The Great Medicaid-Asset Shelter Debate

By Mark Possones

As the baby boomers come to retirement and become more elderly, the great debate of the 21st century may be, "Should people be forced to use all of their assets to pay for nursing home care before Medicaid kicks in or might they be allowed to shelter some of their assets?"

This argument can quickly turn heated on both sides of the issue.

Nobody wants to think that he or she may wind up in a nursing home at the end of his or her years, but the sad statistics say that is very likely what the future holds. An estimated 60% will indeed spend some time in a nursing home or care facility.

Proponents of sheltering assets say they have paid into the system all of their working years and want what is due to them. They have worked hard and want to be able to pass on an inheritance to their children.

Opponents say that the system will be bankrupt before long. Medicaid was designed to assist the truly poor and the tax burden on future generations would be astronomical if all of the baby boomers demanded benefits to match their contributions. It isn't a savings account where you get back all that you put in plus interest.

Proponents say that one spouse shouldn't be forced to subsist in poverty because the mate entered into a nursing facility. Opponents claim that you loved and lived with your mate for fifty years, now is not the time to refuse to take care of your spouse.

And so it goes. The one thing everyone can agree on is that planning needs to be done and should be done early. Long-term care insurance is definitely something to investigate while you are healthy enough to obtain it.

If long-term care insurance is no longer an option and you still want to preserve your assets, seek competent help immediately. Do not delay, because some of the means to preserve your assets are time sensitive and cannot be implemented when the possibility of needing Medicaid is staring you in the face.

Analyze the company into whose hands you will be putting your trust and your future. As your authorized representative to Medicaid, will they be able to handle the bureaucracy and relieve your family of the pressure of dealing with constantly changing government requirements? Select a company that has vast experience working with Medicaid and has a variety of options that will give you flexibility and choices. Choose a company that has employees who make you feel comfortable working with them as a partner with only your best interest in mind. Find a company that will personalize a strategy for protecting your assets while being sensitive to the needs of you and your family.

Sometimes the price of peace of mind is as little as the amount of time it takes to make a few phone calls. Don't delay; take action on protecting your assets and your family today.

Mark Possones decided that it was time to start planning for the future. Watching his parents lose the earnings for nursing help he researched about Medicaid qualifications, long term care facilities and the longterm care, he got help - a company that guards his assets and guarantees acceptance into the Medicaid system.