By Julian Guilfoyle
Anyone familiar with Medicaid should not be surprised that the fastest growing segment of the program is nursing home coverage. Today’s seniors are living longer, healthier lives that inevitably result in having to pay higher costs of care. Seniors who face catastrophic health events or experience long lasting illnesses such as dementia or Alzheimer’s are running out of money to privately pay for their care. The state of Ohio and the federal government chip in only when the assets seniors have accumulated over their lives are exhausted. Seniors who had any plans to pass along their amassed assets to their families are instead leaving their wealth to nursing homes. There is an alternative to this ending; seniors who plan ahead with experienced elder law attorneys can retire and live out their golden years with respect, dignity, and the assets they have worked so hard and so long to obtain.
When Senior Partner Mitch Adel talks about Veterans Benefits in one of his weekly seminars, he has an outstanding line that has always stuck with me. He says that the main reason many veterans are denied the Aid and Attendance benefit they earned is because they ask the wrong question. Veterans call the VA to ask if they qualify for the program instead of asking how to qualify for the program. Many seniors make the same mistake when they ask about Medicaid. Unless or until the senior is impoverished they will not qualify for assistance in paying for their care. However, with careful planning, the senior can protect their assets and qualify for Medicaid sooner and with significant portions of their wealth.
There are some who feel this approach is unethical. They believe that the estates of seniors should be reduced to nothing before the government provides them with any assistance. The Ohio Speaker of the House of Representatives, Armond Budish, disagrees. In a June 4, 2010 article Cleveland.com, Budish stated “It puts a greater burden on the government, but there is nothing wrong with doing it because the law allows it.” He says that Congress recognized that people shouldn’t lose their savings before being covered by Medicaid and that’s why it created the option to move assets. “People should be able to avail themselves of the protections that Congress has set up.”
In the final analysis, it is entirely in the hands of seniors as to how and to what degree they plan for the future. Those who believe they owe the government everything they have to qualify for Medicaid certainly are entitled to that belief. If, however, you believe that you have contributed your fair share and would like to protect your assets, then maybe its about time you came in for a free consultation.
