Guide: Medicaid Planning Techniques for Nursing Home Residents

Elements Of The Medicaid Planning Process

In our guide for nursing home planning, we discuss several topics such as income, assets, and expenses. We also discuss the individual and the family’s goals.  If the goal is to maximize Medicaid benefits as a nursing home resident, we must take further steps to ensure that the client’s goals are met at the same time as maximizing the client’s Medicaid benefits to be used after the client enters the nursing home.

Once we have a firm grasp on the individual’s income, expenses, and assets from our work during the nursing home planning phase, we can now turn to Medicaid planning. Elements of Medicaid planning included:

  • Determining the level of care required;
  • Prepaying funeral, cremation, and/or burial expenses;
  • Acquisition of household goods and personal effects;
  • Buying or selling motor vehicles;
  • Use of personal service agreements;
  • Prioritizing the liquidation of assets; and,
  • Gifting

Section 1 – Considerations for Married Couples and Individuals

Financial Planning

 

 

 

 

 

Section 2 – Planning For Married Couples

Married Couple Planning

 

 

 

 

 

Section 3 – Planning For Unmarried Persons

piggy banks

 

 

 

 

 

Section 4 – Gifting

money

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