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What is Medicaid Planning?

Attorney Thomas B. Burton discusses Medicaid, long term care insurance, and what you can do proactively to help plan your affairs in case you should ever need to utilize the Medicaid program to help pay for long term (nursing home) care.

Transcript of Video: What is Medicaid Planning?

Today's topic: What is Medicaid planning?

Medicaid is the federal government run

program that pays for seniors care if

they're unable to pay for it themselves

most specifically in this context we're

talking about nursing home care Medicaid

is the program that people with low

assets go on and receive state

assistance now it's not a fun topic but

the average cost of care a monthly cost

of a private pay nursing home in 2016

was $7,880 a month

now just one year

later in 2017 it's $8,457 per month

that can quickly eat away anyone's nest

egg so I recommend looking at long-term

care insurance if you haven't already

but for some people if they didn't buy

the policy when they were younger

long-term care insurance is already out

of the question if you look at that

eight thousand figure that's over a

hundred and one thousand dollars for a

year of private pay nursing home cost

for this reason many people whether

planned or unplanned are forced on to the

Medicaid program to help them pay for

their cost of care there are many things

we can do ahead of time with Medicaid

planning but just be aware that if you

wait till the very end

crisis planning there's options but

they're not the best options if you can

come to a lawyer when you're younger and

talk about your options he can lay out

what's the best scenario for you

Wisconsin has changed their Medicaid

rules so that it's harder to give

away assets and get on Medicaid quickly

you can't do that anymore in general

there's a five-year look-back period and

there's lot of other specifics but think

of Medicaid planning is something if you

want to do it you should do ahead of

time and only after talking to a

qualified lawyer who can explain the

pros and cons to you. Great question!

Please like comment and share this post

and thank you for watching!

© 2018 Law Office of Thomas B. Burton. All Rights Reserved.

Transcript and captions provided for ease of access for the hearing impaired.

For questions about this topic, or to suggest a topic for a future blog post, please contact my office.

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