Medicaid Planning In Bexley
Planning for long-term care is essential due to the high costs involved. Medicaid planning is crucial to ensure you receive necessary care while protecting your assets. Our Bexley, Ohio, Medicaid planning attorney is here to guide you through qualifying for Medicaid while helping to preserve your estate for your beneficiaries.
Starting your Medicaid planning at least five years before you anticipate needing care is wise, but it’s never too early to begin. Contact our Bexley Medicaid planning attorney today for a complimentary consultation and take the first step toward securing your future.
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
Our Bexley 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
Medicaid asset protection trusts are a strategic tool for individuals aiming to qualify for Medicaid benefits. By transferring assets into the trust, these assets are excluded from your estate, helping you meet Medicaid’s asset limits.
However, it’s vital to consider Medicaid’s five-year lookback period, during which all asset transfers are reviewed and counted as part of your estate. For a smooth and effective planning process, it’s essential to consult our Bexley Medicaid planning attorney, who can offer guidance tailored to your needs.
Medicaid Planning: Integrating Annuities for Compliance
Integrating annuities into your Medicaid planning can be a smart strategic move, especially if they are a significant part of your income. Your Bexley, Ohio, Medicaid planning attorney will evaluate these annuities to ensure they meet Medicaid compliance standards, as non-compliant funds could impact your eligibility for benefits.
Medicaid-compliant annuities are fixed and unchangeable, tailored to support your lifetime financial needs, and structured to reimburse the state of Ohio upon your passing. For those considering this approach, consulting with an attorney is crucial to effectively incorporating Medicaid-compliant annuities into your estate plan.
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 Bexley, 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?
The government considers all types of income, including pension payments, social security benefits, and stock dividends, among others. If you’re uncertain about your income level and its impact on eligibility, consulting a Jarvis Law Medicaid planning attorney is essential. They will thoroughly review your financial situation and provide strategies to help you meet Medicaid’s requirements.
7 Medicaid Myths In Bexley, 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 Bexley 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
This is largely a false assumption. Your primary residence is typically considered an exempt asset. This means you can retain your home while receiving Medicaid benefits for long-term care. However, there are conditions to meet: the equity in your home must not exceed a specified limit, and you must express an intent to return to the property should your health allow it.
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 Bexley, 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 are designed to ensure financial stability for the “at-home” spouse when their partner requires long-term care. These rules allow the community spouse to retain specified income and assets, safeguarding their well-being while the other spouse receives Medicaid benefits.
Navigating these regulations can be complex, but you don’t have to do it alone. Our knowledgeable Bexley Medicaid attorney can provide invaluable support. You’ll receive guidance on asset transfers to prevent Medicaid penalties, assistance determining income allocation to sustain the community spouse’s quality of life, and developing personalized estate planning strategies, including drafting wills, setting up trusts, and preparing 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 Bexley 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
Contrary to the belief that Medicaid will seize your home after death, Ohio’s Medicaid Estate Recovery Program primarily aims to reclaim funds from those who received benefits. However, establishing a trust can effectively protect your family home and other assets from potential recovery efforts. To ensure your estate is adequately safeguarded, it’s crucial to consult with a skilled Bexley, Ohio, Medicaid attorney who can guide you through the estate planning process and help you achieve your financial goals.
