Common Misconceptions Part 1

The Koldin Law Center, P.C. is excited to announce that our website has been completely revised. Please check www.koldin.com to see what we have done!

This edition of the Koldin Report E-Newsletter is Part 1 of a series about common misconceptions about Elder Law, Estate Planning and Medicaid.

The attorneys at the Koldin Law Center meet with clients every day. We have seen a pattern of misconceptions and misunderstandings that can have catastrophic effects on families. The following is a list of some of the most common misunderstandings that clients present to our office.

Incorrect:

Medicare covers long-term nursing home care.

Correct:

Medicare only covers a short-term stay in a nursing home for therapy and rehabilitation.

Incorrect:

Life insurance is safe if I go to a nursing home.

Correct:

Medicaid will deem the cash value of the life insurance policy an available resource for Medicaid purposes.

Incorrect:

Retirement accounts must be liquidated and spent down before I am eligible for Medicaid.

Correct:

There are very specific Medicaid rules relating to retirement accounts that do notrequire the retirement accounts to be liquidated and spent down to the resource level. Far too often, people are cashing in and spending down all of their retirement accounts unnecessarily. It is important to know all of the rules to preserve your retirement accounts.

Incorrect:

If I have Long-Term Care Insurance, I do not need to worry about nursing home costs.

Correct:

Many people have excellent policies that may cover a substantial portion of nursing home costs, but we have seen many clients with policies that will only cover a small part of the costs. It is important to review the actual terms of the policy and explore other options that may be available.

At the Koldin Law Center, P.C. with offices in Syracuse and Rochester, New York, we have over 40 years of experience helping individuals plan for immediate crisis and long term care. You should never assume that it is too late. Quite often you have legal options to save some or all of your life savings. The Koldin Law Center, P.C. can help you make the right decisions when you have a health care crisis. There is something you can do.