Ep. 75 – Kevin Huston – How Does Medicaid Planning Work
Have you ever heard of the term ‘Medicaid’ or ‘Medicaid Planning’? And do you qualify for it?
As you start to approach age 65, you should more and more be thinking of Medicaid Planning. Medicaid is a government medical care insurance for people who need assistance and is limited to people who are 65 years and above or are disabled.
It is important that as you plan your retirement, you do Medicaid planning to ensure that your long-term care is fully catered to. Medicaid is different from Medicare and is very limited in terms of who qualifies for it.
In this episode of the Secure Your Retirement podcast, we invited Kevin Huston to help us understand who qualifies for Medicaid and the different planning strategies to qualify. Kevin Huston is an attorney specializing in this area and the founder of Carolina Estate Counsel- an Estate and Elder Law planning firm.
In this episode, find out:
- Understanding Medicaid and who qualifies for it
- The difference between Medicare and Medicaid on who and what they cover
- The meaning of Medicaid planning and how to effectively plan for it
- The different strategies you can do crisis planning to qualify for Medicaid
- Understanding the Medicaid Compliant Annuities
- Why you’re never too young to think about Medicaid planning
- The downside of giving away your assets for Medicaid
- “Medicaid planning is most effectively done if you plan ahead of time.”– Kevin Huston
- “If you give away assets, you’re sheltering them from Medicaid, but the downside is that you’re giving away control of your assets.”– Kevin Huston
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