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Medicaid Planning Articles



March 9, 2022

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medicaid planning


Medicaid Compliant Annuity: How to Become Medicaid Eligible

If you or a loved one are looking to become eligible for Medicaid to help pay for long-term care, you may wonder how you can spend down your excess assets. And if your loved one is already receiving care, Medicaid Compliant Annuities may be the answer you are looking for.

March 7, 2022

medicaid planning


What Does Medicaid Allow for Funeral Expenses?

Medicaid allows up to $15,000, in most states, to be funded into an irrevocable funeral expense trust for funeral expenses. The funeral expenses can include the following: Funeral home fees Musicians for service Headstone Death Certificate Hearse Cemetery Fees Burial Plot Casket Flowers (will vary based on state)

February 18, 2022

calendar

medicaid planning


What is the Medicaid Lookback Period? 

If someone you love is in need of senior care or long term care, and you’re helping them apply for Medicaid eligibility, then you’ll likely come across the term “look back period”. The lookback period is an extremely important term that can help you understand how to avoid steep financial penalties.

February 11, 2022

house with white picket fence

medicaid planning


What are Countable Assets & How Do I Spend Them Down?

An aging adult applying for Medicaid may realize they have many assets but they don’t know which assets Medicaid will count and which will be uncountable. Countable assets become important as a long-term care Medicaid applicant attempts to spend down these assets to receive benefits.

February 3, 2022

man signing papers

medicaid planning


Medicaid Trusts: How to Use An Irrevocable Trust in Planning

If you are planning in advance for long term care, and hope to use Medicaid coverage down the road - then an Irrevocable Trust may be right for you. Sometimes referred to as a “Medicaid Trust”, these legal products can be a very helpful spend down tool, especially if you have a little time on your side. 

February 2, 2022

medicaid planning


Medicaid Planning, Strategies & Resources

If your loved one is in need of long term care, you may need Medicaid benefits to help you subsidize or lower the cost. This is a great way to preserve assets or create a legacy for your family. The only problem is that you have to become eligible to receive benefits.

February 1, 2022

medicaid planning


What is the Asset Limit for Medicaid?

The asset limit for Medicaid is around $2,000 for a single person and $3,000 for a couple, however, this limit will vary depending on the state in which you reside. This asset limit includes cash, saving accounts and physical items. You can learn more about Medicaid eligibility here.

January 27, 2022

medicaid planning


Spend Down Ideas & Strategies for Medicaid Eligibility

An applicant is only allowed so many assets to qualify for Medicaid coverage but recklessly spending down your assets can lead to a lengthy penalty period.

December 2, 2021

elderly couple sitting on bench by water

medicaid planning


How to Protect Assets from the Nursing Home

If you or a loved one needs to enter a nursing home, you might be worried about losing your nest egg paying the monthly bill. Fortunately, with the right guidance, resources, and strategies, you can safeguard your assets and preserve them for your spouse or future generations.

November 17, 2021

dollar bills rolled up

medicaid planning


How Much Does Medicare Pay for Long-Term Care?

Many seniors are under the assumption that Medicare will cover some or all of their long-term care. Unfortunately, that is not the case. Medicare only covers a nursing home stay in specific circumstances for elderly or disabled individuals who are recovering from an injury, illness, or some other adverse health event.

December 3, 2020

front of house with orange door

medicaid planning


What Assets Can You Keep on Medicaid?

In addition to Medicaid’s income restrictions and non-financial requirements, applicants must also meet specific asset limitations. In fact, the asset qualification is typically the hardest for applicants to meet. Fortunately, not all of your assets are countable for Medicaid purposes. You can keep certain exempt assets while still qualifying for Medicaid.

November 19, 2020

person handing cash to another person

medicaid planning


How to Pay for a Nursing Home Stay

The reality is that 70% of seniors will require long-term care at some point in their lives. Unfortunately, many of them are unprepared for the high costs associated with the nursing home. And they’re stuck asking themselves, “How am I going to pay for this?” Well, if you’re wondering how to pay for a nursing home stay, you’re in the right place.

October 15, 2020

stamp on application paperwork

medicaid planning


What Happens When You Get a Medicaid Denial?

Since Medicaid has such strict financial requirements and a comprehensive application process, it’s possible you might receive a denial. Fortunately, you have the right to appeal the unfavorable decision and request a fair hearing. Here's what to expect in the event of a denial.

September 24, 2020

stack of paperwork with pens and glasses on a table

medicaid planning


How to Complete the Medicaid Application

If you are in the Medicaid planning process, the final step in your plan is to complete the Medicaid application. Your state’s Medicaid agency will provide all the details you will need as you fill out your application. But we wanted to give you an overview of what to expect throughout the application process.

September 10, 2020

scales of justice

medicaid planning


The Legislative History of Medicaid

The Medicaid program has been around for a while, but it’s gone through several updates since it was first signed into law. Let’s take a journey through those legislative changes to see how we got the Medicaid program we have today, specifically as it pertains to long-term care.

August 13, 2020

coins in a jar and stacks next to it

medicaid planning


What are Medicaid’s Income Restrictions?

Since Medicaid is designed for individuals with limited means, you must meet specific asset and income limitations in order to qualify. It’s important to understand these restrictions before establishing a Medicaid plan and applying for benefits. So, let’s walk through the income restrictions for Medicaid.

July 30, 2020

elderly man with cane sitting with nurse

medicaid planning


What is Medicaid?

Medicaid is a government program funded on both the state and federal levels that is designed to provide health coverage for individuals with limited income and assets. Find out how Medicaid can help older adults pay for their long-term care.

July 16, 2020

Calculator and calendar

medicaid planning


What are the Medicaid Lookback and Penalty Periods?

If a Medicaid applicant has given a gift during the lookback period, they may be subject to a penalty period, during which they will be ineligible for benefits. Being aware of the lookback and penalty periods is crucial for anyone planning for long-term care.

July 9, 2020

Elderly married couple holding hands

medicaid planning


What Happens When One Spouse Goes into a Nursing Home?

When only one spouse requires nursing home care, you may have trouble determining the best way to pay for care in order to prevent impoverishment for the spouse at home. Learn how each spouse has different financial qualifications for Medicaid.

July 8, 2020

Glasses on a desk

medicaid planning


What Does Medicaid Cover in a Nursing Home?

Medicaid coverage for nursing home care is unlimited as long as you remain financially eligible. Here’s a breakdown of what Medicaid covers in a nursing home as well as some of the additional amenities you may be charged for.

July 8, 2020

Attorney discussing Medicaid Spend Down

medicaid planning


How to Spend Down Assets for Medicaid

If you are facing a nursing home stay, chances are you’ve considered Medicaid. But what happens if you have too many assets to qualify? Fortunately, you have several options to spend down those assets and accelerate your Medicaid eligibility.

May 6, 2020

Cash on a calendar

medicaid planning


What is a Medicaid Compliant Annuity?

If you are currently paying out of pocket for the nursing home, you may benefit from a Medicaid Compliant Annuity (MCA) – one of the most powerful Medicaid planning tools available. Continue reading to learn more about Medicaid Compliant Annuities and find out if it’s the right product for you.