The Senior’s Guide to Medicaid Planning
• Significantly Reduce or Eliminate Nursing Home Costs
• Safeguard Your Assets and Life Savings
• Get the Government to Pay for Your Long-Term Care
Plan for a worry-free tomorrow.
For families of all financial backgrounds, the prospect of long-term care can be frightening. With nursing home costs averaging $72,000 per year in Georgia, it’s not uncommon for families to spend 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.
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 you have too many assets or too much income to qualify.
Medicaid for long-term care is the program designed to assist nursing home residents with the staggering costs of their care. It is jointly funded by the state and the federal government.
What does Medicaid for Long-Term care cover?
• Doctor Bills
• Hospital Bills
• Skilled Nursing Facilities
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- 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 fall within Medicaid income and asset requirements.
With a solid Medicaid plan in place, qualification for benefits is easy. You’ll no longer have to worry about becoming a burden to loved ones or running out of money to pay for your continued care. You will also enjoy peace of mind knowing that your assets and income streams will stay preserved for a healthy spouse or a child with special needs still living at home. Furthermore, your inheritance will transfer safely to your loved ones after your passing, rather than being consumed by nursing home costs.
Don’t lose out on benefits because of these myths!
Myth #1 You have to be impoverished to qualify for benefits.
FALSE. While Medicaid is a needs-based program, the government approves the use of legal tools such as trusts, to help you reallocate assets in order to 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.
Myth #2 You’ll have to use up your resources and “spend down” any assets before you can qualify.
FALSE. Sometimes people are given incorrect information about how to spend down assets, such as making gifts of their home or money in an improperly structured manner, and selling their home and dividing the proceeds. Heeding this advice can actually cost 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 reach them. Many things can be done to preserve your assets, safeguard your income and still qualify for Medicaid.
Myth #3 I have too much income to qualify.
FALSE. Although income is an important factor in determining the “share of cost,” it is not a determining factor for Medicaid qualification.
Myth #4 I have already been denied for Medicaid benefits and do not qualify.
FALSE. It’s ok if you’ve been denied for Medicaid benefits in the past. 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.