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Medicaid Planning

Medicaid Planning and Gift Giving

It’s better to give than to receive, right? Yes, unless you are planning to someday apply for Medicaid long-term care benefits. If you think you may need to apply for Medicaid long-term care benefits in the future, be careful what “gifts” you offer because it could disrupt your plans and leave you ineligible for benefits. How Do Gifts Affect Medicaid Eligibility? According to federal Medicaid law, transferring certain assets within five years of applying for Medicaid long-term care benefits results in a period of ineligibility. The period of ineligibility is referred to as a transfer penalty. The length of the “period” depends...

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Medicaid Planning: Health Insurance for the Elderly

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Over 7 million American seniors receive essential medical care through the Medicaid program. Medicaid benefits include nursing home care coverage and other long-term care services and healthcare treatments that are not covered by Medicare. Medicaid also covers premiums, deductibles, and provides some cost-share benefits for beneficiaries of Medicare. The coverage enables many seniors to retain their independence and health. When “cuts” are proposed to Medicaid or when lawmakers are considering radical changes to the financial structure, these essential services and various instances of vital assistance many seniors rely on for their well-being are threatened. Due to the importance of the benefits...

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Medicaid Planning: How Qualified Income Trusts Help

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Qualified Income trusts are a legal method used to qualify for Medicaid coverage. Which provides essential services for many senior Americans as one of the coverages offered by Medicaid is nursing home or long term care. Individuals and families that face the need for long term care without the assistance of Medicaid coverage usually find the costs insurmountable and financially devastating. Yet, the eligibility requirements for Medicaid appear to limit benefits to those who are already impoverished. At this point, Qualified Income trusts can step in to help seniors and younger individuals putting Medicaid planning in place early. Qualified Income trusts...

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Medicaid Planning: How to Care for Your Aging Parents

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Providing the necessary care for aging parents is challenging, both financially and emotionally. Studies indicate that close to 50% of family caregivers spend over $5,000 each year. 30% say they spend over $10,000. If you have aging parents, are you ready to help? Do you know how to provide care for your aging parents? Providing Care for Aging Parents: Communicate Clearly: Speak with your parents openly. You will probably have to ask hard questions. Do they have a strategy in place to cover the costs of long-term care? They may need encouragement to seek the assistance of a Medicaid planning...

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Discussing Personal Service Contracts and Caregiver Income Taxes

Personal Services Contracts (also known as Family Medicaid Caregiver Agreement), are one of several potential Medicaid planning techniques regularly used to protect Medicaid applicants’ resources. Many have questions regarding the tax implications of this strategy. At Elder Solutions Law Firm, we do not employ any tax experts, and we do not provide income tax advice. We are not CPAs or tax attorneys. For detailed questions related to taxes, we recommend getting in touch with a tax specialist. But we can provide information on Personal Services Contracts and common issues you may experience. The Medicaid Family Caregiver Agreement: An Overview Florida law allows...

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What Do You Need for Your Medicaid Planning Consultation?

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The most crucial element of Medicaid Planning is timing, so if you are worried about not locating a document or a piece of information, do not delay your appointment. Time is of the essence. If you are preparing for your consultation with an elder law attorney, there are several items and pieces of information you should attempt to locate and bring along. What to Bring to Your Initial Medicaid Planning Consultation: *All information below applies to both the Medicaid applicant and the spouse. Again, to reiterate, if you cannot find any of the items listed, do not delay your appointment. Go...

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Common Florida Medicaid Planning Issues

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Do you already know Florida Medicaid requirements? If you said yes, please keep reading anyway. The Medicaid application and eligibility process is confusing. Even those who think they know the requirements often make costly Medicaid mistakes. These costly Medicaid mistakes are typically based on common misconceptions about how Medicaid determines eligibility for benefits. Common Misconceptions About Medicaid Eligibility Requirements: Misconception #1: You have to “spend down” all your assets to meet Florida Medicaid Requirements. Some assets do not count toward Florida Medicaid eligibility requirements. Assets that do count can often be restructured to convert them from “countable assets” to assets that...

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Medicaid Planning FAQ: Why is Medicaid Different in Each State?

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Do you know Medicaid is a federal program? That means that the federal government sets the overall rules for the program. Since Medicaid is a federal program, many find it confusing that Medicaid varies from state to state. The reason Medicaid is different depending on your state of residency is because each state administers its own Medicaid benefits. One of the essential rules determined at the federal level states there is no minimum residency eligibility to apply for Medicaid benefits. You can apply for Medicaid benefits the same day you move to a new state. Defining State to State Transfer Rules:...

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Are You Too Young to Think About Medicaid Planning?

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Medicaid is a safety net for people in their later years who cannot afford the costs of long-term medical care. The benefits program is a joint federal and state program designed to offer medical assistance to individuals with low incomes and limited assets available. While the Medicaid program is intended to be helpful to those in need, accessing the benefits requires navigating an application process that many find confusing. Eligibility requirements are often misunderstood, and the overall process is frequently described as cumbersome. The difficulties attached to the Medicaid application process seem to multiply exponentially when an applicant spontaneously applies for...

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What Assets are Exempt from Medicaid Planning?

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Considering you are reading this article, you are probably already aware that there are basic eligibility requirements in place for Medicaid coverage. To be eligible for the Medicaid nursing home benefit, you have to hold $2,000 or less in total assets. You also have to have a monthly income of less than $2,313. (These eligibility requirements are current as of 2019). Knowledge of the basic eligibility requirements is the first step. The next step is to consider the asset test for Florida Medicaid. Florida does not require that Medicaid recipients be utterly impoverished. Certain assets are exempt from the eligibility requirements....

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