7. Many Consider it Unethical to Manipulate Finances to Qualify for Medicaid
There is significant debate about whether or not it is ethical to manipulate your own finances to qualify for Medicaid sooner rather than later.
- Those against it say that manipulating finances in order to qualify for Medicaid is akin to fraud.
- Those in favor say that it is no different from manipulating tax codes to minimize payments to the government.
K. Gabriel Heiser is a lawyer and author of ebooks that outline Medicaid planning strategies. He is quoted in the New York Times saying that “he’s heard from colleagues over the years who wanted no part of this work. This confused him, he said in an interview this week, given that many of them handled estate planning for wealthier clients. There, they helped people avoid paying millions to the government, whereas Mr. Heiser’s work merely helps clients get the government to pay a few hundred thousand for care on their behalf.”
8. It Can Be Difficult to Financially Qualify for Many Long-Term Care Facilities – With or Without Medicaid
Not everyone knows that you must pass a financial assessment to be admitted into many long-term care facilities.
These homes want and need to know that you have the financial resources to pay for their services now and well into the future.
And, many homes do not accept Medicaid at all – the funding from Medicaid does not nearly cover their costs.
9. If You Use Medicaid, Officials May Tap Your Estate After Your Death
Another big secret about Medicaid is that if you received Medicaid, state officials can go after your estate after your death for repayment of services.