It can seem like a chore to plan for a long and comfortable retirement. You must consider a large number of factors, including your health care requirements, the possibility you'll need at-home help, and funeral expenses. Medicaid, or Title 19, is a federal- and state-operated health insurance program that can help you plan for your future. Here’s how Title 19 benefits factor into retirement.

What Title 19 Benefits Are Available?

Title 19 Medicaid pays for numerous types of health coverage, including doctor bills, fees for hospital stays, and even nursing home and long-term at-home care. It does not offer prescription drug benefits, but the program may pay for you to be covered by Medicare Part D's prescription drug plan. The benefits available through Title 19 ensure that recipients receive the care they need whether it's in a facility or their own home.

How Do I Qualify for Medicaid?

In Connecticut, Title 19 benefits are only available to U.S. citizens or qualifying aliens who are age 65+ or disabled and can demonstrate financial need. This often requires recipients to "spend down" their assets to a maximum of $1,600. However, there is an exception for spousal assets if only one spouse will enter the plan. Note that the costs of institutional care and skilled nurse care are so expensive that recipients are expected to contribute all income aside from a monthly personal needs allowance toward payment for care. Title 19 benefits will then pay for the cost differential.

How Does Planning Help?

There are a number of legal methods to protect your assets—by transferring funds, setting up trusts and annuities—without being penalized, as long as you follow certain rules. For instance, there are ways to avoid the 5-year "look back" period during which it's impermissible to transfer funds away for qualification purposes. It’s also legally permissible to place the funds in a pre-fund contract with a member of the Connecticut Funeral Directors Association to reduce your assets for Title 19 qualification.

The information about Title 19 benefits above should encourage seniors to make a financial plan and remain as comfortable and independent as possible. To continue your plans well into the future, contact Porto Funeral Homes in New Haven County to ask about funeral or memorial service planning. They offer two locations to serve you and have been in business for more than 75 years. Visit their website to learn why pre-planning such an event makes sense, or call (203) 467-3000 for East Haven or (203) 934-5000 for West Haven to speak with a knowledgeable, compassionate representative.