Elder Care Financial Planning Services for Medicaid Eligibility
As part of our Certified Medicaid Planning services, we can facilitate Medicaid financial planning for long-term care. We’ll help you implement strategies that will extend the life of your funds and ensure your increasing care needs will be covered financially.
Comprehensive Medicaid Financial Planning for the Elderly
Long-Term Elder Care Financial Planning Strategies for Medicaid Eligibility
Miller Trusts*
Also called Qualified Income Trusts (QITs), Miller Trusts allow Medicaid applicants who exceed income limits to place excess income into a trust. Excess income becomes non-countable.
A Miller Trust is irrevocable, and the funds can only be used for very specific purposes, such as medical bills or care costs.
Money remaining in a Miller Trust when the applicant passes becomes state property.
*Not applicable in every state
Spousal Income Transfer
Also known as a Spousal Protection Rule, the healthy spouse of a Medicaid applicant is entitled to a Minimum Monthly Maintenance Needs Allowance (MMMNA) to continue living at home and avoid impoverishment.
Spousal income transfer allows a Medicaid applicant to transfer their income to their spouse, which effectively lowers their monthly income and helps meet Medicaid’s income limits. There are maximums to the limit that can be transferred, which varies by state.
Strategic Spend Down
Every state has a Medicaid look-back period where your past financial transactions are reviewed. If you gifted assets during this time, you will incur a penalty.
If your cash assets place you over eligibility limits, there are spend-down strategies that do not violate Medicaid’s look-back period, including:
- Personal care agreements
- Rental agreements
- Home improvements
- Medical debt and expenses
- Advance funeral/burial planning
Legacy Navigation’s Process for Medicaid Financial Planning for Elder Care
Financial Assessment
We start by thoroughly evaluating your financial situation, including all income and assets. We’ll document your care needs and estimated costs and evaluate your financial standing in relation to your cost of care.
Medicaid Financial Planning
Once we’ve completed a full financial assessment, we’ll develop a customized Medicaid plan that will help you meet your long-term care goals and outline the financial strategies that will make it possible.
Implementation
When seniors receive the reliable and on-going care they need, and support with daily living, we see better symptom management, better mental health, fewer emergency hospital admissions, and improved overall health.
Our Mission for Elder Care Financial Planning for Medicaid
- If the cost of care for you or an aging loved one exceeds your resources, we can help.
- You and your family will be our top priority. We put you first.
- We aim to set you up for success with lifetime income and funding options for your long-term care needs.
Our Senior Care Planning Doesn’t Stop With Medicaid Financial Planning
- Clinical case management
- Non-emergent long distance medical transportation
- Durable POA for healthcare
- Medicaid application assistance
- Referrals and resources for long-term care needs, including in-home care, assisted living, and memory care placement
Getting Started With Legacy Navigation’s Elder Care Financial Planning Services for Medicaid Eligibility
Contact Us
If you or your loved one needs assistance with planning for the financial aspect of long-term care, give us a call at 208-204-6004 or fill out our contact form.
Consultation
We’ll have an initial consultation to gather information about your situation and determine how we can help. We’ll ask general questions about your financial situation and your care needs.
Planning
We’ll outline Medicaid financial planning based on your unique situation. The plan may involve strategies to meet eligibility requirements for programs and resources.