If you've ever had to help place a family member into a nursing home or other assisted living facility, chances are you may have heard about something called the Medicaid five-year lookback? If you don't have any experience with a loved one being in a nursing home, then we certainly hope that you won't need to in the future. However, statistically, one in five people will need long-term care at some point in their life. So, before you or a loved one have an unexpected health crisis that results in a need for long-term care, it would probably pay to be aware of this five-year lookback for Medicaid - in the form of being able to retain more of your own assets for your estate.
Thankfully, our firm's two long-term care planners, Kristin Daugherty and Tammy Zilske, who are also two of only a few handfuls of Certified Medicaid Planners in all of Pennsylvania, prepared a brief podcast that explains the five-year lookback, and what you need to do to prepare for it if you'd like to hold onto your assets and shield them from potential future long-term care costs. In the Second Half of Life Podcast episode 41, which runs just over 11 minutes, Kristin and Tammy talk about the significance of the five-year lookback and why it is critially important to begin planning for long-term care well before the need arises.
All episodes of the Second Half of Life Podcast can be found on the Steinbacher, Goodall & Yurchak website, as well as on most podcast directories, which includes Apple Podcasts, Spotify, TuneIn + Alexa, iHeartRadio, Stitcher, Podcast Addict, Google Podcasts, Podchaser, Deezer, Listen Notes, Bullhorn, Overcast, Pocket Casts, Castro, Castbox, Podfriend, Player FM, Podcast Index and Pandora.