MEDICAID
IS A FRIEND, NOT A FOE!
Medicaid
is the branch of the government's Social Security System that helps
subsidize long-term care planning.
Unfortunately, too many people have the wrong impression of the
program and have helped give it a collective "black eye".
It's
true, that Medicaid's rule of thumb indicates that in order to make
one's assets secure from long-term care costs, they must be conveyed 5
yrs. prior to applying for Medicaid.
Some argue that this period is too restrictive with the
almost-certain result that a good portion of their hard-earned assets
may become emaciated by the costs of long-term care.
Medicaid
does not intend to pay 100% of one's long-term care costs from entry
into a nursing home until date of death (unless one is legitimately
poor). Even so, Medicaid
recognizes that people have paid into the Social Security system (from
payroll taxes). Thus, Medicaid is aware that the system should help
subsidize long-term care costs when they surface.
For
this reason, Medicaid has implemented, in its code, numerous and
generous exceptions to the 5-year lookback rule.
As Medicaid planning attorneys, we help bring these exceptions
to life. |
