Attorney-CPA Joe Cordell and co-host Susan Arthur dive into everything surrounding Medicare, Medicaid, and the long-term care you may receive as you get older. They talk about the differences between Medicare and Medicaid, as well as who these particular programs are for.
They talk about the small percentage of long-term care that Medicare legally is allowed to cover, as well as Medicaid qualifications. Understanding what is required, in order to qualify for Medicaid is necessary if you wish to utilize the program to pay for long-term care costs. Joe talks about the perceptions that many have regarding Medicaid and how utilizing it is not an unethical method in paying for long-term care.
Joe highlights what you can and cannot own, in order to qualify for Medicaid. He also touches on how spouses and dependents factor into the qualifications of Medicaid. Joe also talks about the use of an irrevocable trust and how that may be able to protect your assets at the cost of your access to them.
Joe also talks about the financial transactions that you can take that may result in Medicaid penalty. They also answer a listener question regarding a car and how that can factor into Medicaid qualifications.