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Understand Medicaid Rules and Protect Your Savings

"It hurts me when this happens because, if you know the Medicaid rules and what to do, regardless of how much wealth you have, you can keep all of your savings and all of your assets," said Steve Shyman, an authority on Medicaid and retirement planning. "Like most people, they could have saved a fortune if they knew their options and how to use them," added Shyman, who is an independent financial advisor providing seniors with free educational seminars on what people should know about the Medicaid system.

"Many seniors do not understand that they are entitled to have Medicaid cover many costs for long term care," Shyman explained. "There are really two kinds of Medicaid, the one most people are familiar with is the kind where people on welfare have their medical expenses paid. The other, less familiar side, is actually an entitlement program that we have all paid into throughout our working lives. If you know the system, Medicaid will pay for your long term care while you protect your assets for your own use or to pass on to your family."

Is this important? "Statistics say that 50 percent of us will need long term care," said Shyman. "The cost to be in a nursing home averages $70,000- $80,000 per year or more, and most people pay this bill from their savings. Many spend down virtually all "My parents lost their life's savings to the nursing home" of their assets to pay for it, unless they plan properly. With proper planning, you can keep your hard-earned money or to pass on to your heirs instead of paying it out to the nursing home."

People over 100 are the fastest growing sector of our population today. People 65 and over are the fastest group declaring bankruptcy. And, 50 percent of those people declare bankruptcy because of medical costs.

Shayman says there are some rumors about Medicaid that seniors should be aware of because they are NOT TRUE:

  • You cannot own a home or other assets and qualify for Medicaid.
  • There is no way to protect your assets or savings from the Medicaid spend down.
  • You must spend down your non-exempt assets to qualify for Medicaid.

These rumors are not true. If you understand the Medicaid rules and what to do, you can avoid the Medicaid spend down. You can go to the nursing home of your choice and have Medicaid pay the bill.

"Today's Medicaid rules and regulations are complex and a senior can protect his/her life's work if he/she knows how to use them," Shyman said. For more information, call Steve Shyman at 312-953-2097, visit, or call 1-800-991- 9501 to reserve your spot at an educational workshop on what you need to know about Medicaid.

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