Fishkind discusses financial options for special needs children if Medicaid is unavailable
Russell Fishkind, a partner in Saul Ewing’s Private Client Practice, is quoted in this article on CNBC.com discussing how families with special needs children can secure funding for their care without relying on Medicaid coverage. The article explains that because the U.S. House and Senate have both proposed bills to decrease federal spending for Medicaid by $772 billion from 2017 to 2026, many families will need to reassess their financial strategies for caring for their special needs children.
"More than likely, parents of children with special needs may come to the conclusion that they can't rely on benefits, and they will have to be proactive," said Russell in the article.
The article goes on to offer suggestions for securing additional funding such as a third-party special needs trust. Russell also offers steps to begin planning, such as establishing a team of estate planning, accounting and life insurance professionals, detailing financial and standard of care requests, and reviewing beneficiary designations.
"We've seen a tremendous shift from the Obama administration to the Trump administration in goals and objectives for providing health-care plans," Russell said. "You need to take matters into your own hands.”
To read the full article, click here.