In this episode, Wade and Alex discuss Medicaid as a funding source for long-term care. They touch on the importance of Medicaid planning and the different rules and qualifications that vary from state to state. They also highlight the need for specialized elder law attorneys to navigate the complexities of Medicaid. Wade shares his personal experience with his parents’ Medicaid coverage and the benefits it provides. The episode concludes with a reminder to consider Medicaid as an option for parents who may not have sufficient savings for long-term care. Listen now to learn more!
Takeaways
- Medicaid is a state-based funding source for long-term care that is generally considered a last resort option.
- Medicaid planning involves shifting assets from countable to non-countable categories to qualify for Medicaid benefits.
- Every state has different rules and qualifications for Medicaid, so it’s important to consult with a specialized elder law attorney.
- Medicaid reimbursements may be less than the actual cost of care, so it’s beneficial to enter long-term care facilities before needing Medicaid.
- Consider Medicaid as an option for parents who may not have sufficient savings for long-term care.
Chapters
00:00 Introduction and Personal Updates
10:56 Discussing Films and Personal Interests
13:33 Transition to Discussing Medicaid
19:14 Qualifications and Asset Limits for Medicaid
23:01 Medicaid Planning and Non-Countable Assets
26:55 Personal Experiences with Medicaid Coverage
28:25 Importance of Medicaid Transition and Considerations
29:22 Conclusion and Preview of Future Episodes
Links
Watch this episode on YouTube: https://youtu.be/WF-6D0AQuas?feature=shared
The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/
This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean’s free eBook, “Is a Roth Conversion Right For You?”
