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MEDICAID PLANNING
Ronald J. GogulAttorney at Law
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MEDICAID PLANNING Ronald J. Gogul has been an
attorney for 35 years. His practice emphasizes Estate
Planning and Medicaid Planning.
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THE ISSUES YOU FACE PEOPLE ARE LIVING LONGER 64%OF PEOPLE SURVEYED
INDICATED THAT THEY DID NOT WANT TO MOVE IN WITH THEIR CHILDREN SHOULD THEY NEED HELP.
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THE ISSUES YOU FACE 32% OF PEOPLE SURVEYED BELIEVE
THEY WILL NEED HELP FROM THEIR CHILDREN.
ONLY 12% OF PEOPLE SURVEYED HAVE PURCHASED LONG TERM CARE INSURANCE.
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ISSUES YOU FACE THE AVERAGE DAILY COST OF A
PRIVATE ROOM IN A NURSING HOME IN THE UNITED STATES IS $70,080 OR $192 PER DAY.
THE AVERAGE LENGTH OF STAY IN A NURSING HOME FOR CURRENT RESIDENTS IS 2.4 YEARS, WHICH MAKES THE COST $168,192.
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THE ISSUES YOU FACE ALTERNATIVES ARE: SPEND DOWN ALL YOUR ASSETS, IF
YOU BECOME ILL GIVE EVERYTHING AWAY TO YOUR
CHILDREN TODAY DEVELOP A PLAN TO PROTECT YOUR
HARD EARNED ASSETS
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RESOURCES AND ASSETS
SINGLE PERSON
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RESOURCES AND ASSETS $1,500.00 IS MAXIMUM ALLOWED CANNOT APPLY IF ASSETS EXCEED PREPAID FUNERAL IS ALLOWED ALL INCOME MUST GO TO HOME MONTHLY PERSONAL NEEDS
ALLOWANCE IS $40.00
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RESOURCES AND ASSETS COMMUNITY SPOUSE
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RESOURCES AND ASSETS SPOUSAL RESOURCE MAXIMUM
ALLOWANCE FOR 2005 IS $99,540.00
SPOUSAL RESOURCE MINIMUM ALLOWANCE FOR 2005 IS $19,908.00
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RESOURCES AND ASSETS MIMINUM
MONTHLY MAINTENANCE NEEDS ALLOWANCE IS $1,604.00
MAXIMUM MONTHLY MAINTENANCE NEEDS ALLOWANCE IS $2,489.00
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RESOURCES AND ASSETS IF COMMUNITY SPOUSE ENTITLED TO
ADDITIONAL INCOME THE JOINT ASSETS CAN BE USED TO PAY THE SPOUSE THE NECESSARY INCOME.
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RESOURCES AND ASSETS SHELTER
STANDARD IS $482.00
STANDARD UTILITY ALLOWANCE IS $487.00
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RESOURCES AND ASSETS EXEMPT RESOURCES if married: Home One automobile Household goods Prepaid irrevocable funeral contracts Home improvements Legal or medical expenses
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TRANSFER OF RESOURCES TO COMMUNITY SPOUSE
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TRANSFER OF RESOURCES HOME TO DISABLED CHILD OR
CHILD UNDER AGE 18 HOME TO SIBLING UNDER SPECIAL
CIRCUMSTANCES
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TRANSFER OF RESOURCES HOME TO A CARETAKER CHILD
ALLOWED UNDER CERTAIN CIRCUMSTANCES
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IMPROPER TRANSFERS Divestment penalty divisor for 2006
is $4,806.00
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IMPROPER TRANSFERS Five year look back for most
transfers.
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IMPROPER TRANSFERS Five year look back for Irrevocable
Trusts
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PLANNING FOR MEDICAID LONG TERM CARE INSURANCE 90 DAY WAITING PERIOD 5 YEAR BENEFIT HOME HEALTH CARE OPTION CAN BE EXPENSIVE YOU NEED TO GET A QUOTE!
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PLANNING FOR MEDICAID DURABLE POWER OF ATTORNEY FOR
BUSINESS HEALTH CARE POWER OF ATTORNEY LIVING WILL
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PLANNING FOR MEDICAID QUALIFIED RESIDENCE TRUST FAMILY LIMITED PARTNERSHIP
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PLANNING FOR MEDICAID DIVORCE MAY BE AN ANSWER
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PLANNING FOR MEDICIAID IRA’S CAN BE A PROBLEM BEFORE 701/2 OR AFTER 701/2 NEED SPECIAL TREATMENT INCOME TAX IMPLICATION
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PLANNING FOR MEDICAID MEDICAID FRIENDLY ANNUITIES ANNUITIZE OVER LIFE EXPECTANCY NOT ALL INSURANCE COMPANIES
OFFER THESE PRODUCTS NEW BENEFICIARY REQUIREMENTS
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PLANNING FOR MEDICAID NEVER APPLY FOR MEDICAID
DURING THE PENALTY PERIOD ALWAYS HAVE A RIGHT TO A
HEARING IF YOU ARE DENIED PENALTY START DATE IS NOW THE
DATE OF APPLICATION NOT THE DATE OF THE TRANSFER
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ESTATE RECOVERY PROCESS BY WHICH OHIO
RECOVERS FUNDS FROM ESTATES OF PERSONS WHO PASS AWAY WHILE ON MEDICAID
AUGMENTED “ESTATE” DEFINITION
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PLANNING FOR MEDICAID STARTS WITH A COMPLIMENTARY
CONSULTATION TO DETERMINE THE ISSUES YOU AND YOUR FAMILY FACE.
YOU NEED TO DECIDE WHETHER YOU NEED A PLAN TO ADDRESS THIS IMPORTANT ISSUE.
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PLANNING FOR MEDICAID IF YOU DECIDE TO DEVELOP A PLAN
IT WILL BE A WRITTEN ANALYSIS WITH MY SPECIFIC RECOMMENDATIONS.
I WILL ALSO BE AVAILIABLE TO ASSIST YOU WITH THE MEDICAID APPLICATION PROCESS IF IT IS NECESSARY.
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PLANNING FOR MEDICAID REMEMBER, IT DOESN’T COST YOU
ANYTHING TO OBTAIN PROFESSIONAL ASSISTANCE.
YOU EITHER PAY THE ATTORNEY OR THE NURSING HOME.
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PLANNING FOR MEDICAID QUESTIONS