Top Myths About Long-Term Care Coverage Through Medicaid

May 19, 2015

Usually, it’s Medicare that gets the bulk of news coverage, but Medicaid is still quite confusing for many people. Here are some of the most common misconceptions about Medicaid. shutterstock_129373694

You Must Be Poor to Get It

Medicaid helps people qualify for long-term care, and it’s true that you cannot have more than a specific amount of assets to qualify, but there are some exempted assets. Consult with your elder law specialist to learn more.

Medicaid Is Unnecessary Since Medicare Will Cover My LTC
Medicare only covers up to 100 days of skilled nursing care, so it’s not permanent. Medicaid is more likely to help a patient over the lung run.

Transferring Your Money to Your Kids Will Help With Medicaid Qualification

While it’s true that you don’t want to have too many assets in the Medicaid qualification process, you don’t want to assume that all your assets should be transferred to children. The reason is because there is a penalty period if Medicaid believes that you transferred assets in the years prior just to qualify for coverage.

Make sure you’re clear about how Medicaid- as well as Medicare- works when it comes to your long-term care. Contact an elder law specialist to get more details about this process. Contact us at info@lawesq.net


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

Top 5 Things Employers Should Know About Their 401(k) and Employer-Sponsored Retirement Plans

Discover the top five things business owners should understand about managing a 401(k) or employer-sponsored retirement plan, including fiduciary responsibility, fees, compliance, and employee engagement. ...

<p>The post Top 5 Things Employers Should Know About Their 401(k) and Employer-Sponsored Retirement Plans first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Health Care: The Hidden Retirement Cost You Can’t Afford to Ignore

Health care is one of the most significant and often underestimated retirement expenses. Explore Medicare, long-term care, and tax planning considerations for affluent families. When most people think about retirement planning, they focus on investment ...

<p>The post Health Care: The Hidden Retirement Cost You Can’t Afford to Ignore first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

The Risks of Concentrated Stock: Evaluating Single-Stock Exposure

A concentrated stock position can significantly impact portfolio risk and tax planning. Explore considerations for executives, founders, and business owners managing single-stock exposure. Success often creates complexity. For business owners, executives, ...

<p>The post The Risks of Concentrated Stock: Evaluating Single-Stock Exposure first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>