…and Why Waiting Might Cost You More Than You Think
Let’s be honest: “Medicaid planning” doesn’t exactly scream Friday night fun. Most people hear it and think, “That’s for later.” But here’s the deal: later can come at you fast, especially when a loved one’s health takes a turn.
At Norton Estate Planning & Elder Law Firm, we work with families every day who never thought they’d need long-term care planning—until they did. And by then? Options are limited, stress is high, and assets can vanish faster than your teen’s interest in doing chores.
Wondering if it’s time to get a plan in place? Here are five signs the answer is yes.
1. You’re Over 65 and Don’t Have Long-Term Care Insurance
Let’s not sugarcoat it—long-term care is wildly expensive. Think $7,000 to $12,000 per month. Medicare won’t help. Neither will most health insurance plans. And if you don’t have long-term care insurance, Medicaid might be your only path to affordable care.
But qualifying for Medicaid doesn’t happen with a snap of your fingers. If you’re over 65 and uninsured, you’re already in the danger zone. Medicaid planning helps you qualify without having to sell your house or drain your life savings.
2. You’re Caring for a Spouse or Parent Who’s in Decline
If your loved one is struggling with memory, movement, or just getting through the day, don’t wait. Planning before a crisis gives you more control and better options.
With the right legal guidance, you can:
- Preserve income and assets for a well spouse
- Avoid penalties from Medicaid’s dreaded five-year look-back
- Prevent the family home from being sold off
- Create flexible strategies that work under stress
Waiting until someone is already in a facility? That’s like learning CPR after a heart attack.
3. Your Net Worth Is Below $1 Million
No shame here—most of us are in that boat. But if you’re sitting somewhere between $200,000 and $1 million in assets, the cost of care will absolutely take a bite.
You’ve worked hard. You want to leave something behind. You want to protect your home. That’s where Medicaid planning shines. It’s not about hiding money—it’s about protecting dignity and choices in a system that often puts people last.
4. You Have a Loved One with Special Needs
Medicaid benefits can unlock essential services, but a simple misstep can cause a financial disqualification. Not great when someone’s future is on the line.
This is where tools like:
- Special Needs Trusts
- Pooled Income Trusts
- Smart, legal gifting strategies
…come into play. We help you provide for your loved one without jeopardizing their access to care.
5. You’ve Heard the Phrase “Look-Back Rule” and Your Eyes Glazed Over
Don’t worry—we’ve got you. Here’s the short version: When you apply for Medicaid, the state looks back five years at your finances. If they see large gifts or “sketchy” transfers, you could get hit with a penalty that delays or denies coverage.
A good attorney (👋 that’s us) can:
- Spot red flags before Medicaid does
- Help you move assets the right way
- Set up trusts like MAPTs to protect your eligibility
Confused? You should be. But don’t stay that way—we’re here to help you make sense of it all.
The Bottom Line: Medicaid Planning Isn’t About Wealth. It’s About Wisdom.
We get it—nobody wants to plan for worst-case scenarios. But when it comes to your home, your health, and your future, “just winging it” isn’t a strategy.
If any of these five signs felt a little too close to home, it’s time to talk. Request a free consultation with Norton Estate Planning & Elder Law Firm and let’s protect what matters most—your peace of mind.
