Welcome to Elder Care Financial, LLC
John Todd, CEO
PH: 208-553-8634
Long-Term Care Medicaid Planner
Helping Families Preserve Assets and Qualify for Medicaid
Secret saving tips on Long-Term Medicaid
and other frequently asked questions
While working with customers, we’re constantly learning about their needs and managing inquiries that arise. As a result, we’ve included a list of frequently asked questions along with answers in order to provide additional support. If your question isn’t addressed below, get in touch with us and we’ll provide the information you need.
Long-Term Care is the extra, personal assistance you may need to help maintain your qualify of life. Long-Term Care, in its most basic sense, references assistance with daily living in three different settings: In-home care, Residential Assisted Living, or Skilled Nursing Facility.
Medicare - covers only a portion of long-term care costs up to 100 days; 20 days are provided at no cost and the remaining 80 are at a significant co-pay for the insured.
Family members - even the most responsible, are not always prepared physically, emotionally or financially to care for their loved one. 53% of Americans caring for a loved one lost income due to the demands of providing that care.
Long-Term Care is the extra, personal assistance you may need to help maintain your qualify of life. Long-Term Care, in its most basic sense, references assistance with daily living in three different settings: In-home care, Residential Assisted Living, or Skilled Nursing Facility.
You are not over-income for Long-Term Medicaid
You are not over-income for Long-Term Medicaid. Unless YOU make more than $9,000 in your own name each and every month.
If you are told you are over-income for Long-Term Medicaid, it just means there is another step before you can qualify.
You are not disqualified from Medicaid.
For example, if you're mother had gone to the nursing home, and it costs $10,000 and she has $4,000 income a month from a pension, retirement plan, social security, etc.
Does she have enough money to cover the Nursing home? She doesn't have enough money for the Nursing home. If you look at her income of $4,000 a month, the Nursing Home might say "Oh you earn too much, you can't qualify for Medicaid." Or if you call the Medicaid office, the first response would be "Oh no, that's over-income because the income limit is $2,369 (note this changes every year).
For Long-Term Medicaid, if you earn a dollar higher from what is listed or from who's telling you, don't give up.
It just means there's another step and you can still qualify in the process.
Your SPOUSE in the community is able to keep WAY MORE of the couple's ASSETS thank you think, while you are covered by Medicaid to help with the Nursing Home Bill.
There's a lot of confusion about this. You hear people say, "You have to be poor", "You have to give up everything."
(The Dirty Little Secret is, if you are willing to re-position your assets according to the Medicaid rules, your spouse could keep virtually ALL the couple's assets while you qualify for Nursing Home Medicaid.)
For example, your Mom in the community can keep virtually ALL of the couple's ASSETS while Medicaid pays for your Dad's care in the Nursing Home.
We had a case where the man is in his seventies or late sixties. The wife is a little younger and they still have a minor child at home. So they have the house payment, the car payment, getting through school, planning for college.
If they have to earn their way to pay $6,000 for the Assisted Living and the wife does not earn that much and with all the bills for the house and the kid, Medicaid rules allow the couple to re-position virtually all of their assets for the benefit of the SPOUSE in the community.
What about Medicaid? Does it help pay for Long-Term care in home, in a Residential Assisted Living, or in a Nursing Home?
When Long-Term Care becomes medically necessary, Medicaid may be an option. Medicaid is usually considered a last resort for the most financially needy. However, with long-term care coverage, there are several federal provisions that must be allowed in every state. One of the main federal protections allows one spouse to be approved for Medicaid and protects some of the income and assets so as not to impoverish the well spouse that is continuing to live in the community.
Will Medicaid take my house?
Medicaid is not coming to kick you out of your house. The Medicaid Estate Recovery provision DOES allow Medicaid to put an lien against your home, upon the passing of the couple, to help recover what they have spent on your behalf. During your life-time, you get to live in your home, just like you always have.
Who can help me, if I've been told I don't qualify for Medicaid?
Because Medicaid has rules for every situation, including both state and federal laws, a couple with over $25,000 may do well to consult with an Elder Law Attorney or Medicaid Planner to fully utilize these protections that have been provided.