Medicaid Planning In Dublin, Ohio
Long-term care is often a necessity, and it can come with a hefty price tag. When the time comes for you to seek assistance, having a solid financial plan is essential. That’s where Medicaid planning can make all the difference. Our Dublin, Ohio Medicaid planning lawyer is dedicated to helping you qualify for the program while protecting your assets. This way, you can still pass on your assets to your heirs while ensuring you receive the care you need.
Initiating Medicaid planning at least five years before you expect to require care is a smart move. Since you can’t predict the exact timing, it’s never too early to begin. Reach out to our Dublin Medicaid planning lawyer 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 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.
Medicaid Trusts: Defending Your Assets
Numerous individuals create Medicaid asset protection trusts to become eligible for the program. Any assets placed into the trust are no longer part of your estate and do not factor into the program’s asset limit.
Nevertheless, it’s important to remember that Medicaid has a five-year lookback period from when you apply for the program. During your application, all transfers made in the past five years will be reviewed and deemed part of your estate. Consequently, it’s essential to consult with a Dublin, Ohio Medicaid planning lawyer without delay to commence the estate planning process.
Leveraging Annuities in Your Medicaid Compliance Strategy
Are annuities a significant part of your income stream? If they are, it’s essential to have your Dublin, Ohio Medicaid planning attorney review their Medicaid adherence. Otherwise, your annuity income could affect your eligibility concerning income and assets.
Medicaid-compliant annuities are inflexible, non-transferable, and crafted to cover your lifetime expenses. Furthermore, they are structured to channel the funds to the state of Ohio upon your passing. If you’re considering integrating Medicaid-compliant annuities into your estate planning, consult with a Jarvis Law Medicaid planning attorney for advice.
How to Determine If You Meet Medicaid’s Income and Asset Criteria
Medicaid’s 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 for individuals meant keeping your monthly income under $2,382 and your assets below $2,000. However, when applying as a couple, the income limit rose to $4,764 per month, with assets capped at $3,000. If you find yourself exceeding these thresholds, don’t worry. Our Dublin, Ohio Medicaid planning attorney is prepared to help. Contact our lawyer today to learn how tools like irrevocable trusts can play a pivotal role in your Medicaid qualification.
Income Criteria for Medicaid Eligibility
In the eyes of the government, any received funds—from pensions and social security to stock dividends—are categorized as income when determining Medicaid eligibility. If you’re struggling with calculating your gains, a Medicaid planning attorney at Jarvis Law can offer guidance by analyzing your finances and outlining optimization strategies needed for successful Medicaid qualification.
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 Dublin, 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 — not the government – 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 ones’ inheritance.
Ohio requires a five-year “look-back period,” meaning that transfers made within five years of your Medicaid application may incur penalties. That’s 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 you’re 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 Dublin, 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 days—if 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
Ohio’s spousal impoverishment rules safeguard your loved one’s financial stability, designed to protect the well-being of the “at-home” 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 they’re well-supported while their partner benefits from Medicaid.
Don’t navigate this complex process alone. An experienced Dublin, Ohio Medicaid attorney can share savvy asset transfer advice to avoid Medicaid penalties; provide income allocation assistance to maintain the community spouse’s 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
Ohio’s 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 Dublin, 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
Ohio’s 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 Dublin, Ohio Medicaid attorney about your estate planning needs and goals.
