Medicaid Planning In Athens
Medicaid planning is crucial for protecting your assets while securing necessary long-term care coverage. Our Athens, Ohio, Medicaid planning attorney helps you qualify for benefits while preserving your estate for beneficiaries.
Since Medicaid reviews financial transfers made within five years of application, early planning is essential. Don’t wait until care is needed – contact our Athens Medicaid planning attorney today for a free consultation and start 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
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
Medicaid asset protection trusts allow you to reduce your countable assets while preserving wealth for beneficiaries. Once assets are transferred to the trust, they won’t count toward Medicaid’s eligibility limits.
However, Medicaid reviews all transfers made within five years before application – these still count toward your estate value. To ensure proper timing and protection, consult our Athens Medicaid planning attorney to begin the process.
Medicaid-Compliant Annuities
If you receive income from annuities, our attorney will evaluate them for Medicaid compliance. Non-compliant annuities count toward eligibility limits. To be Medicaid-compliant, annuities must be fixed, non-transferable, limited to your lifetime, and name Ohio as the beneficiary. Speak with our Athens Medicaid planning attorney about incorporating Medicaid-compliant annuities into your estate plan.
Income And Asset Limits
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, you cannot make more than $2,382 a month or have more than $2,000 in assets to qualify for Medicaid as an individual. If both you and your spouse are applying, your income limit is $4,764 a month, and the asset limit is $3,000. Even if you are well over the limit, your Ohio Medicaid planning lawyer can help. Consult with a lawyer today to find out how an irrevocable trust and other strategies can help you qualify.
What’s Considered Income?
All income sources, including social security, pensions, and investment dividends, count toward Medicaid eligibility. Not sure of your total income? A qualified attorney can review your finances and develop strategies to help you meet Medicaid’s requirements.
7 Medicaid Myths in Ohio
Myth 1: You Must Give Up All Your Assets to Qualify for Medicaid
You can qualify for Ohio Medicaid while protecting your assets through proper legal planning. With guidance from our experienced Athens, Ohio, elder law attorney, you can preserve your wealth and avoid spend-downs and home liens. This ensures you maintain control over your assets rather than surrendering them to government requirements.
Myth 2: Transferring Assets to Loved Ones Disqualifies You from Medicaid
Proper Medicaid planning allows asset transfers that protect inheritances while meeting eligibility requirements. Since Ohio reviews transfers made within five years of application, early planning is crucial. Starting now ensures you’ll be prepared when long-term care becomes necessary.
Myth 3: You Must Sell Your Home to Qualify for Medicaid
You can keep your home while qualifying for Medicaid – it’s typically an exempt asset for eligibility. The main requirements are that your home equity stays below the limit and you intend to return home if possible.
The home exemption applies to single individuals maintaining a primary residence. For married couples, if one spouse continues living in the home, the exemption is unlimited. Special provisions exist 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
Medicare has significant limits for long-term care coverage – just 100 days with strict qualifying conditions. Medicaid, however, provides ongoing long-term care coverage for eligible individuals.
Myth 5: If You Receive Medicaid, Your Spouse Will Lose Everything
Ohio’s spousal impoverishment rules protect the financial security of an “at-home” spouse when their partner needs long-term care. These regulations preserve specific income and assets for the community spouse. Our experienced Medicaid attorney can help by providing strategic asset transfer guidance, assisting with income allocation, and creating comprehensive estate plans, including wills, trusts, and powers of attorney.
Myth 6: Ohio Medicaid Only Covers Nursing Home Care
Ohio’s Medicaid program offers comprehensive senior care through nursing home coverage and home-based service waivers. The PASSPORT waiver program allows seniors to receive necessary long-term care while maintaining independence and protecting assets. However, without strategic planning from an experienced Medicaid attorney, you risk facing substantial care costs, asset depletion, and mandatory spend-downs.
Myth 7: After You Die, Medicaid Will Seize Your Home
Ohio’s Medicaid Estate Recovery Program attempts to reclaim benefits from deceased recipients’ estates. A properly structured trust can protect your home and assets from these recovery efforts. Work with our experienced Medicaid attorney in Athens, Ohio, to develop an estate plan that aligns with your protection goals.
