Medicaid planning uses legal tools and strategies to protect your assets and help ensure your eligibility for benefits in the event you need them in the future. For example, you might establish a Medicaid trust, which is an irrevocable living trust into which you would transfer non-exempt assets. When Medicaid planning is incorporated into an estate plan early on, it drastically increases the odds of qualifying for benefits while decreasing the likelihood of losing valuable assets in the … [Read more...] about What is Medicaid planning and how can it help me?
Given the Medicaid spend-down requirements, you may be concerned that a community spouse will be left with no resources if you need to qualify for Medicaid. Fortunately, that is not the case thanks to the Medicaid spousal impoverishment rules. The spousal impoverishment rules allow a community spouse to keep some income and assets when the other spouse goes into long-term care. … [Read more...] about Will my spouse be left without income or assets if I need Medicaid?
There was a time when that worked; however, not anymore. Medicaid now uses a five-year “look-back” period when evaluating applications. The look-back rule allows Medicaid to review your finances for the five-year period leading up to your application. Any asset transfers made during that time period for less than fair market value may trigger an eligibility waiting period. The length of the waiting period is determined by dividing the amount of your excess assets by the average monthly cost of … [Read more...] about If my assets are over the limit, can’t I just transfer them to my adult child?
If your assets do exceed the limit, Medicaid will deny your application. At that point you will have to “spend-down” your excess assets. In essence, you will have to use your assets to cover your LTC bills until your assets are depleted enough to qualify. Your retirement nest egg you spend a lifetime accumulating could be gone in a matter of months. … [Read more...] about What is the Medicaid “spend-down” requirement?
Along with basic requirements, such as citizenship and residency, your eligibility for Medicaid is determined using income and asset limits imposed by the program. The income limits are tied to the Federal Poverty Level, or FPL. The FPL, in turn, changes each year and is determined by your household size and geographic area. The “countable resources” limit refers to the value of your non-exempt assets. As of 2019, you cannot have countable resources valued at over $1,600 for an individual. … [Read more...] about Will I be eligible for Medicaid in Connecticut?
Many people go through their entire working years without ever needing to turn to Medicaid for help with their healthcare expenses; however, as a senior, the likelihood that you will need long-term care (LTC) goes up every year and the cost of that care is exorbitant. As of 2018, you can expect to pay around $13,000 a month, on average, if you are a Connecticut resident. Because neither Medicare nor private health insurance will cover LTC expenses, as a general rule, over half of all seniors in … [Read more...] about I have never before relied on Medicaid. Why would I need to include Medicaid planning in my estate plan?
People often confuse Medicaid and Medicare and/or use the two names interchangeably. Although both offer healthcare benefits, they are two very different programs. Like Medicaid, Medicare is funded by the U.S. government but is also administered by the federal government. Medicare is an entitlement program, meaning that as long as you paid into the program during your working years, you are automatically entitled to benefits when you turn 65. Medicaid, on the other hand, is a “needs based” … [Read more...] about What is the difference between Medicaid and Medicare?
Medicaid is a healthcare program for low income individuals and families that is primarily funded by the federal government; however, is administered by the individual states. For this reason, there will be some differences with regard to eligibility and benefits from one state to the next. Basic Medicaid typically covers things such as: Doctor visits Prescriptions Hospital stays Emergency care Preventative care … [Read more...] about What is Medicaid?