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Long-term care and Medicaid planning

Dreams of traveling the world or spending time with the grandchildren often drive one to save for the future and build wealth for retirement. After years of planning and preparing, the Colorado resident is finally able to reap the rewards of hard work and dedication. These plans can be altered though as one begins to require long-term care. In fact, without proper Medicaid planning, it is possible that one's assets will limit his or her ability to receive Medicaid benefits for nursing home care if it becomes necessary.

During 2015, over six million Americans received Medicaid benefits. One of the primary benefits Medicaid provides is long-term care. As the population ages, more and more Americans are going to require such care. Unfortunately, this, along with other Medicaid benefits, is based upon a means test.

If one becomes ill or injured and requires care within the home, he or she can expect to pay over $4,000 per month for such care. However, if the individual's condition requires nursing home care, that cost rises to over $7,000 per month. These costs can quickly decimate one's life savings and leave nothing to pass on to loved ones.

By working with experienced legal counsel, however, one can structure assets to avoid this problem. Such action needs to be taken prior to needing Medicaid benefits. Currently, assets transferred within five years of needing benefits can cause the individual to be ineligible for such benefits. With proper Medicaid planning, it is possible for the Colorado resident to protect his or her wealth and receive proper long-term care.

Source:, "The 2 Words That Could Cost Medicare Beneficiaries Everything", Christy Bieber, Nov. 16, 2017

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