Here are just a few of the common misconceptions surrounding gifting and Medicaid eligibility… I can just give away my assets and tell Medicaid I don’t have any. My spouse will end up without anything if I need Medicaid to help pay for my nursing home care! I waited too long and now Medicaid planning can’t help me
How can someone with $100,000 in assets qualify for Medicaid without having to spend-down those assets? One way is to purchase an irrevocable, income producing, annuity.
Each November we honor all the family caregivers who provide endless hours of selfless care to loved ones by celebrating National Family Caregiver Month. If you are a caregiver, we thank you for all you do.
Although purchasing a pre-paid funeral and burial plan may be a good estate planning decision, it may not provide the Medicaid “spend-down” benefits many applicants think it will. Understanding when a funeral plan is exempt, and when it is not, is crucial for a senior who is trying to “spend-down” for purposes of Medicaid eligibility.
Amy and David both need nursing home care as well as Medicaid’s help paying for that care; however, they have assets that exceed the program limit. The couple also wants to continue to provide financial assistance to their disabled adult son. However, they are concerned that the Medicaid asset transfer rules will prohibit them from doing so. The good news is they can continue to provide for their son and qualify for Medicaid immediately.
Do the Medicaid gifting rules and asset transfer penalties have you confused? If so, you are not alone! Unfortunately, failing to understand the rules and penalties could result in your ineligibility for benefits right when you need them the most. The answers to several common questions may help you gain a better understanding of Medicaid’s rules and penalties.
Nursing homes have historically resisted the concept of Medicaid planning based on the assumption that patients who engaged in Medicaid planning were trying to avoid paying their bills. In recent years, many nursing homes have started to rethink that position as they realize that Medicaid planning is often in their best interest as well as the patient’s.
If you are not sure about Medicaid spend-down requirements, now is the time to find out! Waiting until the last minute could result in losing your property. Check today to know what real property is exempt in order to start receiving your Medicaid benefits as soon as possible.
Is a long-term care insurance policy a wise addition to your estate plan? Ask yourself if you can afford to pay over $200,000 out-of-pocket for long-term care. If not, you may want to consider purchasing long-term care insurance because that’s what the average stay in a facility will cost you; however, don’t sign on the dotted line until you understand how long-term care (“LTC”) insurance works.
Did you recently inherit money or other assets? If so, it is imperative that you make wise choices with your newfound wealth. To help you, we have created an inheritance “Dos and Don’ts” list.