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Medicaid Planning

Planning Techniques to Help Gain Medicaid Eligibility

For older Americans seeking assistance with the costs of long-term care through Medicaid, income and assets must fit within the established guidelines. One of the most basic of the Medicaid guidelines is that you must spend down your assets before qualifying for state or federal assistance. Strict Medicaid rules are in place to prevent people from getting around the rules. However, numerous strategies are used to circumvent the rules. 5 Common Strategies Used to Qualify for Medicaid Without Spending Down Assets:   Irrevocable Trust: An irrevocable trust allows loves ones to receive the financial benefits of your assets. In the simplest...

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Elder Law: What to Do When You Need Long Term Care

Many older Americans are familiar with Medicare, the federal health insurance program for those 65 and older that pays doctor and hospital bills, but Medicare doesn’t cover everything. For instance, Medicare does not cover long term custodial care for help many older Americans need with the necessary activities of day-to-day life: bathing, dressing, and eating. As many older people eventually need this type of care due to either physical or mental impairment, they (or their family) has to find a way to cover the potentially expensive costs. In some cases, covering the costs of this type of long-term elder care...

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Qualified Income Trusts: Qualifying for Medicaid Benefits with a High Income

Eligible applicants for Medicaid’s long term care benefits must have income and assets that fall under the allowable limits. Individuals who do not qualify for Medicaid due to income higher than the permissible limits of the Medicaid process who don’t have enough income to pay for long term care should consider a Qualified Income Trust (QIT). Using Qualified Income Trusts (QITs), excess income is directly deposited monthly into a restricted funds account. The money in the restricted funds account is limited to use for one specific reason. Restricted funds accounts associated with QITs are reserved explicitly for paying nursing home bills...

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The Pros and Cons of Medicaid Planning

An experienced Florida Medicaid planning attorney helps their clients structure their assets and financial resources and prepare documentation to create a scenario in which they are most likely to be accepted into the Medicaid program. Medicaid planning attorneys use a variety of tools and strategies, including trusts, asset transfers, converting countable assets into exempt assets to improve eligibility while preserving resources. In some cases, Medicaid planners also protect their client’s family home from Medicaid recovery and manage to manipulate finances to ensure that a healthy spouse has an appropriate income to continue to live independently while their partner is receiving...

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Medicaid Planning: Safe Harbors Created by Congress

In January 2019, the Office of the Inspector General of the U.S. Department of Health & Human Services (HHS) released a proposed rule to narrow existing regulatory discount safe harbor under the Anti-Kickback Statute (AKS) and generate two additional safe harbors. The primary purpose regarding the proposed rule is updating the discount safe harbor to accommodate our modern prescription drug distribution model while protecting federal health care programs, benefits, and their beneficiaries. If Finalized, the Proposed Rule Would Mean Changes: Exclusion from existing discount safe harbor discounts provided to Medicare Part D plans (this includes Medicare Advantage plans with drug benefit),...

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What Assets Can You Have While Retaining Medicaid Eligibility?

To qualify for long-term Medicaid, seniors must not have assets over a certain amount.. When one spouse of a married couple applies for Medicaid (long term care), all assets owned by both husband and wife will be taken into consideration for Medicaid eligibility calculations. Assets considered include bank accounts, stocks, savings, homes, property, etc. What Liquid Assets are Considered to Determine Medicaid Eligibility? When applying for Medicaid, expect all your liquid assets to be taken into consideration, including money in the bank, stocks, savings, etc. If a married individual is applying for Medicaid, it does not make a difference if assets...

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4 Common Medicaid Planning Mistakes

Most are aware that Medicare will cover a significant portion of their overall health-care costs as they grow older, but some are surprised that it is not free. It’s also not easy – managing the Medicaid application process is actually fairly complicated. 4 Common Medicaid Planning Mistakes: Procrastinating: Don’t wait too long to start planning ahead. Planning for Medicaid should be started long before benefits are actually needed to cover long term care costs. Individuals who wait too long often find that they have to exhaust a substantial portion of their assets in order to fulfill the program’s eligibility requirements...

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How Gifts Can Affect Medicaid Eligibility

Many seniors are dealing with rapidly rising medical and nursing home expenses and find themselves struggling to accept the situation when they discover that even a modest amount of personal assets may leave them ineligible for Medicaid benefits to help with the rising costs of elder care and living. Many find themselves facing the possibility of spending all their money on health care with nothing left to leave their heirs. In this situation it is tempting to immediately transfer assets to heirs, qualify for Medicaid and move into a long-term care facility. Rules are in place to govern this type of...

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Protecting Your Assets from Medicaid

There aren’t very many older adults who know and understand their rights and their available options in connection to long term care. This state of affairs can end up costing them and their family their financial stability as it can be disastrously expensive. Some don’t want to face the issue. Others go into their later years with faith that they will avoid the need for long term care entirely. According to the U.S. Department of Health and Human Services, Americans turning 65 in today’s society have approximately 70% likelihood that they will need long-term care services or support during their lifetime....

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Low Cost Medicaid Applications

Recently a potential client became a client due to a Medicaid Application non lawyer company. These companies are not attorneys, and can not provide legal advice; even if they could, they generally do not know the law well enough to actually assist their clients. A had spoken with a potential client few months ago in regards to a Medicaid Application for his father. The father had very few assets, but among them was a homestead. The client did not like my pricing, which I heavily research to make sure I charge market rates. Instead, the client found  a non lawyer service to...

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