A Guide to Planning for the Future with Dominique Sanders

Key Considerations for Future Planning : Medicare, Medicaid, and Long-Term Care

The Wellness and Legacy Group connects professionals in the death care industry, bridging the gap between wellness (pre-death care) and legacy (post-death support). The group fosters collaboration between financial planners, estate planners, healthcare providers, and real estate professionals to enhance service offerings and education in end-of-life planning.

Understanding the Death Care Industry

As individuals age, it’s essential to plan for both immediate and long-term needs, from healthcare during aging to estate management after passing. Understanding these phases can provide peace of mind and ensure one’s wishes are respected.

Planning Phase: Preparing for end-of-life needs and decisions.
Aging Sector: Ensuring quality of life and healthcare for the elderly.
Post-Death Sector: Managing estates, probate, and financial matters after death.

A Guide to Understanding Medicare vs. Medicaid Differences

Dominique Sanders highlighted the key differences between Medicare and Medicaid

Medicare: Federal health insurance for individuals 65+ or those with qualifying disabilities.
Medicaid: A state and federally funded program for low-income individuals, with varying eligibility criteria by state.

Medicare Overview

Medicare Parts Explained:

Part A (Hospital Insurance): Covers inpatient hospital stays.
Part B (Medical Insurance): Covers doctor visits, outpatient care, and medical services.
Part C (Medicare Advantage Plans): Private insurance alternatives that bundle A, B, and sometimes D.
Part D (Prescription Drug Plans): Covers medication costs.

Medicare Costs & Enrollment:

Part B Premiums range from $185+ per month, depending on income.
Late Enrollment Penalties apply if not enrolled on time.
Enrollment Options:
- Original Medicare (Parts A & B)
- Medicare with Medigap (Supplemental Insurance)
- Medicare Advantage (Part C) – Often with additional benefits.

Medicaid Planning & Long-Term Care Considerations

Why Medicaid Planning is Critical:

Medicare does NOT cover long-term care (e.g., assisted living, nursing homes)
Medicaid can help, but eligibility requires strict income and asset limits.
Medicaid Spend-Down Strategies help individuals qualify while preserving wealth

Common Medicaid Planning Strategies:

Asset Transfers & Trusts: Placing assets in irrevocable trusts to shield them from Medicaid eligibility reviews.
Medicaid Look-Back Period: Any asset transfers within five years can impact eligibility.
Income Planning: Structuring income sources to fall within Medicaid eligibility limits.
Long-Term Care Insurance: Best purchased in the 40s or 50s to cover assisted living or in-home care.

Final Thoughts

Healthcare, financial security, and legacy planning are deeply interconnected. Professionals in the wellness and death care industries must work together to educate individuals on making informed decisions that protect their health, wealth, and family’s future.

If you're making Medicare and Medicaid decisions, seek unbiased guidance from an independent broker or elder law attorney.

Key Takeaways and Strategic Recommendations

Early Planning is Crucial – Ideally 10–20 years before retirement to optimize insurance and financial strategies.
Medicare Enrollment is NOT Automatic – Individuals must actively choose a plan and understand associated costs.
Medicaid Qualification Requires Asset Management – Consulting an elder law attorney or financial planner is essential.
Long-Term Care is Expensive – Insurance or Medicaid planning must be considered early to avoid financial strain.
Annual Plan Reviews Are Necessary – Medicare and Medicaid rules change, requiring yearly evaluations of coverage.

About Dominique Sanders

Dominique D. Sanders is a licensed insurance broker based in Jacksonville, Florida. She specializes in helping individuals navigate the complexities of insurance options, including Medicare and Medicaid, offering valuable advice tailored to their needs. With her expertise, she provides clients with guidance on planning for healthcare needs, including long-term care, while ensuring they make informed decisions about their coverage.

Connect with Dominique Sanders on: LinkedIn