In an effort to help educate the public on the LTC dilemma, we have put together a FREE Medicaid Help Alert you can download and read. This alert will educate you on the problems that await you and provide insight into the minefield that are the regulations you have to navigate in order to qualify for financial aid for LTC expenses in retirement.
Timing is critical
Most people do not know the law changed in 2006 when the Deficit Reduction Act was implemented.
Most people today think that they will simply give their assets away to their heirs and that doing so will quality them for financial aid for LTC expenses. This is wrong!
There is a five year look back for gifts made. This means that before you are able to qualify for governmental assistance for your LTC expenses, the government will look back five years to see if you have made any gifts (like cash or other assets to your heirs). If you have, you will have the value of those gifts counted against you for aid purposes. The value of the gifts are applied to the aid you would have received and you may end up waiting 5-years before being able to receive financial aid.
For many people this will be financially devastating for millions of Americans and their heirs.
Get help now
The best time to implement a “Medicaid plan” is five years or more before you anticipate needing financial assistance to pay for your LTC expenses. The problem is that you can guess, but don’t really know if when you will need assistance.
Financial Risk Analysis
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It’s tough to determine which investments to use if you don’t know your own risk tolerance.