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Planning Will Help Protect You and Your Family
Issues regarding the elderly
and disabled are complex. Now, Federal and State laws have changed
drastically and finding answers to your questions can be difficult. Here
are a few of the most frequently asked questions.
1.
How Can We Help You?
It is a very emotional time when faced with the illness of your spouse or
aging parent. Getting the best care for your loved one is critical. Yet,
the fear of how to pay for that care can be overwhelming, causing you to
take no action at all. You do not have to be alone when making these
decisions. Like the hundreds of clients before you, we help you understand
all your options for getting Medicaid while protecting assets. It is what
we do. Here are a few simple answers to frequently asked questions.
2. How Do I Apply?
Please do not rush to fill out a Medicaid application. In most cases,
Medicaid eligibility can be obtained retroactively for up to 3 months. In
fact, we often see avoidable mistakes made by applying too soon, even if
you think you meet Medicaid eligibility already. So, please do not allow
anyone to apply for Medicaid until you have received one-on-one legal
guidance from our office. Planning should be done before the Medicaid
application. Where it is necessary, we can help develop a comprehensive
plan to meet Medicaid's spend-down requirements (see chart), while
protecting assets.
|
2009 Asset and Income Eligibility Levels* |
|
Recipient |
Spouse |
|
Assets |
Maximum:
$2000 |
Assets |
Maximum:
$109,560 |
| Minimum:
N/A |
Minimum:
N/A |
|
Income |
Maximum:
$2,739/month |
Income |
Maximum:
Unlimited |
| Minimum:
N/A |
**Minimum:
$1,821.25/month |
Shelter
Allowance |
$546.38 |
*Effective January 1, 2010
** For purposes of determining spousal diversion amount |
Most of the time, our
comprehensive plans will include our services for filing the Medicaid
application also.
3. Will Medicaid Take My House Or Car?
A car of any value will not be counted as an asset. As for a home which
was previously exempt under the old law, the new Medicaid laws count a
homestead of greater than $500,000 in value as a countable asset,
requiring spend-down, in most cases.
4. If My Spouse Needs Medicaid, What Can I
Protect?
Assets exempt from Medicaid include: a prepaid burial plan and burial
plot; personal effects and furnishings; irrevocable pre-paid funeral plan
of any value and life insurance with cash value up to $2,500. Countable
assets for the spouse may equal $109,560, while the ill spouse may keep
$2,000. While most income of an ill person must be paid to the nursing
home, an unlimited amount of income belonging to the spouse may be kept.
More questions and answers
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