Medicaid Planning with Cathy Sikorski

Have you ever thought about Medicaid Planning? What is Medicaid Planning and is it right for you?

I chatted with Cathy Sikorski, Esq., an elder law attorney, speaker and caregiver, about the intricacies and details regarding Medicaid Planning and who it is a good fit for, and  for those who should look into other options.

In this episode we covered:

🔹 The issue of giving away assets to qualify for Medicaid coverage for long-term care 

🔹 Government examination of financial history for the past five years

🔹 Warning against mistakes and importance of consulting experts

🔹 Being prepared and exploring other options

🔹 Choosing the right facility and considerations for Medicaid Planning 

🔹 Implications of relying on Medicaid for care 

🔹 Estate recovery and partnership programs in reciprocity

🔹 Keeping assets and not needing to spend them down before qualifying for Medicaid

_______________________________________________________________________________________________

Watch this episode on YouTube: https://youtu.be/akNGzvAyRss

 #LongTermCare #FinancialPlanning #SteadfastCarePlanning #MedicaidPlanning #PlanningForCare

For additional information about Kelly, check her out on Linkedin or www.SteadfastAgents.com.

To explore your options for long-term care insurance, click here.

Steadfast Care Planning podcast is made possible by Steadfast Insurance LLC,
Certification in Long Term Care, and AMADA Senior Care Columbus.

Come back next time for more helpful guidance!

Chapters

• 0:00 Introduction
• 0:40 Medicaid and Medicare are not the same thing
• 1:25 What level of care is needed in order to qualify for Medicaid and where is care provided?
• 2:45 What are the Medicaid eligibility rules?
• 4:40 What is Medicaid Planning?
• 6:25 People want to protect their legacy
• 9:03 Medicaid plan kicks in, because it kicks in during the crisis
• 10:30 What does estate recovery mean and what does that look like
• 12:42 There's one other thing called filial responsibility
• 13:40 State Partnership Plan
• 16:30 Five year look back period
• 19:32 Planning in advance
• 21:59 Who is Medicaid Planning not a good fit for?
• 23:20 You need to seek out professionals
• 24:20 How does Medicaid Planning work?
• 26:03 There's something called a Medicaid annuity
• 28:05 What about the irrevocable trust
• 31:01 Misunderstanding Medicaid Planning
• 33:25 Working with Reputable People
• 34:23 Advice on how people can plan for care to live well
• 35:12 Cathy's Contact Information