Medicaid Planning In Pickerington
Planning for long-term care is both essential and often costly. Itโs important to have a strategy in place to cover these expenses when the need arises. Medicaid planning is a valuable tool in this process. Our Pickerington Medicaid planning lawyer can guide you in qualifying for the program while safeguarding your assets. This way, you can ensure your beneficiaries receive their inheritance without compromising your care.
Starting Medicaid planning at least five years before youโll require care is important. Since you arenโt sure when that might be, itโs never too early to begin. Contact our Ohio Medicaid planning lawyer today for a free 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 Asset Protection Trusts
Many individuals establish Medicaid asset protection trusts to ensure eligibility for the program. Transferring assets into these trusts removes the assets from your estate, meaning they do not count against Medicaidโs asset limits. This strategy helps preserve wealth while meeting the programโs requirements.
However, Medicaid has a lookback period of five years from the date you apply for the program. When you submit your application, the government will check for all transfers made within the last five years. Those transfers will count toward your estate. Thus, itโs important to contact a Medicaid planning lawyer in Pickerington, Ohio, soon for guidance and to start the estate planning process.
Annuities That Are Medicaid-Compliant
If annuities form part or all of your income, itโs essential to have them reviewed by a Pickerington Medicaid planning lawyer. They will assess your annuities to ensure they meet Medicaid compliance standards. This proactive step prevents your annuities from being counted towards Medicaidโs income and asset limits, helping you maintain eligibility for the program.
Medicaid-compliant annuities are non-transferable, fixed, and can only last during your lifetime. Also, you have to set up annuities, so the money goes to the state of Ohio when you pass away. Consult with an attorney if you would like to add Medicaid-compliant annuities to your estate plan.
Limits on Income And Assets
Income and asset limits for Medicaid can change, so itโs important to consult the Medicaid website for the latest figures. As of 2021, an individual must earn no more than $2,382 a month and have no more than $2,000 in assets to qualify. For couples, the income limit is $4,764 monthly, with an asset limit of $3,000. Our Pickerington, Ohio, Medicaid planning lawyer can assist you if you exceed these limits. They can explore options such as irrevocable trusts and other strategies to help you become eligible for Medicaid. Consulting with a lawyer can be a crucial step in navigating these requirements.
Whatโs Considered Income?
When assessing Medicaid eligibility, the government considers all forms of income, including pensions, social security, and stock dividends. If youโre uncertain about your total income, itโs wise to seek advice from an attorney. Our Pickerington Medicaid Planning lawyer can thoroughly review your financial situation and devise strategies to help you meet the qualifications.
7 Medicaid Myths in 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 guidance of an experienced Pickerington elder law attorney, you can safeguard your assets and prevent spend-downs and home liens, ensuring that your assets remain under your control. We understand the significant investment youโve made in your future and are committed to helping you decide what happens to your wealth, not the government. Your autonomy in managing your assets is our priority.
Myth 2: You can be Disqualified from Medicaid by Transferring Assets to Loved Ones
Transferring assets is tightly regulated by Medicaid rules, yet with the right planning strategies, these transfers can be completed within the permissible time frame. By carefully navigating these rules, you can attain Medicaid eligibility while preserving your loved oneโs inheritance, ensuring their future remains secure.
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
Rest assured, the fear of losing your home to qualify for Medicaid is mostly unfounded. Typically, Medicaid considers your primary residence as an exempt asset, allowing you to keep your beloved home while still receiving benefits for long-term care. The key conditions are that your home equity value must stay below a certain limit, and you must demonstrate an intention to return to your home if your health improves.
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? An 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 mistakenly assume that Medicare covers all their healthcare needs. However, Medicare only covers long-term care costs for up to 100 days and only if certain eligibility criteria are met. Understanding these limitations is crucial to ensuring comprehensive healthcare planning.
Conversely, Medicaid covers long-term care services for those who qualify, a vital resource for seniors who require ongoing care.
Myth 5: Your Spouse Will Lose Everything If You Receive Medicaid
Ohioโs spousal impoverishment rules are designed to maintain the financial stability of the โat-homeโ partner when their spouse requires long-term care. These rules ensure that the community spouse can retain a designated portion of income and assets, securing their financial well-being while their partner receives Medicaid benefits. This approach helps protect the economic health of the household, allowing the community spouse to continue living comfortably.
Donโt navigate this complex process alone. An experienced Ohio 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 offers a robust care solution for eligible seniors, encompassing both home and community-based service waivers and traditional nursing home coverage. At the heart of this is the PASSPORT waiver program, which aids in preserving assets and maintaining independence by delivering essential long-term services to seniors while avoiding institutionalization. To navigate the complexities and prevent high long-term care expenses, costly spend-downs, or potential asset loss, proactive planning with an experienced Medicaid attorney in Pickerington, Ohio, is crucial.
Myth 7: Medicaid Will Seize Your Home After You Die
Ohioโs Medicaid Estate Recovery Program aims to reclaim funds from the estates of deceased beneficiaries who received Medicaid benefits. Establishing a trust can be an effective strategy to protect your familyโs home and assets from these recovery efforts. To achieve comprehensive protection and align with your estate planning objectives, itโs essential to consult with an experienced Pickerington Medicaid attorney who can guide you through the process.