Medicaid Planning, Part 3 of 3: Pre-Planning
If you are not presently in need of long term care, then now is the ideal time to discuss your options for paying for long term care when that time comes. There are 4 basic ways to pay for long term care:
- Out of pocket
- The V.A. program called “Aid & Attendance.”
When planning ahead for long term care, Medicaid is just one way to pay, but you should consider ALL options before doing anything. At our office, we walk you through all the options, come up with a plan that best fits your situation (this usually involves more than one way to pay!), then make a plan to accomplish your goals. This can involve a referral to a financial / insurance advisor for insurance (if it’s right for you), and often involves discussing your Medicaid pre-planning options.
One thing most people already know when they come to us to discuss Medicaid options is that you must be financially eligible. Simply put, this means that you can’t have very much money to qualify for benefits. If you’re single you can have $2,000 max, and if you’re married you can’t have more than about $119,000 (currently). But beware!
The rules are not that simple!
If you’re engaging in a Medicaid spend down plan to qualify for benefits, make sure you consult an experienced Michigan elder law attorney. A spend down plan must be done properly and within the law in order for you to qualify. When we engage in Medicaid pre-planning with a client, we help them “spend down” ahead of time, within the rules and regulations for Medicaid in Michigan.
Stay tuned to the blog this summer as we explore the Medicaid spend down and how we can assist you in pre-planning for long term care.
Remember: if you have questions about Medicaid or any estate planning or elder law issue, just call Alles Law in Grand Rapids for a complimentary conversation. Happy to help!