Here’s the Medicaid planning process:
Free Education and Advice Session
We start with this free education session where we discuss the Medicaid program, divestments and lookback periods, long-term care options, and more.
We take the time to listen about what’s important to you and what’s going on in your life because our goal is to empower you with the right plan. We’ll talk briefly about your family and your finances.
We’ll let you know if we don’t think Medicaid planning is right for you - usually if you have no assets to protect. If that’s the case, we’ll connect you with free, local resources to get you going.
Otherwise, we’ll let you know that we think we can help. We’ll talk about our services and how we charge for them, including a flat fee that includes a guarantee.
OUR GUARANTEE: YOUR PLANNING WILL PAY FOR ITSELF. IF WE CAN’T PROTECT AT LEAST AS MUCH AS OUR FEE, WE’LL REDUCE OUR FEE TO MATCH WHAT WE WERE ABLE TO PROTECT.
Some conditions apply, but mostly, it’s only for our flat fee option and you can’t have already started any other form of Medicaid planning.
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Interviewing and Counseling
We collect information about you, your family, your finances, and your preferences in order to develop a gameplan.
Identifying the Right Tools
We’ll review your situation and use our expansive knowledge to figure out which tools are directly applicable and which ones we may be able to use. You’ll probably hear us say that there’s dozens of ‘tools in the toolbox’ at least once. Each tool has its own unique rules and requires a certain set of circumstances. A few tools are applicable to most clients and many require very narrow circumstances.
Drafting the Game Plan
We pick the tools that already apply. Then we suggest tools that could work if we make some changes. Essentially, we’re recommending which square pegs can be changed to fit into round holes. Maybe we convert an asset into a different type that we can protect. Maybe we do something with your family to open up a new tool. No matter, we’ll provide a list of options, their advantages and disadvantages, any risk, and the steps needed to take advantage of the tool.
Plan Review and Approval
We’ll go over the game plan with you and go over each tool, its advantages, disadvantages, and risks. After hearing our recommendations, its up to you which tools we use and how we plan for your long term care needs.
Execute the Game Plan
Each plan is different, so this part of the process will be different for every client. The plan will lay out the steps needed to execute the plan, and we’ll use that as a rubric to get everything done.
Some things we might do are…
Closing Accounts and Liquidating Assets
Some kinds of accounts and assets aren’t allowed and we’ll have to close them, sometimes changing them into other types of assets.
Invest in Allowed Assets
Sometimes, we’ll invest in allowed assets, increasing their amount or otherwise improving them.
Opening Different Accounts or Policies
Some types of accounts or policies may be allowed and we may want to get them for you if you don’t already have them.
Reduce Liabilities
Liabilities don’t affect your eligibility and don’t offset assets, so we’ll often satisfy liabilities.
Giving to Your Family
Sometimes we might be able to give assets to your family or pay them to do things.
Collect LOTS of Paperwork
We’ll need copies of paperwork to make all of this happen. You’ll sign lots of paperwork to make all the changes. The agency always wants plenty of proof that what we’re saying is true and that the planning we’re doing is allowed. At the end of the day, paperwork is always part of the process.
Apply
Once we get all our ducks in a row, we apply for Medicaid, which will pay for long term care at least as of the date of the application when approved. Sometimes, we can even ask for three months of backdated coverage!