Medicaid Planning In Upper Arlington, Ohio
The expenses associated with long-term care can be substantial, and the need for it often arises. When the time comes that you require assistance, having a financial plan in place is essential. This is where Medicaid planning comes into play. Our Upper Arlington Medicaid planning attorney, is available to assist you in becoming eligible for the program while safeguarding your assets. This allows you to continue passing down assets to your beneficiaries while receiving the care you need.
Starting Medicaid planning at least five years before you anticipate needing care is wise. Since you can’t predict the exact timing, it’s never too early to start planning. Don’t hesitate to reach out to our Upper Arlington 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 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.
Protecting Assets through Medicaid Trusts
More and more individuals are establishing Medicaid asset protection trusts for program eligibility purposes. Once formed, any assets moved into this trust no longer belong to your estate and won’t affect the program’s asset limit.
However, it is important to remember that Medicaid has a five-year lookback period commencing on the application date. Upon application submission, all past five-year transfers will be reviewed and deemed part of your estate. Consequently, it’s critical to promptly consult with an Upper Arlington, Ohio Medicaid planning attorney to kick off estate planning.
Fortify Your Medicaid Plan with Compliant Annuities
Do you utilize annuities for any portion of your income? If so, your Upper Arlington, Ohio Medicaid planning lawyer should be consulted to assess them for Medicaid compatibility. Medicaid-compliant annuities should be non-transferable, fixed, and only extend throughout your lifetime. Seek advice from the Medicaid planning attorneys at Jarvis Law for advice on incorporating Medicaid-compliant annuities into your estate planning.
Income and Asset Limits in the Medicaid Qualification Process
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 2021, Medicaid qualification was governed by specific financial criteria. The monthly income limit for individuals was $2,382, with assets restricted to $2,000. When both spouses applied, the income ceiling expanded to $4,764 per month, while the asset cap was $3,000. Whether you’re comfortably within these limits or not, our Upper Arlington, Ohio Medicaid planning attorney is here to help. Consult with our lawyer today to explore how effective strategies, including irrevocable trusts, can be crucial to your Medicaid eligibility.
Income Components Considered for Medicaid Qualification
The government considers all funds you receive as income, encompassing pension payments, social security benefits, stock dividends, and other sources of income. If you’re uncertain about the total income you generate, it’s advisable to seek legal counsel from the trusted Upper Arlington Medicaid planning attorneys at Jarvis Law. Your attorney will thoroughly assess your financial situation and provide guidance on the strategies needed to assist you in meeting the Medicaid eligibility criteria.
7 Medicaid Myths In Upper Arlington, 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 Upper Arlington, 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? An Upper Arlington, 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 Upper Arlington, 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 Upper Arlington, 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 Upper Arlington, Ohio Medicaid attorney about your estate planning needs and goals.
