MEDICAID AND LONG TERM CARE PLANNING
Planning early for your care can save you and your family time, money and emotional struggles. The best time to start planning is now. We recommend looking into long term care planning in your early to mid-60's and while you are still healthy. Medicaid currently has a five year look-back period. We develop strategies for asset planning and protection.
Is Long Term Care Planning different than Traditional Estate Planning?
Traditional Estate Planning is more focused on asset distribution and tax minimization. Long Term Care Planning takes into account the physical and financial conditions of the individual to develop a plan in case the person remains ill and needs care. It goes beyond planning for death. Long Term Care focuses on the quality of life in the event of an individual's disability or incompetence.
Our consultations include discussing your wishes in the event you are unable to care for yourself physically or mentally.
Resources for Veterans
If you or your loved one is a Veteran, you should be aware of the VA Aid & Attendance program. It may be available to honorably discharged veterans, who served at least one day during wartime, and who are over 65. If the veteran is in an assisted living facility or receiving ongoing care, this program may provide a substantial financial benefit to qualified veterans for their care. Widows may also qualify.
Losing Medicaid benefits because a child now receives social security from parent
If you have a disabled adult child who was receiving SSI benefits, but has now lost them due to the receipt of Social Security benefits on a parent's retirement, death, or disability, they may still qualify to continue their Medicaid eligibility.
Section 1634(c) of the Social Security Act requires States to consider disabled adult children who lose their SSI eligibility as if they were still SSI recipients for Medicaid purposes so long as they would have remained otherwise eligible for SSI, but for their increase in title II benefits. Members of this group should get special notices in their automated Medicaid notices when they lose SSI due to excess income in a month of title II entitlement, are at least 18 years old, and the SSI record reflects title II continuing income with a BIC code of "C".
Information supplied from the Social Security Administration website POMS manual.
Contact us for a consultation to see how we can help.