In this blog series, we have combined our years of experience in serving seniors with our knowledge of how to navigate paying for long-term care. In our last post, we looked at how a Charitable Remainder Trust or Medicaid Disability Trust are the tenth options for paying for long-term care. In this last and final post, we’re considering how Medicaid Planning can be utilized as the eleventh way to pay for long-term care.
A Short Introduction to Medicaid Planning
While they might not realize the possibility, for many seniors and families, Medicaid Planning can be an excellent option to help pay for the cost of long-term care. It’s important to note that in the state of California, the Medicaid program is referred to as Medi-Cal, and while our names are quite similar, Medi-Cal Benefits is not at all affiliated with Medi-Cal. On the contrary, California’s Medi-Cal is a needs-based and income-based health care assistance program.
The Complexity of Medicaid Planning
Medicaid planning is a very complex arena, with tons of nuances and fine print. In reality, without the proper guidance and professional help, applications for assistance are often denied. How can this be avoided? It is vitally important for families to understand the difference between truths and myths before applying for Medi-Cal assistance.
Can you protect a loved one’s assets? What assets are exempt? Do you need a trust or Power of Attorney? Is there a “look back” period if you were to transfer assets? Do you already earn too much income to qualify? It’s vital that you connect with professionals who can help you answer these and many more questions.
How Medi-Cal Benefits is Poised to Help You
Here at Medi-Cal Benefits we have all the resources needed to help you navigate the financial and legal decisions you are facing. When you connect with us, you receive immediate access to our compassionate team and our time-tested, comprehensive approach. We pride ourselves on being able to help develop customized strategies that will address your needs and your family’s unique long term care goals.
Need help paying for skilled nursing or at-home care? Download our entire “11 Ways To Pay for Long-Term Care” booklet, and share it with your entire family.
View More from the 11 Ways to Pay for Long-Term Care Series:
11 Ways to Pay for Long-Term Care: #11 Medicaid Planning
11 Ways to Pay for Long-Term Care: #10 Charitable Remainder & Medicaid Disability Trust
11 Ways to Pay for Long-Term Care: #9 Viatical or Life Settlement
11 Ways to Pay for Long-Term Care: #8 Leveraging the Cash Value of Life Insurance
11 Ways to Pay for Long-Term Care: #7 Family Friends & Service Clubs
11 Ways to Pay for Long-Term Care: #6 Children of the Parents
11 Ways to Pay for Long-Term Care: #5 Tax Deductions
11 Ways to Pay for Long-Term Care: #4 Jumbo Reverse Mortgage
11 Ways to Pay for Long-Term Care: #3 HELOC
11 Ways to Pay for Long-Term Care: #2 Reverse Mortgage
11 Ways to Pay for Long-Term Care: #1 Long-Term Care Insurance