Half-Loaf Medicaid Plan

Watch this video for an explanation of how a half-loaf plan can be used to preserve assets AND qualify for Medicaid benefits.

 
 

Answers to some common questions:

  • Why do you need so much financial documentation from me?

    • A half-loaf plan requires very exact figures for all of your assets, income, and care costs. If any of these figures change, the plan needs to be recalculated. Please follow the specific guidance and instructions provided to you by our Medicaid Coordinator, Monica.

  • Why do I need to liquidate these accounts?

    • You will receive specific instructions on liquidating certain assets. Do not delay requesting these liquidations. In particular, life insurance, annuities, and brokerage accounts can take quite some time to be processed by those companies. If they take a long time to complete the liquidation process and send you the funds, it may delay finalizing your plan.

  • Can’t you go to the bank for me?

    • While we provide you detailed instructions and are happy to assist you with any issues you may be having, we cannot do the job of the person who owns the account or the agent under their power of attorney. Certain phone calls, bank visits, and requests will need to be made by the principal or their agent.

  • I don’t understand how a half-loaf works

    • A half-loaf is very complex. Many lawyers do not understand it. No one will expect you to be able to grasp everything associated with this type of intricate legal and financial planning. Our team is trained on all of the necessary paperwork and considerations associated with this type of planning. We will give you step-by-step instructions on what to do and when. It is important that you follow our instructions exactly so that we can properly complete your planning.

  • What are the costs for a half-loaf plan?

    • In addition to our fee for services, a half-loaf plan includes purchasing a Medicaid Compliant Annuity. You will be provided with instructions on how much it costs and the name of the annuity company that the check needs to be made out to. An average annuity costs $2,000.00 and is payable to a third party annuity company.