicaid spend down is put things in an IFT

 

[insuranceexec]

A way to get beyond the medicaid spend down is put things in an IFT

Yes, but only up to a limit; generally around 25K.

 

[bluemarlin08]

I would be very wary, most of the medicaid avoidance plans are full of problems.

 

[GreenSky]

How can anyone be opposed to spending down to get on medicaid and at the same time support single payer?

Rick

 

[Cenla Agent]

How can anyone be opposed to spending down to get on medicaid and at the same time support single payer?

Rick

So you can have your cake and eat it too? Get the coverage and keep your assets?

This is from the site's FAQ:

Aren't Goverment benefits welfare?
We believe they are not welfare, but healthcare. You've paid into the system throughout your lifetime. Would you consider your Social Security to be welfare? We think it's the same argument.

 

[djs]

Actually, the FAQ I found interesting was:

Do I have to lose control of my assets now in order to preplan?
There are many options available in order to protect your assets and still qualify for benefits. We will work with you to make sure we accomplish your objectives.

Of course, they dodged the answer entirely.... In short, they are going to setup an irrevocable trust where you have no control, hope you survive long enough (3 years, I think) till you need benefits, and call it good.

Not a lot of magic to this, but it doesn't always turn out the way people think. Giving up control of your estate isn't easy, and hopefully, the trustee does with it as you would like. If they don't, oh well.....

Dan

 

[Guest]

How can anyone be opposed to spending down to get on medicaid and at the same time support single payer?

Rick

I've yet to figure out how anyone can all themselves a true anti-government conservative (either Rep, Dem, Lib, or whatever)... and still accept Medicare and Social Security... and send their kids to public school.

Seems to me that if you favor the idea of government keeping out of the economy and only doing those functions best left to government (fire, police, military, infrastructure funding, etc.) that you would support the end of Medicare and have it all privatized, similar to how many of you proposed that SS be in the first year of the second Bush term (and how would that have worked out given the past 18 months?)

Al

 

[GreenSky]

I've yet to figure out how anyone can all themselves a true anti-government conservative (either Rep, Dem, Lib, or whatever)... and still accept Medicare and Social Security... and send their kids to public school.

I am in favor of privatizing social security and medicare - along with public schools that cost much more than what can be had in private schools.

And yes, there is a way to get out from under these programs. I suggest anyone interested google Harry Browne for an explanation. There is no way that these ponzie schemes can exist in the long run.

Obviously we won't get rid of public schools so I would be inclined to offer a vocher system where a student could go anywhere he/she wants. Schools would then compete with each other.

As far as the hypocracy of selling medicare plans, yes I agree but as a good capitalist I will take advantage of a bad system the same way that someone (maybe Al) who is in favor of single payer will sell health insurance.

Rick