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Financial Planning Competency Handbook, 2nd Edition by CFP Board

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CHAPTER 52 Medicaid

Katie Seay, CFP®

The Trust Company

Martin C. Seay, PhD, CFP®

Kansas State University

CONNECTIONS DIAGRAM

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Medicaid is a vital source of health care for low-income, elderly, and disabled individuals. Although partially funded by the federal government, programs are typically operated at the state level. This leads to significant variations in program eligibility and benefits across the country. Consequently, personal financial planners must be cognizant to understand the program as it applies in the client’s state. Proper Medicaid planning requires an understanding of tax planning, retirement savings and income planning, and estate planning. Specifically, planners must understand program eligibility requirements, how different assets and asset vehicles will be treated, the benefits available to an eligible individual, the requirements to remain eligible, and the consequences of receiving benefits on an individual’s estate.

INTRODUCTION

Signed into law in 1965, Medicaid is a health insurance program for low-income, low-resource individuals jointly funded by the federal and state governments.1 Medicaid programs serve low-income individuals, families, and children as well as seniors and adults with disabilities, and is a prevalent funding source for long-term care for low-income seniors and individuals with disabilities. Designed to be run at the state level, ...

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