navigating medicaid: part2

135 N. Pennsylvania Street Suite 1100 Indianapolis, IN, 46204-2485

Phone: (317) 684-1100

NAVIGATING MEDICAID: PART 2

Phone: (317) 684-1100

In recent decades, long-term care costs for

seniors have dramatically risen.

Phone: (317) 684-1100

Today, the average senior can expect to

spend around $7,500 each month for a

room in one of the state’s nursing homes.

Phone: (317) 684-1100

When ongoing care is needed, that cost

is almost always too much for seniors

to bear on their own.

Phone: (317) 684-1100 Fortunately, Medicaid can help.

Phone: (317) 684-1100

The Medicaid program is the result of a partnership between the federal

and state governments, and provides aid for low-income people –

including seniors, the blind, and the disabled.

Phone: (317) 684-1100

Today, the program is the largest payment source for nursing homes

across the country.

Phone: (317) 684-1100

Because Medicaid is a means-tested program,

however, there are strict qualification guidelines that

must be met by those who want to qualify for benefits.

Phone: (317) 684-1100

As a result, your assets must be below the limits provided for by law.

Phone: (317) 684-1100

Medicaid planning can help you to ensure that

you qualify for Medicaid when you need it most.

Phone: (317) 684-1100

Medicaid planning involves preparing your estate to ensure eligibility, while still protecting your assets from loss.

Phone: (317) 684-1100

For a variety of reasons, Medicaid planning

should begin as early as possible.

Phone: (317) 684-1100

Medicaid’s five-year look-back provisions will examine all asset

transfers you make within a five-year period prior to your application for benefits, and count those assets

when calculating your estate’s actual worth.

Phone: (317) 684-1100

As a result, your planning should ideally begin at least five years

before you apply for the program.

Phone: (317) 684-1100

There is no law that says that you cannot attempt

Medicaid planning on your own.

Phone: (317) 684-1100

However, it is important to recognize that there are eligibility penalties attached to any asset transfers

Medicaid identifies in its five-year review.

Phone: (317) 684-1100

In addition, many people struggle to adequately plan in a way that

secures eligibility while still allowing them enough money to enjoy life prior to entering a nursing home.

Phone: (317) 684-1100

The good news is that you do not have to spend

down all of your assets.

Phone: (317) 684-1100

That is why Medicaid planning is such an integral part of estate

planning: it is the most effective way to actually protect many of your assets without leaving yourself barred from program benefits.

Phone: (317) 684-1100

If you are more than a little confused by all of this,

you’re not alone!

Phone: (317) 684-1100

Millions of Americans rely on experienced Medicaid planning attorneys to help them navigate

through the Medicaid maze.

Phone: (317) 684-1100

You should too.

Phone: (317) 684-1100

An experienced attorney with expertise in this

area of estate planning can help you to safeguard

assets using a variety of different strategies.

Phone: (317) 684-1100

These strategies include the use of gifts, trusts, spending down assets,

and long-term care insurance.

Phone: (317) 684-1100

Things like annuities and promissory notes can also be helpful, depending

on your unique circumstances.

Phone: (317) 684-1100

Gifts are a commonly used tool in Medicaid

planning, but they must be used properly.

Phone: (317) 684-1100

While some people confuse the gifting limits with the annual gift limits permitted under the federal

gift tax rules for purposes of determining estate tax, the Medicaid

gifting limit is much smaller: only $1,200 in total gift value annually.

Phone: (317) 684-1100

The key to making any gift strategy work, therefore, is to start is as

early as you can.

Phone: (317) 684-1100

A Medicaid trust can be a fantastic option for

preserving the value of your estate while still

qualifying for Medicaid.

Phone: (317) 684-1100

When you transfer your assets into a trust in this manner, you ensure that they will still be there for your heirs when you are gone, and help to avoid having them included as wealth when Medicaid calculates

your eligibility.

Phone: (317) 684-1100

Just be sure that those transfers take place outside of the five-year

look-back period.

Phone: (317) 684-1100

Spending down your assets can be a tricky thing to do

when you have even a moderate amount of savings

and wealth, or income that puts you at just over the

eligibility limit.

Phone: (317) 684-1100

An experienced attorney can help you to determine the best strategy to use to utilize the spend down

technique properly.

Phone: (317) 684-1100

Relatively few Americans have long-term care

insurance.

Phone: (317) 684-1100

In Indiana, however, the state has its own Indiana Long-Term Care

Insurance Program that involves a partnership between the

government and various private insurers who offer long-term care

coverage.

Phone: (317) 684-1100

The coverage can help pay a minimum benefit of $115 each day.

Phone: (317) 684-1100

Sometimes, seniors end up being forced to

pursue long-term care before their planning is

Phone: (317) 684-1100

In those instances, there are very few strategies left to them. One involves the promissory note.

Phone: (317) 684-1100

This technique basically involves a loan made by the senior to another

person right before the senior enters a nursing home, in return for monthly income payments.

Phone: (317) 684-1100

For many Medicaid planning efforts, the key to

making everything work is to use a variety of

these tools in a more comprehensive way.

Phone: (317) 684-1100

Your Medicaid planning strategy should be as diverse as needed to

accomplish your goals.

Phone: (317) 684-1100

At the same time, it is vital to remember that even

the smallest of errors can result in costly

penalties.

Phone: (317) 684-1100

Just missing one asset could potentially result in months of

program ineligibility – leaving you liable for those nursing home bills.

Phone: (317) 684-1100

Careful attention must be paid to all plan details to ensure that you avoid

those penalties.

Phone: (317) 684-1100

Need Help?

The best way to avoid those mistakes is to rely

on experienced legal experts who understand the

Medicaid planning process.

Phone: (317) 684-1100

Your long-term care is too important to leave to chance.

Phone: (317) 684-1100

At Frank & Kraft, Attorneys at Law, we have the expertise you need to

make sure that your Medicaid planning accomplishes all of your

long-term care goals.

Phone: (317) 684-1100

We can work with you to protect your estate assets while also

providing you with the assurances you need to know that your

program benefits will be available if you ever need them.

Phone: (317) 684-1100

To learn more about how we can help you with all your Medicaid planning needs, call us today at

(317) 684-1100, or visit us at our website.

Phone: (317) 684-1100

navigating medicaid: part2

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