Medicaid Planning Services

Senior Financial Protection is a one-stop shop for all the long-term care needs of senior citizens and disabled adults and their families in Louisiana.  We recognize how emotional devastating it is to have a mother, father, sibling, or spouse incapacitated to the point of needing nursing home care or sitter services.  The disabled person is feeling afraid and guilty for requiring such care and attention.  Caretakers are feeling tired, emotionally drained, and experiencing guilt from not being able to continue their care duties.  Family roles drastically change at this time as parents that were once independent family leaders are now depending on their children for care and decision-making.  There is fear throughout the family unit as to whether the costs of the best care plans can be met. Free advise from all sides is pouring in but it is impossible to determine the accuracy of the information being received.  No one is sure where to go for assistance.

Senior Financial Protection understands what the family is experiencing and is there to assist in any way possible.  We lessen the emotional burdens of the family by providing reliable and accurate information on which to base care decisions.  Strategies are personalized to meet the family’s specific goals and objectives and no action is taken without expressed approval.  We walk the family step-by-step through the implementation of designated strategies.  A one-time flat fee covers all services, regardless of the time and effort spent to accomplish specific goals and objectives.  The free consultation provides the family with a pressure-free environment to explore our services and ask questions before becoming a client.

WHAT IS MEDICAID PLANNING?

Medicaid Planning is the process of developing a plan based on legal and ethical strategies to save as much of the family’s assets as possible while qualifying the senior citizen or disabled adult for Long-term Care Medicaid to cover the costs of long-term care (such as nursing home care or in-home assistance.) 

Medicaid Planning allows the disabled loved one to determine how the family assets are to be used instead of watching a lifetime of sacrifice and hard work be eaten up by nursing home or sitter costs

WHY IS MEDICAID PLANNING NECESSARY?

How many of you have consulted with tax attorneys, CPAs, accountants, bookkeepers or professional tax preparers such as H & R Block for assistance in preparing your federal and/or state income tax returns?   Many people do not hesitant to seek assistance with taxes (even if it is costly) to reduce the amount of money owed for taxes.  The tax codes are too complex for individuals to interpret so they turn to tax professionals for assistance in saving money.

Many of these same people that seek tax assistance scoff at the idea of seeking assistance with Medicaid planning, even though the concept is exactly the same.  Medicaid policy is just as complex and ever changing as tax law and it is virtually impossible for lay people to grasp all the rules and regulations governing these areas.  Just as you seek out tax professionals, you would seek out Medicaid professionals to assist you in saving money with long-term care costs.  Just as for tax assistance, fees are charged for Medicaid Planning.  In both cases, benefits far outweigh the costs. 

Many of the senior citizens that we assist have assets that represent a lifetime of working two or more jobs and sacrificing and doing without to save for the future.  Many grew up during the Depression and are fearful of returning to that level of poverty.  Others want to ensure there will be something left to hand down to their children and grandchildren.  They spent their life times working hard, paying their taxes, and being responsible citizens.  Many are wartime veterans or the widows of vets.  Most were never dependent on any type of government assistance before.  Should we punish these citizens for living productive lives and accumulating assets? 

Senior Financial Protection, L.L.C. came about as a means to protect our senior citizens and disabled adults from making the costly mistakes resulting when they tried to navigate the Medicaid maze without guidance.  Senior Financial Protection wants to ensure that long-term care decisions are based on sound policy information and not on all the misinformation circulating out there.  We want to give seniors the option of saving assets while qualifying for assistance. All of this can be accomplished through Medicaid Planning with Senior Financial Protection.

WHAT IS THE PURPOSE OF THE FREE CONSULTATION OFFERED BY SENIOR FINANCIAL PROTECTION?

Senior Financial Protection offers a free consultation for the disabled loved one and his family to become acquainted with our staff and the services we offer. It is best if as many of the interested parties within the family as possible attend the consultation so that information can be disseminated accurately to all.  In turn, we gain insight into the unique situation of the disabled loved one and how we might be of assistance.  Questions are answered, fees are fully disclosed, and we develop the goals and objectives of the disabled loved one and his family.  The free consultation is pressure-free and our goal is to inform rather than to “sell” as we feel our services sell themselves. OUR AREA OF SERVICE IS LIMITED TO THE STATE OF LOUISIANA.  (Note:  We are not able to reveal the specific Medicaid Planning strategies to be used until fees are paid and the contract is signed.)

WHAT SERVICES ARE PROVIDED BY SENIOR FINANCIAL PROTECTION?

