We recently created a podcast that will appear on the blog next week. Attorney Ron Soccoli with the law firm of Brenner, Saltzman & Wallman in New Haven, CT pointed out how important the need to plan ahead has become with some recent changes that have occurred in long term care planning arena.

One of the many reasons for this has nothing to do with your own motivation to do so.  As our podcast will point out, that decision was made by the federal government.  In the past, when a long term care event occurred you still had some options to protect your assets from the Medicaid spend down limits.  As you will find out, that flexibility is now lost on the government’s decision to tighten up the rules that qualify people for Medicaid.

Remember, there is an important distinction between Medicare and Medicaid.  Medicare is an etitilement, everyone gets it.  Medicaid is not an entitlement, you need to qualify for it.  By changing the rules to qualify the government has made it clear that they will not pay for long term care expenses for those who have the assets to pay for it themselves.  The options are getting fewer, and being proactive is more important than ever.

 


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