In God We Must Trust

Brenda “Bren” Sheriff, Certified Senior Advisor (CSA)
Brenda “Bren” Sheriff, Certified Senior Advisor (CSA)

In God We Must Trust

Just when we thought things could not get any worse, we learn that Congress is debating a sweeping “Big Beautiful Bill,” one of the most alarming provisions in the proposed bill is deep cuts to Medicaid—up to $880 billion over 10 years. These reductions would directly impact millions of older adults who rely on Medicaid to fund long-term care in nursing homes. For families with elderly relatives in care or nearing that stage, early action is essential. I suggest that you give some thought to my suggestions and call on me if you need my help in formulating a caregiver plan.

Start by assessing your loved one’s assets, income, and current Medicaid eligibility. Medicaid has strict income and asset limits. Work with an elder law attorney or certified senior advisor to explore asset protection strategies like irrevocable trusts or Medicaid-compliant annuities. Remember, Medicaid has a five-year “look-back” period—so start now.

If your relative is still healthy and under age 75, consider long-term care insurance or hybrid life insurance policies that offer long-term care benefits. These can help fund private care options should Medicaid support decline or facilities reduce availability.

As nursing homes face possible closures or reduced staffing, more care responsibilities may fall on families. Consider pooling resources among family members to cover private-pay costs temporarily. Look into government programs supporting family caregivers, such as paid family leave or tax credits. (Prayerfully these programs will remain in-tact.)

Create a plan B. Identify in-home care providers, adult day care programs, and assisted living communities that can be set-up to take care of not only your loved one, but also others in a shared private -pay communal living arrangement. If your loved elder owns a home,  you can also consider using home equity (through reverse mortgages or sales) to fund long term care should Medicaid become unavailable.

If your loved one is already in a facility, monitor staffing levels, cleanliness, and care quality. If the caregiving standards slip, consider working out a plan with family and friends to help take turns performing the caregiving tasks needed by your loved one.  If the care and services of a facility fall below your ability to augment your loved one’s care needs, you may want to explore transfer options to a better managed facility before conditions worsen or opt for a communal living arrangement.

The proposed Medicaid cuts could destabilize elder care for millions.  If cuts are made, Black families will be the most impacted.  We must act now—review finances, explore private options, prepare for more hands-on care, speak out, and vote for officials that best represent your interests. With proactive planning, you can protect your loved one’s dignity, safety, and well-being in these uncertain times when we are reminded daily that in God we MUST trust.

Bye for now,

Brenda “Bren” Sheriff, Certified Senior Advisor (CSA)


THIS WEEK’S QUIZ: What percentage of Black families depend on Medicaid for long term care? 

 

Answer to last week’s quiz: The top three considerations that you should consider when selecting a Medicare Plan are as follows: What is your health history, what can you afford, what are the coverage restrictions.

To get a more detailed answer to last week’s QUIZ question or for any financial questions that you may have, please contact me: 773-817-0601 or basheriff1@gmail.com

Disclaimer: The illustrations presented in this column are not, nor are they intended to be, legal, financial, or any other licensed professional advice, you should contact the licensed professional of your choice for advice on your individual situation.


Latest Stories

Latest Podcast

STARR Community Services International, Inc.