“9 Surprising Secrets About Long-Term Care and Medicaid,” by Kathleen Coxwell, MoneyTalksNews
“5. It is legal to manipulate your finances to qualify for Medicaid. … To accelerate Medicaid qualification, some retirees work with legal and financial specialists to gift money to family members, purchase annuities, put money into different kinds of trusts and do various other tricks to shield assets from being part of the Medicaid calculations. … 6. Medicaid planning is an industry. … There is a cadre of lawyers, consultants and advisers who help retirees manipulate their finances so that they can qualify for Medicaid and avoid spending their own money on assisted living or other long-term care options.”
LTC Comment: This kind of information is more prevalent than ever in the media. The Center for Long-Term Care Reform has fought against Medicaid planning abuse for decades. We’ve had major successes in national legislation over the years, including OBRA ’93 and DRA ’05. If you prefer the media and people to focus on responsible LTC planning and recognize the risks and downsides of depending on Medicaid, then join and support the Center today.