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Elder Care Planning

What Is Elder Care Planning?

It’s just that; the process of expert planning that secures proper care and future security for the elderly. It is an opportunity to embrace the idea of pre-crisis management and plan for the future as opposed to post-crisis management and running the risk of losing everything. Even in a situation of post-crisis management, much of the family’s assets can still be safe guarded.

Medicaid is available at the State level. Its purpose is to assist low-income and low resource individuals/families in meeting the costs of medical care. Medicaid or Medical Assistance benefits are Title XIX of the Social Security Act; added to the Social Security Program in 1965. Each state has leeway in establishing eligibility requirements. Medical Assistance can also refer to community medical assistance benefits in which eligible persons are assisted with their daily medical needs. There is also Medical Assistance for long term care (LTC) needs (i.e. nursing home, day care, and some assisted living situations).

The federal government offers health insurance protection through Medicare. This coverage is very limited, thus the need for Medicare supplemental coverage policies or medi-gap coverage. Medicare is not Medicaid.

The services Angels of Elder Care Planning, LLC provides can offer a family the opportunity to retain most or all of their life savings as opposed to spending that money on long term care expenses. Some of the highlights in the area of Elder Care Planning:

  1. Assess a family’s financial situation, consolidation of assets, income-producing annuities (this process helps exclude assets that would otherwise be counted under the Medicaid program), liquidation of certain investments, changing ownership or titling of investments or insurance products.
  2. Compiling required documentation to present a Medicaid application (5 years prior to application), auditing financial records to avoid scrutiny of expenditures, counseling on how to spend down assets and proper record keeping. Under the Deficit Reduction Act of 2005 (“DRA”) the look back period is 5 years.
  3. Enhancement of a particular financial picture, such as a reverse mortgage or an equity loan.
  4. Negotiations with a nursing home regarding billing or back payments owed and the processing of required medical reports and forms. Admission to a nursing home or transferring from one facility to another. Insuring that the facility is paid appropriately and the client receives the requisite care.
  5. Angels of Elder Care Planning, LLC will assist the client during the Medicaid application process, conduct the interview, and work with the caseworker until the case has been determined and completed. Counsel clients on future re-certification of benefits annually.
  6. Baseline medical assessments to satisfy medical criteria for eligibility requirements. A client must be medically needy in most or all of these areas to satisfy the medical eligibility criteria.
  7. Preparations of estate planning documents such as Powers of Attorney (critical documents that help family members make important financial decisions), and Advanced Health Care Directives (AHCD) (allows families to make medical decisions for the incapacitated persons), Wills, Trusts, and Deeds). For more information on preparation of estate planning documents please contact us, or the HWK Law Group, LLC.