Q. What does a Certified Medicaid Planner™ actually do?
A. When a loved one suffers from a stroke or other type of injury and ends up needing nursing home care the emotional, legal and financial consequences are huge. A Certified Medicaid Planner™ will assess the situation and come up with a plan that suits your situation best.
Q. I keep hearing from other people that you cannot protect assets because of a 5 year lookback period.
A. Be careful about getting information from the internet, well-meaning friends and relatives. Yes there is a 5 year lookback period but not for everyone, especially in the case of a married couple.
Q. What does this all cost and what are your fees?
A. The average monthly cost of nursing home care in Massachusetts is about $12,000*. If you do not have some type of Long Term Care insurance coverage this can have a devastating effect on your savings and retirement assets. Every situation is different and all costs, fees and expenses will be explained before a plan is put in place.
Q. Doesn’t my Medicare coverage pay for nursing home care?
A. Medicare may cover up to 100 days of nursing home care, after that runs out you are responsible for the monthly costs. If you have Long Term Care insurance coverage in place that may defray some or all of the costs.
Q. What is the cost of your consultation and where do we meet?
A. The initial consultation is always complimentary and can be done by phone, at your home or nursing home facility.
Q. What professionals are involved in this?
A. In a typical case the main issues are financial and legal sometimes an accountant is needed as well. If you don’t have a legal or tax professional, we have all the local trusted connections to match your specific needs.
Q. What is your experience?
A. Rudy Van Oeveren is both a Certified Medicaid Planner™ and Accredited Investment Fiduciary® and has been assisting clients with planning for Medicaid situations, Investment Advisory Services, Retirement Income Planning as well as Life Insurance and Long Term Care Strategies. He is registered and licensed in Massachusetts, New Hampshire, Maine and Florida.
Q. Can we go about this ourselves?
A. Of course you can attempt to qualify for Medicaid yourself, please be aware that dealing with a Government agency can be very difficult and time consuming.
Q. What could we have done to prevent this?
A. The old adage “an ounce of prevention is worth a pound of cure” holds true; planning for Long Term Care is much easier and less expensive when you do not actually need it. We have vast experience in exploring Long Term Care strategies to fit your specific family needs.
*Genworth 2017 Cost of Care Survey, conducted by CareScout®, June 2017
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