Helping you and your loved ones pay for care now, without losing your life savings.
Often, when there is an immediate care need, Long-Term Care Medicaid is a good choice and saves money. But you need to do it right.
Preserve Life Savings
Get Quality Care in the Setting of Your Choice
Protect Your Family
Why spend a lifetime of savings
on Long-Term Care
When your loved one needs care NOW, costs build up fast. Most people are not aware of or
don’t think they will qualify for options like Long-Term Care Medicaid.
Many people believe LTC Medicaid benefits is a program for the “poor.” There are eligibility requirements however, they do not require total impoverishment.
We often meet families that have spent more money on care than they had to. They either didn’t know options, or someone told them they had to, to qualify for LTC Medicaid.
Unfortunately, most people who try to apply quickly realize the process of getting LTC Medicaid is complicated to navigate. Many get denied for errors that could have been corrected.
Many times we meet with a spouse in tears because they were left with a lower income and less retirement money to live-on because everything got diverted to pay for care.
We Understand
You never saw this coming or you didn’t want to. Your loved one needs long-term care, and now you’re scrambling to secure the right care AND pay for it without going broke.
That’s a ton of pressure. Trying to apply for Medicaid can be daunting, and without knowing all the options available, it can seem overwhelming to navigate the complicated system.
But it doesn’t have to be this way.
At Senior Resource Planning, we spent the last 20 years providing hundreds of families with choices that allow them to access Medicaid to get the care they need while protecting assets and preserving the physical and emotional health of loved ones.
YOU CAN TOO!
Caring for a loved one is hard enough. You shouldn’t have to drain your life’s savings to pay for care
With the right guide you CAN get the right care without going broke or uprooting your life
Have an Expert on your Side
We navigate the confusing Medicaid system for you, so you know It’s being done right, saving you time and money.
- We take care of restructuring assets to comply with Medicaid eligibility requirements to preserve income, retirement funds, and inheritances.
- Once a person meets all eligibility requirements, fling a Medicaid application with the state/county social services office and processing that application through to approval.
- Show you how to get options on where your loved one receives care. At home, a facility and in some cases assisted living. It does not have to be in a nursing home.
- Now you have help, can step out of the primary caregiver role and maintain your quality of life while your loved one gets the care they need.
WHAT PEOPLE ARE SAYING…
Before Planning: Cast
$8,500/mo
After Planning: Cast
$8,500/mo
Before Planning: Cast
$8,500/mo
After Planning: Cast
$8,500/mo
Case Example: Walter Needs Homecare
Walter is 78 and needs homecare. His wife Pam is unable to provide all the care he needs, and she doesn’t want him to go to a nursing home.
Pam inquired about applying for Medicaid to help with costs. She was told she had too many assets and that she would have to spend them down first. Pam and Walter depend on the income from their investments to live. If they used their assets to pay for care they would not be able to maintain enough income to pay for Walter’s care and their regular living expenses. Pam did not know what to do.
- Walter Age: 78
- Total Assets: $200000
- Walte's Income: $1800
- Pam's' Income: $900
Facts
- Walter’s Income from social security is $1,800 a month
- Pam’s income from social security is $900 a month
- Assets totaled $200,000
Goals
- Obtain immediate Medicaid eligibility for Walter
- Have enough income
- Preserve their assets
After Planning
- Walter received immediate Medicaid eligibility for homecare services. His cost of care was now covered by Medicaid.
- $100,000 went into a Medicaid Compliant Annuity giving them the continued income of $1,388 a month
they needed from their investments.
- Pam maintained an additional $100,000 liquid for emergencies and other expenses.
If they chose not to move forward with the plan, they would have had to spend $100,000 before qualifying for Medicaid benefits. They would have spent that amount in less than 19 months and their income without that $100,000 would no longer cover their living expenses.
Case Example: Walter Needs Homecare
Walter is 78 and needs home care. His wife, Pam, cannot provide all the care he needs, and she doesn’t want him to go to a nursing home.
Pam inquired about applying for Medicaid to help with costs. She was told she had too many assets and that she would have to spend them down first.
Pam and Walter depend on the income from their investments to live. If they used their assets to pay for the care, they would not be able to maintain enough income to pay for Walter’s care and their regular living expenses. Pam did not know what to do.
- Cost of Care Monthly: $5,500
- Total Assets: $200,000
- Walter's Income: $1,800
- Pam's' Income: $900
Facts
- Walter’s Income from social security is $1,800 a month
- Pam’s income from social security is $900 a month
- Assets totaled $200,000
Goals
- Obtain immediate Medicaid eligibility for Walter
- Have enough income to maintain their lifestyle
- Preserve their assets
After Planning
- Walter received immediate Medicaid eligibility for homecare services. His cost of care now being covered by Medicaid.
- $100,000 went into a Medicaid Compliant Annuity allowing them to keep their assets and the income they needed from their investments.
