Medicaid Planning

Solutions to Long-Term Care Costs Through Proactive Planning

People are living longer today than ever, but Alzheimer’s and other diseases and illnesses associated with old age have increased.  As a result, its become necessary for many people later in life to receive professional healthcare at home, in assisted living facilities, or in nursing homes.  Consequently, the costs of elder care are also higher than ever.

People entering later stages of life want to protect the assets they have accumulated and not outlive their resources, or lose their independence or dignity in their retirement years.

Proactive and preventative strategies for paying long-term elder care costs may include estate planning, planning for medicaid, optimizing medicare benefits, securing (supplemental) healthcare insurance, applying for veterans affairs benefits, obtaining long-term care insurance, and/or planning for and protecting personal assets.

Our medicaid planning services are designed to carry-out our client’s desires to protect personal assets, ensure financial independence, and protect our client’s dignity.

What is Medicaid?

  • Economic needs-based program for U.S. citizens or permanent resident aliens 65 years of age or older, or disabled

  • Not "Health Insurance"; provides for medical needs for nursing home level of care

  • Jointly funded by federal and state governments

  • Only public assistance program to pay for long-term nursing home care

Planning for a 5+ Year Horizon

Medicaid is an economic needs-based program, meaning that a recipient’s personal finances affects his or her eligibility to receive benefits.

Medicaid takes into account the financial circumstances of the recipient within five (5) years of the recipient’s application to receive benefits, which is often referred to as a 5-year “look back” period.  In addition to the assets in the recipient’s possession, Medicaid will take into account certain transfers of assets, including purchases and gifts, made in that 5-year “look back” period when determining eligibility.  Therefore, Medicaid planning typically should be performed at least five years in advance of an individual’s need to receive benefits to optimize the recipient’s eligibility.

Attorneys at Alford & Burkhart are well-versed in strategies to avoid penalties for transfers of assets, exempt transfers, and planning tools and resources that will allow their clients to maximize eligibility for Medicaid.

Have questions about protecting and planning for the elderly?

We can help. Contact us today at (678) 835-7210.