Why Now is the Right Time to Understand Medicaid with Evan Jackson

Episode 29:

Growing old and needing more care as we grow older – it’s just part of the circle of life. And before it happens to us, we all will likely help at least one loved one through the process. How do you plan for and help loved ones best plan for aging? What resources are needed to pay for an assisted living and nursing care facility?

These are BIG questions, and having someone who knows how to navigate them is hugely important.

We have that someone. On episode 29 of the Uncommon Life Project podcast, we speak with Evan Jackson. Evan is a person with the tools you definitely will need at some point in your life. Understanding how to plan for nursing home or assisted living facilities may not be top of mind, but you should definitely take time to understand and plan for it.

Evan is a Certified Medicaid Planner and a Licensed Health and Life Insurance Agent. He’s an Iowa native from Rockwell City. He received his Bachelor’s degree from Simpson College. While pursuing his Doctorate, Evan began building Iowa Senior Planning with its founder, Landon Sandberg.

What You Will Learn in this Episode:

  • Rules for Medicaid eligibility
  • Setting up an Irrevocable Trust
  • Understanding the financial dos and don’ts when it comes to Medicaid
  • Life insurance and annuity options that protect assets
  • Whether or not to purchase long-term care insurance
  • The average cost of assisted living and nursing home care
  • What assets are exempt from consideration when applying for Medicaid
“Moving a loved one into a nursing home becomes a very stressful time. Oftentimes you're dealing with someone's entire life savings. Suddenly they’re in a nursing home and it's going to cost around $6,000 a month.” – Evan Jackson Click To Tweet “With long-term care insurance, if you are going to buy it, go big or go home. If your policy won’t cover a big chunk of the $6,000 a month it costs for care, you’re not doing yourself any favors.” – Evan Jackson Click To Tweet “Most of us will probably be on Medicaid at some point. You have to be extremely wealthy or die pretty quickly to pay out $6,000 a month for a nursing home.” – Evan Jackson Click To Tweet “A lot of people will go meet with an elder law attorney, which is smart. Go talk to them and see if it's appropriate to set up a trust. And if you've got substantial assets, just put them in the trust.” – Evan Jackson Click To Tweet “I found that there are so many people who could be on Medicaid but don’t know how to navigate it. I wanted to fix that.” – Evan Jackson Click To Tweet “It’s important to understand: to qualify for Medicaid, you cannot – cannot – just give away your money to either your family or to a charity. It doesn’t work that way.” – Evan Jackson Click To Tweet “Don’t cash in that policy. You can sell your life insurance policy to your kids. The kids pay the assessed value for it, then pay the premiums and collect the death benefit when you pass away.” – Evan Jackson Click To Tweet “Especially for spouses who are not in a nursing home, consider a Medicaid compliant annuity where you take whatever amount you need to spend down buying an annuity that is irrevocable and non-assignable.” – Evan Jackson Click To Tweet