…and why waiting might cost you everything you’ve worked for
Most families walk into our office with a similar story:
“We thought we had time. We didn’t know how fast it could all change.”
Medicaid planning isn’t something people talk about at dinner parties. But it should be. Because needing long-term care isn’t a matter of if—it’s often when. And when that moment arrives, the financial toll can be devastating if you’re not ready.
At Bellomo & Associates, we help families protect everything they’ve spent a lifetime building. If you’re wondering whether Medicaid planning is something you should consider, here are five signs the answer is a resounding yes.
1. You’re Over 65 and Don’t Have Long-Term Care Insurance
Let’s not sugarcoat it—nursing home care costs between $7,000 and $12,000 monthly. Medicare won’t cover it long-term. Private insurance often doesn’t either. And if you don’t have long-term care insurance? Medicaid may be your only realistic option.
But qualifying for Medicaid doesn’t happen automatically. There are complex rules, and without a strategy, families end up spending down everything they own just to qualify. If you’re 65 or older, now is the time to plan before those care needs arrive.
2. You’re Caring for a Spouse or Parent Who’s Declining
We see it all the time: spouses quietly managing more than they can handle, adult children taking on the growing needs of an aging parent. And while caregiving often begins with small things such as rides to appointments or help around the house, it escalates quickly from there.
If you’re starting to notice memory issues, mobility problems, or more frequent doctor visits, it’s time to talk. Medicaid planning can:
- Shield assets for the healthy spouse
- Prevent the forced sale of the family home
- Reduce penalties from the five-year look-back rule
- Put legal protections in place while you still have options
Waiting until someone is already in a facility? That limits what we can do. Planning now gives you control.
3. Your Net Worth Is Under $1 Million
There’s a dangerous myth that Medicaid planning is only for the wealthy. But if you’re in that $200,000 to $1 million range, you own a home and have a little savings, you’re exactly who needs it.
Because at $10,000 a month, it won’t take long before even a modest estate starts to evaporate. You’ve worked hard. You want to leave something for your kids. You want to stay in control. Medicaid planning helps you do all of that and avoid the heartbreak of watching your savings drain away in real time.
4. You Have a Loved One with Special Needs
When there’s someone in your life with disabilities or special needs, planning becomes even more important. A well-meaning inheritance, if handled wrong, can disqualify them from vital benefits overnight.
Our firm regularly builds plans that include:
- Special Needs Trusts
- Pooled Income Trusts
- Gift strategies that maintain Medicaid eligibility
We’ve helped families just like yours protect loved ones for decades to come, without sacrificing benefits they rely on to survive.
5. You’ve Heard of the “Look-Back” Rule and Aren’t Sure What It Means
Let’s clear this up: Medicaid has a five-year look-back period. That means the state reviews your finances for the last five years. If you gave away money, transferred property, or sold something below market value? You could face penalties that delay your benefits, even if you’re already in a nursing home.
This isn’t meant to scare you. It’s meant to prepare you. A skilled elder law attorney can help you:
- Identify and fix financial red flags
- Strategically gift or transfer assets without penalties
- Use tools like Medicaid Asset Protection Trusts (MAPTs) to stay eligible and in control
If you’re unsure how the look-back works, that’s the best reason to start asking questions now.
Here’s the Bottom Line
Medicaid planning isn’t just about money. It’s about preserving dignity, honoring family, and staying in the driver’s seat when life throws a curveball. We’ve had far too many families come to us after things have already gone wrong, such as after a home was sold, after assets were depleted, and after options had run out.
We want better for you.
Register for a Workshop today and take the first step toward protecting your future—and your family’s.
