Medicaid Planning In Columbus, Ohio
Long-term care can be quite costly and is often a necessity. When the time comes when you require assistance, itโs important to have a financial plan in place. This is where Medicaid planning becomes invaluable. Our Columbus, Ohio Medicaid planning attorney can guide you through the process of qualifying for the program while safeguarding your assets. Doing so can ensure that you can leave assets to your beneficiaries while receiving the care you need.
Initiating Medicaid planning at least five years before you anticipate needing care is a wise decision. Since the exact timing is uncertain, itโs never too early to start planning. Donโt hesitate to reach out to our Columbus Medicaid planning attorney today for a complimentary consultation.
Medicaid Eligibility
Medicaid will review your application to determine your eligibility. To be eligible, you must:
- Be disabled or 65 or older
- Meet the asset requirements
- Meet the income requirements
Your Columbus, Ohio Medicaid planning lawyer can help you meet the income and asset requirements. With the right strategy, you can transfer the assets and income out of your estate while still benefiting from it.
Trusts for Safeguarding Medicaid Assets
Many individuals establish Medicaid asset protection trusts to become eligible for the program. Once you transfer assets into the trust, they cease to be part of your estate and do not factor into the programโs asset limit.
Nonetheless, Medicaid has a five-year lookback period from the date of program application. Your application will be scrutinized for all transfers made within the last five years. These transfers will be considered part of your estate. Therefore, it is crucial to promptly seek guidance from a Columbus, Ohio Medicaid planning attorney to initiate the estate planning process.
Medicaid Planning: Integrating Annuities for Compliance
Are annuities a vital part of your income? If they are, your Columbus, Ohio Medicaid planning attorney will carefully assess their Medicaid compliance. Otherwise, the funds could affect your income and asset eligibility thresholds.
Medicaid-compliant annuities are unalterable, fixed, and designed to cover your lifetime needs. Additionally, these annuities are structured to direct funds to the state of Ohio upon your passing. If youโre considering incorporating Medicaid-compliant annuities into your estate plan, consult with an attorney for guidance.
Understanding Medicaid: Income and Asset Limits for Qualification
Income and asset limits may vary over time, so it is best to check with the Medicaid website for the most up-to-date information. However, as of 2021, Medicaid eligibility criteria stipulated that individuals could not have an income exceeding $2,382 per month or possess assets exceeding $2,000. When both spouses applied for Medicaid, the income limit was extended to $4,764 monthly, with an asset limit of $3,000. Regardless of your financial situation, our Columbus, Ohio Medicaid planning attorney is here to assist. Reach out to our Medicaid planning attorneys today to explore how an irrevocable trust and other strategies can aid you in meeting these Medicaid requirements.
Assessing Income for Medicaid Eligibility: What Counts?
In determining whether youโre eligible for Medicaid or not, the government calculates all forms of money that reach you as income โ particularly pension revenues, social security entitlements, and stock dividends, among others. Should there be any uncertainty concerning your level of earnings, turn to a Jarvis Law Medicaid planning attorney for guidance on the matter; theyโll go through pertinent aspects of your finances before suggesting ways to meet the criteria set forth by Medicaid.
7 Medicaid Myths In Columbus, Ohio
Myth 1: You Must Give Up All Your Assets to Qualify for Medicaid
Ohio Medicaid eligibility does not require depleting all your assets. Although strict asset limits exist, there are legal ways to protect your assets and qualify for Medicaid benefits with a proper Medicaid plan.
With the help of an experienced Columbus, Ohio elder law attorney, you can preserve assets and avoid spend-downs and home liens, ensuring your assets remain yours to control. We know how much you have invested in your future and will help ensure that you โ not the government โ choose what happens to your assets.
Myth 2: Transferring Assets to Loved Ones Disqualifies You from Medicaid
Asset transfers are indeed subject to strict Medicaid rules. However, using proper Medicaid planning strategies, you can transfer them within the allowable time frame. You can achieve Medicaid eligibility without risking your loved onesโ inheritance.
Ohio requires a five-year โlook-back period,โ meaning that transfers made within five years of your Medicaid application may incur penalties. Thatโs why it is never too early to start your Medicaid planning. A proactive approach ensures your preparedness and protection when you need long-term care.
Myth 3: You Must Sell Your Home to Qualify for Medicaid
Let us put your mind at ease: the prospect of losing your home to qualify for Medicaid is largely a myth. Medicaid often considers a primary residence an exempt asset, allowing you to simultaneously retain your cherished home and Medicaid benefits for long-term care. The only catch? The home equity value must remain under a designated threshold, and you must show a desire to return to the residence if your health permits.
If youโre single, the home exemption applies to you as long you maintain your primary residence. Married couples can take advantage of an unlimited home exemption if one spouse continues to live in the home. Medicaid offers additional provisions for those caring for disabled children.
Are you feeling overwhelmed? A Columbus, Ohio elder law attorney with experience in Medicaid planning can help you navigate the Medicaid rules and your unique circumstances to ensure your beloved home remains safe and sound.
Myth 4: If You Have Medicare, You Have Coverage for All Your Healthcare Needs
Many people wrongly believe that Medicare covers all their healthcare needs. However, while Medicare covers many services, it only covers the cost of long-term care for 100 daysโif the person enrolled in Medicare meets specific requirements.
Conversely, Medicaid covers long-term care services for those who qualify, a vital resource for seniors who require ongoing care.
Myth 5: If You Receive Medicaid, Your Spouse Will Lose Everything
Ohioโs spousal impoverishment rules safeguard your loved oneโs financial stability, designed to protect the well-being of the โat-homeโ partner when their spouse needs long-term care. These regulations allow the community spouse to hold onto a specific portion of income and assets, ensuring theyโre well-supported while their partner benefits from Medicaid.
Donโt navigate this complex process alone. An experienced Columbus Medicaid attorney can share savvy asset transfer advice to avoid Medicaid penalties; provide income allocation assistance to maintain the community spouseโs quality of life; and offer individualized estate planning strategies, including wills, trusts, and power of attorney documents.
Myth 6: Ohio Medicaid Only Covers Nursing Home Care
Ohioโs Medicaid program is a comprehensive care solution for eligible seniors, offering home and community-based service waivers and traditional nursing home coverage. The PASSPORT waiver program helps preserve assets and independence by providing long-term services seniors need without resorting to institutionalization. However, without proactive planning with the help of an experienced Ohio Medicaid attorney, you could face high long-term care costs, expensive spend-downs, or loss of assets.
Myth 7: After You Die, Medicaid Will Seize Your Home
Ohioโs Medicaid Estate Recovery Program seeks to recover funds from deceased individuals who received benefits. However, creating a trust can safeguard your family home and assets against possible recovery attempts. To ensure proper protection, consult an experienced and knowledgeable Columbus, Ohio Medicaid attorney about your estate planning needs and goals.