In our last post, we began looking at the changes that are most probably coming to the Medicare program under President Trump. As we noted, Trump wants to change funding for Medicaid, specifically by using block grants to give states more freedom, and more responsibility, to decide how to structure their Medicaid programs.
Trump’s selection of Congressman Tom Price as head of the Department of Health and Human Services has been controversial. Price, who also supports block grants for Medicaid, is opposed by many on the left for his opposition to the Affordable Care Act. Some say, though, that his experience as a physician could be valuable in bringing about positive changes in the health care industry.
Although we know that Trump and Tom Price have both advocated block-grants, at this point we don’t know exactly what changes are coming for the Medicaid program and how it will affect Medicaid planning. Older Americans who are nearing a point where they will require long-term care should begin preparing now, with the help of an experienced attorney, to ensure they are as ready as possible when changes are made.
Medicaid planning, of course, must be done very carefully and in accordance with the specific circumstances of each individual. For those with significant wealth, one of the aims is to ensure that at least some of that wealth is passed on to the next generation. Another goal is to ensure one has enough money to live comfortably until it is time to transition into long-term care. Also very important is to shelter assets in such a way that there can be no accusations of fraud. All of this is careful balancing act, and requires the assistance of an experienced legal advocate.