Once the disabled loved one becomes a client of Senior Financial Protection, pays the non-refundable fees, and signs the contract he/she is eligible for the following services:

• Analysis of disabled loved one (and spouse’s) income and asset portfolio to determine strategies to qualify disabled loved one for government assistance.
• If applicable, we provide the family information on waiver services and other alternatives to nursing home care or to the Veteran’s Administration for monetary assistance.
• The disabled loved one and their family chooses the strategies that will work best for them and we provide guidance in the implementation of the strategies.
• Senior Financial Protection LLC does not sell long-term care insurance, annuities, or any financial products.
  If financial advisors are needed to implement the chosen strategies, we can provide referrals for these services.  However, the disabled loved one is free to obtain these services from anyone they please.
• We also review Powers of Attorney, wills, and successions and make recommendations.  Sometimes legal action is required to implement the strategies.  All of these legal services are available through our referral attorneys or the family can select an attorney on their own.
• We determine the point at which the disabled loved one is eligible for Medicaid and provide guidance in the collection of the verifications necessary for the Medicaid application.
• When the disabled loved one is ready to apply for Medicaid, we actually complete the Medicaid application and handle all necessary interactions with the Medicaid office.
• We will provide general assistance with any long-term problem or issue of the disabled loved one.
• They are many proposed changes in Medicaid policy.  As the changes become law, we will keep our client families informed of the impact the changes will have on their particular situations.

Our focus is on saving as many of the assets as possible.   Our knowledge of Medicaid policy allows us to develop strategies with this main goal in mind.  The end result is that a large portion (if not all) of the assets is saved and the disabled loved one is qualified for Medicaid. 

WHAT FEES ARE CHARGED BY SENIOR FINANCIAL PROTECTION?

Senior Financial Protection’s Medicaid Planning fees are substantially less than the charges for one month’s stay in the nursing home and one flat fee covers a comprehensive array of services, including those mentioned above.  (The only services not covered are those legal fees necessary for implementation of some of the possible strategies.)  There is a two-tier fee schedule based on the value of assets and the fee will be fully disclosed during the free consultation before the contract is signed.  The contract specifies the specific services that will be provided by Senior Financial Protection, LLC. The fees are non-refundable once they are paid and the contract is signed.

WHEN SHOULD MEDICAID PLANNING BEGIN?

Savings can be reaped at any stage of the process, even after the disabled loved one enters the nursing home.  But the earlier the Medicaid Planning begins, the more options there are available for preserving assets and the more likely it is that the disabled loved one can actively participate in the decision-making process.

WHAT OTHER SERVICES BESIDES MEDICAID PLANNING ARE AVAILABLE?

When Medicaid eligibility is not the goal, we assist the family in determining the long-term care needs of the disabled loved one, provide guidance in selecting the best course of action to meet these needs, and develop strategies to cover the costs of the care chosen.  For example, sometimes the family prefers assisting living facilities or in-home nursing or sitter services that are not covered by long-term care Medicaid services.  In these cases, we guide the family in selecting the care provider and develop a plan to cover the costs of this care while preserving as much of the family’s assets as possible.  We also provide evaluation of legal documents such as Powers of Attorney, wills, successions, etc. and make recommendations that best meet the needs of the disabled loved one.

We can develop a plan of action personalized to meet the goals and objectives of each client family regardless of the uniqueness of the situation and provide the guidance and assistance necessary to accomplish these goals.  Senior Financial Protection will provide any assistance needed by the family to meet the long-term care needs of the loved one.

WHAT CHANGES IN MEDICAID POLICY CAN WE EXPECT IN LOUISIANA?

The Deficit Reduction Act signed by President Bush into law on February 8, 2006 contains major changes to Long-term Care Medicaid Policy.  Louisiana is expected to adopt the changes and implement them on a statewide basis.  A brief summary of the provisions dealing with Long Term Care Medicaid follows:

• The look back period for all asset transfer, including outright gifts and transfers to trusts will be 5 years.  (The previous look back period was 3 years for gifts and 5 years for trusts.)
• The “ineligibility or penalty period” will begin on the date an individual applies for Medicaid.  (Previously, the “ineligibility period” began on the date of the transfer or gift.  For gifts made after February 8, 2006, there is basically an unlimited look back because the ineligibility period is delayed until application is made.)
• Home equity above $500,000 will not be an exempt asset for purposes of qualifying for Medicaid.  (Previously, the home was not a countable asset regardless of its value.)
• State must be named the remainder beneficiary on annuities purchased during the 5 year look back period.  (There is no change here since the State of Louisiana had already adopted this policy.)