Your SlideShare is downloading. ×
Long Term Care Planning Course - Part 5 of 8
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Long Term Care Planning Course - Part 5 of 8

276
views

Published on

This is the powerpoint version of my online long term care planning course. for a free report on long term care planning and to register for the full version of the course with audio and video and …

This is the powerpoint version of my online long term care planning course. for a free report on long term care planning and to register for the full version of the course with audio and video and free downloads, go to www.MDLongTermCareInsurance.com

Published in: Education

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
276
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
10
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Long Term Care Planning Course Lesson #5 Complete Money Management, Inc. Colin Meeks, Certified Financial Planner ®
  • 2. Medicaid Anyone??
    • Medicaid is the same as Medical Assistance
    • Administered by the State and uses Federal and State funds
    • A program to provide basic health benefits to those who do not have sufficient resources and income to provide for themselves
  • 3. Medicaid Will Take Care Of Me
    • If you have assets, probably not.
    • Not an entitlement program
    • Strict qualification process for long term care benefits
    • Not like it used to be
  • 4. Medicaid “Spend Down”
    • You have money
    • You need long term care
    • You spend almost all of your money
    • Medicaid verifies that you have spent all of your money
    • You may qualify for Medicaid
  • 5. Medicaid is your Plan
    • If you do not plan to buy insurance or set aside a significant amount of your own money to self insure, Medicaid is your plan
    • If you do not have a plan in place right now, Medicaid is your plan, so be sure to know all the facts
  • 6. Deficit Reduction Act of 2005 (DRA 2005)
    • See “extra credit” download
    • Made most “Medicaid Planning” obsolete
    • Gifting, trusts, annuities, “hiding assets”,etc., are all pretty much done
    • With few exceptions, this type of planning is probably not a good idea
  • 7. Medicaid Spend Down
    • Avoid this at all costs
    • Forced to sell, liquidate, cash in assets an may incur unnecessary penalties, taxes, losses
    • Stocks, bonds, mutual funds, CD’s, annuities, IRA’s, Real Estate, life insurance
  • 8. Still Don’t Believe Me?
    • Many of you will not
    • You’ll go off what your friend told you or your uncle did 5 or 10 years ago
    • This is an expensive education
    • Medicaid spend down rules are strict, getting stricter, and they do a very thorough job of verification
  • 9. Practical Thinking……
    • Higher medical costs
    • Aging population
    • All of the other financial obligations that the Gov’t has - Social Security, Medicare to name 2
    • They cannot, no matter who is in charge, afford to have Medicaid pay for long term care for everyone.
  • 10. Medicaid In Short…
    • If you can pay, you will pay
    • When you can’t pay anymore, Medicaid may pay
    • Medicaid will “Trust but Verify” (just like Ronald Reagan did with Russia)
    • Is a qualification program, not an entitlement program
  • 11. Where Do You Fall?
    • Small estate - own a home, less than $100,000 in other assets - Medicaid may be your best plan
    • Large estate - $2 Million plus - self insure may be best
    • Stuck In The Middle - not rich enough and not poor enough
  • 12. Summary
    • Know the facts
    • Extra Credit
    • Ask Colin a question
    • Take the quiz, send me your answers
    • Schedule a discovery meeting
  • 13. Class Dismissed
    • See you next week
    • Taxes and LTC Insurance

×