| As a Certified Financial Planner, I recommend that my | | | | submission of the Medicaid application. |
| clients with assets of over $300,000 buy this very | | | | People are surprised to learn, however, that there are |
| important coverage, called Long Term Care Insurance. | | | | many people receiving Medical Assistance in |
| But what if they are not qualified medically to do so? | | | | Minnesota who are not poor, and who have learned |
| They may be rated up because of poor health. What | | | | the techniques to legally shelter their assets. |
| if the premiums are too high for it to be a practical | | | | Your home, and one car is temporarily exempt if there |
| purchase on their limited budget? | | | | is a spouse at home. Your furniture, your clothing, and |
| The alternative is Medicaid Planning. Many people do | | | | your jewelry is also exempt. The rest of your assets |
| not realize that there are legal ways to shelter assets. | | | | are either "countable" or "not countable". This is a |
| Yes, you can stay within Medicaid regulations and still | | | | complicated subject. If I have a painting, isn't that |
| keep a large amount of your money and your home | | | | furniture? Maybe not, if it is a "Picasso". Then it is art, |
| for your heirs even if you find yourself confined to a | | | | and you have to know the rules for art. There are |
| nursing home. How do we do that? First let me give | | | | over 200,000 different rules about what is and what is |
| you some basic information. | | | | not countable! |
| When you apply for Medicaid (Minnesota Medical | | | | The key is to know the difference and to get some of |
| Assistance), you must disclose all of your current | | | | your countable assets into the other category. For |
| assets and you must also disclose any gifts that you | | | | example, you could convert a cash asset into a funeral |
| have given in the past 60 months. Medicaid authorities | | | | burial fund. That makes it uncountable. Also, among |
| will process your application, and let you know within | | | | your countable assets, you may have "unavailable" |
| 30 days whether you qualify for Medical Assistance. If | | | | assets. You should know how to make some of these |
| you are turned down, you will be told that you have to | | | | countable assets unavailable. Gifting is also an |
| spend down your excess assets. In Minnesota you | | | | important part of Medicaid Planning, and is very |
| must have no more than $3,000 of assets for | | | | effective, even for those already in a nursing home! |
| medicaid eligibility. | | | | Learn more about effective strategies to keep your |
| The so called "60 month look back period" allows the | | | | money safe from the government and available to |
| authorities to determine whether there may be a | | | | your heirs. See below for a link to a free report on |
| period of ineligibility assessed against you for prior | | | | Medicaid Myths. |
| gifting. That period of ineligibility begins with the | | | | |