- Pam maintained the additional $100,000 liquid for emergencies and other expenses.
If they chose not to move forward with the plan, they would have had to spend $100,000 before qualifying for Medicaid benefits. They would have spent that amount in less than 19 months and their income without that $100,000 would not have covered their living expenses and Walter’s home care.
Before Planning: Cost
$100,000/Assets
Monthly
$5,500
After Planning
Monthly Savings
$5,500
Assets Preserved
100%
WHAT PEOPLE ARE SAYING…
Let Us Take Care of Everything!
Obtain Access to the Best Care and Keep
the Financial Security You Deserve.
Schedule a
discovery call
To share your situation with us. We’re here to listen and guide you to make the best choices that fit your specific needs.
We’ll prepare a comprehensive plan
To help you plan for the future with long-term care options and strategies that will maximize your assets or become eligible for LTC Medicaid and apply.
Rest easy you have the right plan secured
The application process for long-term care plans and Medicaid is complex. You’ll be guided through it to make sure your plan is accepted.
Download Our Free Guides
Medicaid Do’s & Don’ts: 5 Critical Mistakes People Make When Applying For Medicaid
3 Strategies You Will Want To Know To Save You Thousands Of Dollars On Long Term Care
Feel at peace knowing you’re making the best, informed financial decisions for yourself or your loved one.
Nobody should lose their life savings to pay for their care. The right guidance can get you the best care without going broke or uprooting your life or the life of those you love.
Frequently Asked Questions
Medicare and Medicaid are two very different programs that cover different things. Let’s review what each program covers and does not when it comes to nursing home costs.
Medicare
Medicare consists of two parts Part A and Part B. You can also purchase private Medicare Supplement, Medicare Advantage, and Part D (Prescription Drug) plans that include additional benefits and reduced cost-sharing (copays, coinsurance, deductibles). In most cases, to qualify for Medicare, you must be 65 years old. However, there are some other ways to qualify, including permanent disability.
Medicare Part A (hospital insurance) covers Medicare in-patient care that is care received while in a hospital, skilled nursing facility, and, in certain circumstances, at-home treatment.
Medicare Part B (medical insurance) covers medical services provided by doctors, nurses, and other health care professionals. Part B coverage includes outpatient care, ambulance services, preventive services, and durable medical equipment. It also covers part-time home care and rehabilitative services, including physical therapy.
Medicare does NOT cover long-term nursing home or in-home care.
Medicaid
Like Medicare, Medicaid provides comprehensive in-patient health care coverage, including services and costs associated with nursing facilities and rehabilitation facilities. To qualify for Medicaid, you must meet certain criteria that differ from state to state, and the rules are incredibly complex. They are generally based on having very low income and assets. This is different from Medicare that generally uses age as the primary qualifying criteria.
Medicaid CAN cover long-term nursing home or in-home care provided you meet the criteria for needing long-term care.
Medicaid is the single largest payer of nursing home bills in America. It has become, by default, the long-term care insurance provider for middle-class Americans who can’t afford private Long Term Care insurance. The average cost of a nursing facility is $115,000 per year and rising. If you or a family member needs long-term care, it will not take long for the average family to deplete all of their savings. More than 68% of all nursing care recipients now rely on Medicaid to pay their Long Term Care costs. Working with a professional Medicaid planner is the best way to determine if you or your loved one can qualify for Medicaid and put plans in place to give you the best chance of preserving assets while still qualifying for Medicaid.
Financial Eligibility
The Affordable Care Act established a new methodology for determining eligibility for Medicaid, based on Modified Adjusted Gross Income (MAGI). Medicaid will review both income and assets to determine eligibility for the program.
Non-Financial Eligibility
To be eligible for Medicaid, individuals must also meet specific non-financial eligibility criteria. Medicaid beneficiaries generally must be residents of the state in which they are receiving Medicaid. They must be either citizens of the United States or certain qualified non-citizens, such as lawful permanent residents. Some eligibility groups are also limited by age, pregnancy, or parenting status.
The simple answer is yes. However, Medicaid does have strict guidelines around what you can protect and under what circumstances. You may retain assets and still qualify; If the applicant has a spouse, the Medicaid eligibility criteria may differ. A couple may keep assets up to $125,600, and home equity limits are as high as $552,000 (PA), $828,000 (NJ). Some exemptions allow spouses to keep resources and income from the applicant. Making a mistake and overspending resources may result in the spouse who still lives in the community, spending significant money that could otherwise have been funded through Medicaid. This can create a situation where the spouse no longer has adequate resources or income to live. Single applicants have options also.
It is critical to work with a professional who understands the Medicaid rules to avoid common mistakes that can leave applicants vulnerable to periods of ineligibility and financial hardships.
Although Medicaid has asset limitations, you do NOT have to be poor to qualify. You can utilize Medicaid planning solutions to preserve what you have worked so hard for your entire life. We work with families that have small and large amounts of assets.
