Want help in applying for masshealth?
Get my one page Checklist of the documents you will need when applying for masshealth*
Furthermore, if you feel that personalized advice for your specific situation would really help you out, feel free to request a phone meeting with us. Just check the appropriate boxes here; and get more details by scrolling below. Including an introductory video from me. More details below response form…
Mass Health/Medicaid Can Save Your Family
Mass Health/Medicaid Can Help Your Family Pay for Nursing Home Expenses. Perhaps you felt that nursing costs would drain your or your parents’ entire net worth. I don’t blame you for thinking that. With nursing home costs rising north of $100,000 to $150,000 per year, it wouldn’t take too many of those years to cause serious financial problems.
However, there is a program offered by the state designed to help protect us from impoverishment from nursing expenses. Medicaid (called “Masshealth” in MA), a program funded by the Federal government and states, exists to help those who can not pay for medical care. Many people are familiar with the way that Medicaid helps low income families, but it also has a program to help with nursing home costs.
It’s Not Meant to be a handout, however…
The program exists to help seniors cover the cost of nursing home care and ALSO exists to prevent the impoverishment of a healthy spouse. Therefore, for example, let’s assume this scenario:
Your dad needs to enter a nursing home;
Your parents have savings of $600,000 plus own a home.
However the annual long-term cost could force your mom into impoverishment;
Your parents could apply for Masshealth to prevent your mom’s impoverishment, even though they have assets. If you have high liquid assets - for example, over $2 million - then perhaps applying for Masshealth would be a bit wrong in my book. However, in the example above, it would only take 4 years of nursing home costs (assuming $150,000/year) to send your mom to zero. Masshealth can help prevent this.
Planning ahead of time
If you or your parents may need to consider nursing care in the coming years, it makes sense to plan ahead. There are strategies involving legal planning and financial planning that can further help preserve assets from nursing costs. using the correct trust for example and utilizing an annuity the right way, can help protect even more fo your family’s assets in the right situations. But it helps if you have a plan in place before something bad happens.
our checklist offer
You can apply for these benefits without professional help. You would simply use our checklist (request it below) and get your application and follow the instructions and submit. if however, if you would like some help through the process and have an experienced attorney + CFP team walk you through the process, we’d be glad to help.
Furthermore, if you see the benefits of planning ahead, as I mentioned above, then that would be something that can provide you and your family tremendous peace of mind. When you request the checklist on the form, let me know if you would like to have a phone conversation on the benefits of planning ahead for nursing costs. Just check the box that says you want to learn more about advanced financial planning and we can arrange a time to talk via phone.
REMEMBER YOU GET ME
And note - this is no automated system. I run a personalized, local CFP practice so I will reply to you personally with the sheet. You won’t get a “bot” or even a secretary. You’ll get me directly. So if you have a question, let me know and I will personally address it.
In the meantime, I look forward to hearing from you and sharing ways to help protect your money.
Thanks!
Chris Grande, MSIM, CFP®
Principal
*Note: We are an independent advisory firm and do not work for the State of MA/Masshealth. For more information on Masshealth from the State of Massachusetts, go to the Masshealth webpage.