Medicaid Planning In St. Clairsville, Ohio
Long-term care can be both expensive and necessary as you age. When the time arrives that you require assistance, it’s crucial to have a financial plan in place. This is where Medicaid planning becomes crucial. Our St. Clairsville, Ohio-based Medicaid planning lawyer is ready to assist you in qualifying for the program while safeguarding your assets. Doing so allows you to pass down your assets to your beneficiaries while receiving the necessary care.
Commencing Medicaid planning at least five years before you anticipate needing care is of utmost importance. Since you can’t predict when that might be, it’s never too early to start. Contact our St. Clairsville 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.
Securing Assets through Medicaid Protection Trusts
Many people set up Medicaid asset protection trusts to become eligible for the program. Assets placed in the trust are exempted from your estate and do not affect the program’s asset limit.
It’s important to note that there’s a five-year lookback period in Medicaid starting from the application date. When submitting an application, all transfers made during the prior five years will be inspected and regarded as part of your estate. Given these circumstances, it’s essential to seek advice from a St. Clairsville, Ohio Medicaid planning lawyer without delay to begin estate planning.
Succeeding in Medicaid Compliance with Annuities
Relying on annuities for partial or complete income? Our St. Clairsville, Ohio Medicaid planning attorney will scrutinize them to ensure their compliance with Medicaid regulations. Non-compliance may result in these funds counting toward your income and asset limits.
Medicaid-approved annuities must be non-transferable, fixed, and limited to your lifespan. Additionally, you must arrange for the funds to return to the state of Ohio upon your demise. Seek the advice of the legal professionals at Jarvis Law if you’re considering incorporating Medicaid-compliant annuities in your estate plan.
Exploring the Boundaries: Medicaid’s Income and Asset Limits
Medicaid 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 the year 2021, Medicaid required individuals to maintain a monthly income below $2,382 and assets below $2,000 to qualify. When both spouses applied for Medicaid, the income limit was extended to $4,764 monthly, with assets capped at $3,000. Whether you’re comfortably within these limits or not, our St. Clairsville, Ohio Medicaid planning lawyer is here to assist. Consult with our attorney today to explore strategies such as irrevocable trusts that can facilitate your Medicaid eligibility.
Determining Income for Medicaid: What’s Included?
For Medicaid’s eligibility process, all incoming money—like pensions, social security payouts, and dividends from stocks—is considered income. When in doubt about your earnings, seek help from a Jarvis Law Medicaid planning attorney who will examine your financials and identify the necessary tactics to secure Medicaid qualification.
7 Medicaid Myths In St. Clairsville, 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 St. Clairsville, 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 St. Clairsville, 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 St. Clairsville, 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 St. Clairsville, 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 St. Clairsville, Ohio Medicaid attorney about your estate planning needs and goals.
