Myths and Facts Concerning Medicaid Planning for Nursing Home Care
By Steven & Blake Rainey
S.A.F.E. Planning, Inc.
September 2002

    While this article is typically geared toward the dispelling of some myths associated with Medicaid planning, I would like to take the opportunity this month to offer some encouraging words, as well as a few of caution.

    First, Sunday, August 18, 2002, Mr. J. L. Scott, of the Shreveport Times, did a story about the kind of service that we provide the people of the ArkLaTex. Along with the information about our company, there was information about one of our clients that we had helped get qualified for Medicaid.

    While this message is nothing new, it took an unbiased party, i.e. Mr. Scott, to open the flood gates of people wanting information to see if we can help them and their loved ones. The encouraging thing is that for many of these families we can, and we will.

    Second, Dad and I had the opportunity to be in Baton Rouge this week to attend a continuing education seminar on, of all things, Medicaid planning in Louisiana. We met several people from South Louisiana who are doing some planning similar to what we have been doing here in the Shreveport area - until then we knew of no one else in the State. What was probably the most encouraging was that included in the list of speakers was Mrs. J. Ruth Kennedy, B.A., the Deputy Medicaid Director of Louisiana. While the information given was basic, it was refreshing to hear her, as well as the other speakers, addressing and supporting the type of planning techniques that we do. There were people from every corner of the State in attendance, including a couple of financial planners from the Shreveport area. It is good to know that more people are gaining interest in learning how to do Medicaid planning.

    Now, with that being said, I come to the part of the article that should scream, "CAUTION!" In months to come we are going to see a lot of financial planners and advisors wanting to jump on the bandwagon, advertising, doing seminars, etc., claiming that they can keep your assets safe. My words of caution are these - it takes much more than a few hours or hearing the elementary theory of Medicaid planning to successfully navigate through the details and requirements that can be more challenging than any minefield. Any one mistake can be a land mine that will cause ineligibility for at least a month, if not substantially longer. At an average of $3,000 per month for a nursing home, that is an expensive gamble. If you have someone saying they can assist you or your loved ones with Medicaid qualifications, ask them to provide you with the names of people they have successfully helped. Ask them how long they have been doing this type of planning - don't be bashful about asking hard questions that deserve concrete answers. It is your family and your finances - protect them both.

    As displayed in Best of Times (formerly Senior Scene)

     

 
© 2007 S.A.F.E. Planning. Inc.