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Medicaid (Medical Assistance) and Elderly Waiver
There are government programs to help pay for all or a portion of your elder care. Care is most often received in a skilled nursing facility (nursing home) and some benefits are available for care in your home.
Medicaid Planning is the process of legally structuring your assets to become eligible for Medicaid and taking the steps to avoid impoverishing your partner. In many cases, you may be able to preserve your house and much of your money and still obtain Medical Assistance. Before qualifying for Medicaid benefits for a long-term care need, all states require a "spend-down." This means you spend your own assets for your care until you are down to a specific amount of assets before you can apply for government assistance. In most states you are allowed to keep $2000; Minnesota allows $3000, Ohio allows $1500 and Missouri allows $999. There are many misconceptions and false-truths regarding spend-down and gifting. The Estate Recovery Act of 2005 (which became law in February 2006) has tightened the laws on gifting and transferring assets. Getting bad advice or taking measures into your own hands can lead to problems later. Not only could your loved one be ineligible for benefits when they need them, but there may be penalties, fines, or even legal trouble that could result from transfers and/or gifting. On the other hand, this is not an issue that you want to walk in blindly and just let the spend-down happen. It's crucial that you get the assistance from a qualified professional.
An Accredited Medicaid Planner can help in both "crisis mode" or with advanced planning. Our fees are reasonable and based on the amount of planning you need. Having the peace-of-mind that you've done everything you can to help a loved one is priceless.
The difference is in our personal service and expertise. From the initial assessment to assistance with the required paperwork, we are with you through the entire process. We sometimes may be able to provide you with other ideas for funding your eldercare instead of taking the drastic measure of applying for Medicaid. It's important to know your options and also know that your county social worker cannot give you advice. For example, when you apply for Medicaid you will be required to take the "cash-value" of your life insurance which ends up being about 2 to 3% of the face value. It doesn't have to be this way! You have options and speaking to a qualified planner may save you thousands of dollars.
Our complete planning, all done in the scope of the law, will provide you with solutions to insure funds are available for burial or cremation; help to avoid impoverishing a spouse; solutions to benefit a disabled child; and more. Our certified planners are compassionate and truly care about every family we serve.