Medicaid planning is a topic of debate among many people. There are some that support the planning, and others who claim it is unethical. The following article discusses what is involved in Medicaid planning, why it is justified and what harm can be caused by the planning.
Medicaid Planning – Ethical Issues Part 2
Medicaid Elder Lawyers concerned with ethics of Medicaid planning
Medicaid Elder Lawyers concerned with ethics of Medicaid planning
Many people do argue that Medicaid planning is not the best course of action for the elderly population. Instead, laws should be restructured to include the cost of long-term care and to provide adequate health care to all people. This should be done regardless of age or ethnicity. In addition, all elderly individuals should be guaranteed to have access to good health care. Medicaid planning is the act of transferring or reorganizing assets so that an individual can be eligible for Medicaid benefits as well as to protect the assets (i.e. home, car, cash, stocks) of the Medicaid applicant and his/her heirs.
Why Medicaid planning is ethical and necessary?
Medicaid Elder Lawyers concerned with ethics of Medicaid planning
There is only one way to justify the ethical position of Medicaid planning. This is done by placing it within a context that falls in the economic system where the planning takes place. In the United States, no one has the right to any forms of basic health care or long-term care. This is why the elderly are forced to spend down their assets in order to receive Medicaid benefits. In turn, this forces the aged to live on a restricted income, barely being able to pay for basic needs. It is because of this that Medicaid planning is deemed to be an ethical practice. In essence, it is imperative to the survival of the Medicaid applicant and his heirs.
It has been stated that, "In a health care system in which the commodity known as health is bought and sold, there is no reason why any market participant should value another person's property more than his own. Until the United States elevates health care to a moral right, instead of a property right, Medicaid planning is morally and ethically justified."
Harm Caused By Medicaid Planning – When Medicaid Planning may be unethical
Medicaid Elder Lawyers concerned with ethics of Medicaid planning
Just because Medicaid planning does take place in the United States, this does not mean it is ethically justified each and every time. Any Medicaid planning that will result in the harm of an elderly individual is considered to be unethical. This harm includes financial hardship and distress.
Medicaid planners argue financial planning is a right of any individual regardless of disability
Medicaid Elder Lawyers concerned with ethics of Medicaid planning
Many Medicaid planners are accused of exploiting the elder because they help with the planning. Their response to this is stating that even mentally-incapacitated people should not be denied any right to engage in financial planning based on a disability. This is one of the reasons elderly individuals make powers of attorney and create a joint tenancy with a child. This allows other people to manage the finances on their behalf.
Medicaid planning's goal is to meet Medicaid eligibility
Medicaid Elder Lawyers concerned with ethics of Medicaid planning
No individual should be deprived the right to plan their own affairs based on a type of disability. The law provides tools specifically for that purpose. Medicaid planning focuses on attaining eligibility for Medicaid benefits. It does not center on protecting assets that will be used to meet the basic needs of an individual. This is when a question arises: Is the Medicaid planner protecting the inheritance of the children or the assets of the elder?
Medicaid planning's second goal to protect assets of elder
Medicaid Elder Lawyers concerned with ethics of Medicaid planning
The goal of Medicaid planning should be to protect the assets of the elder. This is done to help the elder obtain good health care without having to pay all costs out of their own pocket. The only time Medicaid planning will be considered unethical is when an attorney fails to take appropriate measures to avoid harm to the client.
Even after these debates, many questions remain unanswered. These include questions regarding what the elder would do with their money or assets. It also poses the question of whether the wishes of the elder are actually being carried out.
Read more on protecting your assets from Medicaid:
- Medicaid Planning Ethical - Part 1
- Medicaid Irrevocable Trust
- Protect Assets from Medicaid
- Medicaid Trust
- Medicaid Assets
- Medicaid asset
- Medicaid Look Back Period
- Irrevocable Trust UltraTrust®
Read more information on Medicaid:
- Medicaid Planners
- Medicaid Rules Purchasing Annuities
- Medicaid Transfer Assets
- Medicaid Gifting Rules
- Medicaid Joint Accounts
- Hide Assets from Medicaid
- Medicaid Assets
- Medicaid Home Equity
- Medicaid Laws
- Medicaid Annuity
- Medicaid Income First Rule
- Medicaid Long Term Care Insurance
- Medicaid Look Back Period
- Medicaid Life Estate
- Medicaid Loan
- Medicaid Deficit Reduction Act
- Medicaid Case Study
