What is Medicaid Planning?
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"Medicaid planning" is simply a shorthand often used for the process of planning to protect assets from the cost of long term care or assisted living in the future.
The reference to Medicaid is because that is the only government insurance program that will pay for an assisted living facility. Neither your regular health insurance nor Medicare will cover these costs. Medicaid, however, is a means-tested benefit program. This means you have to deplete your assets before you can be eligible for assistance. What this means for many families is that they have to spend through the legacy they have created for their family. If you plan far enough in advance (five years or more) before needing help, you can protect at least some of your assets by placing them in an irrevocable Medicaid trust. This usually means you have some assets to spend down on care, but will be able to access assistance without depleting everything from your estate. Learn more here about planning for assisted living. |
Need Help With a Medicaid Trust?OR
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