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7 Four About New Jersey IsNeeds Long-Term Care Reasons Statistics Whyin Dropping Medicaid Usually Not a 5Eye-Opening Considerations Choosing a Special Trustee Good Idea, Even After a Large Award or Settlement

managing a loved one’s trust, it is possible to appoint with the previously mentioned statistic of $280/day for private pay nursing facilities, a family member and an independent trustee as coand you can potentially expect hundreds of thousands of dollars in order to fulfill trustees. By doing so, you can rest assured that there is your Choosing the right person to serve as trustee of a person who is familiar with the beneficiary and has special needs trust is one of theismost aWritten Long-Term Care (LTC) anyimportant type ofand care intended to meet both future LTC needs. ByinChristine Matus, Esq.typically thebest provider charges, called “balance billing.” her interests heart and that the public benefit difficult issues creating the A trustee Statistic #4) The US Department of Healthatand Human Services (HHS) states medical and non-medical needs of individuals struggling with Here’s an example from an actual case for the is programs; requirements are being met. Another option manages the day-to-day operations of the trust, often that a person turning age 65 to today has a 70% appoint chance of needing some form of simultaneously a trust “protector,” who hasLTC the total cost of all services rendered to a Medicaid some form of disability, most often brought on through the aging makingSay distributions the trust’s beneficiary, investing you or a toloved one with special needs services in his or her lifetime.powers That’s more than two-thirds of all Americans, and based to review accounts and to hire and fire trustees, beneficiary over a two-and-a-half-year period: the and the trust’s lawsuit billsin– all while process. Ita can bepaying administered numerous types of venues such on the first statistic we listed, you can anticipate that number to continue to rise. justtrust’s wonassets, multi-million-dollar award and a trust “advisor,” who instructs the trustee on the maintaining the beneficiary’s eligibility for public benefits • that Providers billed:have $1,034,079.35 orskilled settlement. While the case adult was pending, asprograms. nursing facilities, day care facilities, or even in the Statistic #5) HHS also states beneficiary’s needs. women—who longer life expectancies than Medicaid was paying the medical bills. By individual’s home. 5. IS A POOLED TRUST ANin OPTION? • Medicaid paid: $129,524.04 men by around 5 years—on average will spend much more time LTC than men. Theup lawaisn’t very strict who maycan serve as setting special needsabout trust, you preserve A pooled trust, which is administered by a non-profitan Woman can anticipate approximately 3.7 years in LTC, while men will as as the person to is over years age and is cost of LTC at some point trustee, Most of long us will beeligibility forced deal with theofneed for and You can see that with these kindsspend of costs, the beneficiary's for 18 Medicaid and corporation, may be a good option for some families. capable of managing his or her own affairs. A trustee can average of 2.2 years. Thus, women must plan for significantly more expenses when it inother our lives, whether forbenefits. our own needs or for newly those of a loved one. Below we have even a large award could be quickly consumed government But many Such trusts pool the resources of many beneficiaries, and be the child’s parent or other relative, a trusted friend, a of New Jersey as well comes to LTC planning. “wealthy” ask what the about value is of staying detailed sevenclients eye-opening statistics LTC in theorstate by non-Medicaid medical bills. those resources are managed by a non-profit association. professional such asAfter a lawyer, accountant,millions trust company, on all,statistics shouldn’t of the importance of proper Statistic #6) On average, 8% of people between the 40 and 50 havedue a asbank the Medicaid. US as a whole. These should emphasize Pooling trust resources can ages reduce administrative Finally, Medicaid’s billofdoesn’t come or private professional fiduciary. dollars be practical sufficient to pay for any health care? Why future LTC needs. If you disability which may require LTC. This HHS statistic demonstrates that, while financial and planning for and all potential fees, increase the total funds available for investment, Here are afive considerations to help in the choice serving as a link between the beneficiary and a variety of until the beneficiary dies, which could be 40 do questions, we need special needs trust? permit access to better investment primarily by seniors,and anyone may develop a need for LTC services their have legalproviders. guidance,If contact of who should want learn more, or you are in need of LTC service a trustee finds that sheutilized can’t perform or 50 years down the road. Andopportunities. there isinno Because