Asset Protection Services
- Assets and resources review – During the comprehensive assessment, the care manager will ask specific questions to establish a benchmark for financial status. This is essential in our ability to build a care plan that is affordable. It will also allow us to determine if an individual qualifies for certain community programs.
- Personal financial management – Available for elders who may need some degree of managing their personal finances. Clients with dementia may have trouble handling their financial affairs. We can assist with timely bill payments, managing bank accounts and screening expenditures. We understand the need for confidentiality in these sensitive matters. Our care managers are discreet and trustworthy.
- Positioning for government programs – There are many urban legends involving government programs. It is a fact that many families with limited assets will depend on Medicaid assistance. Regardless of income or assets, with proper planning caregivers can ensure the best possibility of qualifying for Medicaid.
- Medicaid application assistance – The Medicaid application process is time consuming and the review process lengthy. Our care managers can assist and make it much less frustrating.
Combining financial planning and care management to protect your loved one.
Who can benefit from this program?
- Families with aging parents who have assets that are not protected from probate or government spend down rules.
- Families with aging parents who are receiving home healthcare and may ultimately require government assistance in paying for long-term care in a nursing home.
- Spouses who are caregivers to their husband or wife and are concerned about paying for future long-term care expenses.
- Families who desire to preserve their hard earned savings and still qualify for Medicaid.
How does the program benefit my loved one and our family?
- The program creates a legal framework that allows you to protect your assets and still qualify for government programs. You do not have to spend all your life savings paying for nursing home care.
- You will receive up to 10 hours of care management services by our geriatric care team. We are available 24/7 to assist you when you need us.
Is the program legal?
GeriatricCare Solutions is not in the business to help people “hide” money from the government. We work with elder law attorneys who will review and make recommendations specific to your situation. Our elder care attorney oversees the process and prepares the needed documents. It is that simple.
Do I wait till my loved one is ready to go into a nursing home?
No. While many people do wait, it makes it much more difficult to protect your assets. The government will use a 5 year look back period to see where the money has gone. The very best situation is to start the program at least 5 years before your loved one needs admission into a nursing home. Most people don’t start looking for help until they find themselves in the midst of a crisis. The good news is that we can still help you regardless.
My neighbor told me that his mother had to spend all her money to qualify for Medicaid. Is that true?
Unfortunately, there may be some truth in this. The process is called “spending down” and is used when a person’s income exceeds the maximum allowed by state guidelines. The trick is to know which assets and income can be excluded from this computation. There are many so called professionals who do not really understand this, yet advise families every day. Be careful where you get advice because it can cost you much of your assets.
If a lawyer is involved, this must be expensive. Right?
Not true! While our team must charge something to keep the lights on, you will find the fee surprisingly worth the money. For this type of financial planning the total professional fees will typically be less than one month of care in an Texas nursing home.