On March 31, an article with the headline “Medicaid Gets Harder to Tap” appeared on page B8 in The Wall Street Journal. For the piece, estate planning lawyer and founding principal of McManus & Associates John O. McManus shared advice on the topic with reporter Kelly Greene. From the write-up:
Fill the gap with insurance. John McManus, an estate-planning attorney in New Providence, N.J., has clients who are buying long-term-care insurance to cover the five-year look-back period. That way, they can use their assets until coverage kicks in, and then transfer what is left to their children.
“It’s a way to hedge their bets without having to buy lifetime long-term-care insurance coverage, which has gotten really expensive,” he says.
To learn more about the challenges and restrictions faced when trying to use Medicaid to help pay for long-term care, check out the full story.
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