Reposting: About Medicaid & Assets

Can Medicaid Really Seize Your Assets?


(FinancialHealth.net) – Advances in medicine means people are living longer, but it’s also leading to the need for long term care. Even the best insurance only covers limited hospitalization and recovery periods.
A major health event requiring long term care can trigger a series of events that can wipe a person out financially. To protect assets from seizure in the event that long term care is needed, estate planning must be done at least 5 years in advance.
Why 5 years? Medicare and other related supplemental policies have limited coverage for short-term skilled nursing needs, but those programs don’t pay for long term care. The majority of long term care falls onto the shoulders of state Medicaid programs, for those who qualify for Medicaid and Medicare. Medicaid has a five-year lookback period when it comes to assets.
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