a pooled trust accepts contributions from There are a number of reasons why this is lifetime. the Matus Law Group today! all of these tasks when needed, or if she is sacrificing 1. FAMILIARITY WITH PUBLIC BENEFIT interest on this Medicaid debt. To the contrary, many beneficiaries, the trust is able to make more stable usually not aTogood idea on Medicaid obligations in order PROGRAMS. ensure thatand yourstaying beneficiary’s eligibility her family life or other professional Statistic #7) As of 2012, according to the Centers for Disease Control and the inevitable marchadditional of inflation should reduce investments and provide management services Statistic #1) According to the AARP, the number of New Jersey residents aged 85 is the far better choice. tohome work and as a trustee, then it mayPrevention be services time to (CDC), look is never compromised, a trustee’s knowledge of public community-based thatfor aNew Jersey theofhighest ratein in needs the country for enrollment thehad the debt real dollar terms. that asize conventional special trust might notAnd be able and older is setwithout to isincrease 70% bygovernment 2030. What does this mean? It means that, provides. thanks professional trustee. benefit programs crucial. Many benefits Medicaid often Moreover, Medicaid First, health insurance, the person in adult day services, meaning adult day care help relieve burden Medicaid is, ofintended course,to repaid only ifthe there are on to afford. tolike medical and Supplemental technological advances, Americans are living longer ever. The A PROFESSIONAL Medicaid, Security Income (SSI)any can provide residential services thatproviding you’ll never 3. than CONSIDER TRUSTEE. with special needs may not be able to get caregivers at-home funds LTC services. At a rate of 12ofindividuals enrolled per remaining at time death. and Section havethevery complicated and older we get, 8the stronger likelihood that we will point become disabled find covered standard private trust insurance could be anin attorney, accountant, company, treatment athousing all. Medical providers – such as at someThis New Jersey triples the average national rate of 4 individuals per 1,000. contradictory rules governing special needs trusts. This is why special needs planners investment firm, bank and or private1,000, professional fiduciary. policies. doctors, hospitals, typically want and have need of LTC. laboratories LTC needs are– shifting from a possibility to a probability, Make sure that whomever you choosevital as advantage All of these statistics demonstrate that, no matterup your age, it isneeds absolutely A professional allows you to take of that recommend setting a special trust to 2. some DOES THEof TRUSTEE TIME TO in the previously to bill insurer. HAVE This anchange area Americans musttype plan appropriately withisthis established Third, with Medicaidthat youyou will notplans be for your trustee financially savvy, well-organized, make potential is future LTCin needs. areeven numerous individual’s institution’sregular experience with public benefits, preserve DO THEcash JOB? as the trustee active special where is Serving definitely not king.of an Medicaid Medicaid mostThere cases, after atools paradigm. paying theorprovider’s “fee-for-service” and, most important, ethical. available to help ensure you can afford the medical care you require as you age without investments, money management and tax planning. needs trust can seem like a full-time job. Depending on solves this health care access problem (as long as rate butprivate ratherpay the state’s far lower pre-negotiated seemingly large award or settlement. If you are Statistic #2) Various estimates put the current average athe beneficiary’s needs, the trustee could spend a good deal daily cost4.of HOW COMFORTABLE ARE YOU GIVING being forced to sell off all of your assets, leaving nothing for your loved ones when provider accepts Medicaid, of course). Your special needs planner can help you you wondering about the value of a special needs rates services. And according to federal skilled in New Jersey at upwards of $280 orTRUST more.for This is one ofTO theAN of timenursing paying facilities bills, monitoring government benefits, CONTROL OUTSIDER? For those trust for yourself a loved contact the law, the provider can’t bill pass. the patient for the Second, even the best private health makeorthe best one, choice. highest in the country. helpingrates to secure housing, paying for medical care and who are uncomfortable with the idea of anpays outsider Matus Law group today. insurance does not provide the full range of difference between what Medicaid and what Contact the Matus Law Group today to learn about Statistic #3) According to the NJ State Department of Banking and Insurance, the current average length of stay in a Long-Term Care facility is 2.5 years. Combine that your Long-Term Care planning options. Written By Christine L. Matus, Esq. By Christine L. Matus, Esq.

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