Medicaid Estate Recovery Surprise

Studio10 stopped by Safe Harbor Financial to learn about the “Medicaid Estate Recovery Surprise.”  Jim Byrd from Safe Harbor explained it to us.  Take a look at the questions and answers below:

1. What is Medicaids Estate Recovery Surprise?
Obamcare has expanded access to Medicaid. More people are enrolling than ever before. But, do these people understand the government will request state to perform “Estate Recovery” at death of recipients. This means the monies paid out will have to be recovered from the estate at death.

2. What can people do to be protected?
Make sure all life insurance proceeds, pensions, IRAs, annuities, mutual funds, etc., are paid to a named beneficiary and NOT to the estate, make sure that P.O.Ds are listed on checking and savings accounts.

3. What part can annuities play in Medicaid Planning?
The US Court of Appeals affirmed the use of Medicaid–complaint annuities to assist families with the devastation of Medicaid spend down. The annuity is considered a permissible investment if it meets the requirements. Families will forever be in your debt if you can help them keep money in the family. Annuities have been determined to be a viable and legal tool to be used in these scenarios.

4. Tell us how Alzheimer’s and Dementia can hurt families financially.
Currently 1 out of every 8 retirees suffers from Alzheimer’s or dementia issues. By 2050, that number will be around 1 out of every 5 retirees. If healthcare continues to deteriorate this will be a much larger issue to deal with. Are you able to pay for the daily health care cost it will take to have around the clock care for your loved ones?  Medical cost will only go up and how long will you be able to pay out of pocket expenses? We are the only industry that can replace a CD with a CD looking life insurance or annuity policy that will also provide Long Term care benefits.

Safe Harbor Financial Services
9056 Merritt Lane, Daphne, AL 36526
Call Toll Free: 877-251-1984 or local 251-625-1226

About Jim Byrd:   
James Byrd, has 30 years of experience, is Top of the Table of the Million Dollar Round Table, a member of the Better Business Bureau and the              National Ethics Bureau. Safe Harbor Financial Services has also been awarded Small Business of the Year 2012 for South Eastern Alabama by the Eastern Shore Chamber of Commerce.

For a free comprehensive personal review of your financial portfolio or to make an appointment with Jim, email Jim at or call      1-251-625-1226 or toll free at 1-877-251-1984.

Find out how to get a free copy of his DVD or book, “The Ultimate Success.”             

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