Medicaid Planning In Worthington, Ohio
Long-term care is frequently both costly and essential. When the time comes that you need assistance, having a financial plan in place is vital. This is where Medicaid planning can play a pivotal role. Our Worthington, Ohio Medicaid planning attorney is here to assist you in qualifying for the program while safeguarding your assets. This way, you can still pass down assets to your beneficiaries without sacrificing your care.
Initiating Medicaid planning at least five years before you anticipate needing care is crucial. Since you can’t predict when that time might come, it’s never too early to start planning. Don’t hesitate to contact our Worthington Medicaid planning attorney 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.
Protecting Your Wealth with Medicaid Asset Trusts
Many people establish Medicaid asset protection trusts for program eligibility purposes. Any assets transferred to the trust are no longer included in your estate and do not count towards the program’s asset limit.
However, it’s important to note that Medicaid has a five-year lookback period from when you submit your application for the program. This scrutiny will consider all transfers within that time frame as part of your estate. Hence, it’s crucial to speak with a Worthington, Ohio Medicaid planning attorney as soon as possible to start the estate planning process.
Navigate Medicaid Planning with Compliant Annuities
If you count on annuities as a source of income, it’s crucial that your Worthington, Ohio Medicaid planning lawyer assesses them for Medicaid compliance. Failure to comply may cause the funds to contribute to your income and asset restrictions.
Legitimate Medicaid annuities have specific characteristics: they cannot be transferred, must be fixed, and will only last during your lifetime. Moreover, it’s required that the funds be returned to the state of Ohio after you pass away. Consult a Jarvis Law Medicaid Planning attorney if you want to include Medicaid-compliant annuities in your estate planning.
Demystifying Medicaid: Income and Asset Limitations Explained
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, Medicaid eligibility in 2021 was subject to strict financial parameters. As an individual, your income could not exceed $2,382 per month, and your assets had to stay below $2,000. When applying as a couple, the income limit increased to $4,764 monthly, with assets capped at $3,000. Whether you’re comfortably within these limits or not, our Worthington, Ohio Medicaid planning attorney is at your service. Reach out to our lawyer today to discover how innovative solutions like irrevocable trusts can assist you in meeting Medicaid’s criteria.
Income Inclusions for Medicaid Eligibility Assessment
When assessing Medicaid eligibility, every received form of money (pensions, social security benefits, and stock dividends) is taken into account as income. If you’re having trouble figuring out your total income, working with a Jarvis Medicaid planning lawyer is advisable. Your attorney will analyze your financials and strategize on the best path toward 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 Worthington, 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 Worthington, 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 Worthington, 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 Worthington, 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 Worthington, Ohio Medicaid attorney about your estate planning needs and goals.
