Central and Southeast Ohio Medicaid Planning Lawyer
The Jarvis Law Office helps Ohio residents qualify for Medicaid to pay for long-term care.
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Medicaid Planning in Ohio
Long-term care is often both expensive and necessary. When the time comes that you need assistance, you want to have a plan in place to pay for your care. That’s where Medicaid planning can help. Our Central and Southeast Ohio Medicaid planning lawyer can help you qualify for the program without losing your assets. Then, you won’t ever need to worry about being a burden on your loved ones and can still pass down assets to your beneficiaries without sacrificing the quality of your care.
It’s important to start Medicaid planning as early as possible in your later years. While there is a five year look back with Medicaid, we may not need five full years to protect you and your family. The most important thing is to start planning as soon as you are able, hopefully at least five years before you’ll require care. Since you aren’t sure when that might be, it’s never too early to begin. Contact our Ohio Medicaid planning lawyer today for a free consultation.
Can you have “too much” to qualify for Medicaid to help with the extremely high cost of long term care? Unfortunately, the answer can be yes. However, you, and your elder law attorney, can work together to become eligible without having to lose or “spend down” everything you have.
The best way to do this is to work with an elder care attorney BEFORE you or your loved need care.
Medicaid will review your application to determine your eligibility. To be eligible, you must:
- Be disabled or 65 or older
- Meet the asset requirements
- Meet the income requirements
Your Central Ohio Medicaid planning lawyer can help you meet the income and asset requirements, without going broke. With the right strategy, you can keep your assets and income and get the quality care you need
Medicaid Asset Protection Trusts
Many people set up Medicaid asset protection trusts so they can qualify for benefits to offset the burdonsome cost of long term care. A Medicaid asset protection trust is very different from a revocable living trust, which is what most people are familiar with. This special type of trust is often a crucial tool for an elder care lawyer to use in keeping the person’s assets out of the spend down category while still allowing the person to become eligible for Medicaid to help with their care costs. Assets help in a Medicaid asset protection trust don’t count toward the program’s asset limit.
However, Medicaid has a lookback period of five years from the date you apply for the program. When you submit your application, the government will check for all transfers made within the last five years. When there is a transfer within the last five years, there is a corresponding consequence or “penalty” imposed by Medicaid. Your elder care lawyer will be planning for that and incorporating a “remedy” into the plan they create to protect you and minimize or eliminate those penalties when there is less than five years to work with. Thus, it’s important to contact a Southeast and Central Ohio Medicaid planning lawyer soon to start the process.
Income And Asset Limits
As of 2022, you cannot make more than $2,523 a month or have more than $2,000 in assets to qualify for Medicaid as an individual. If both you and your spouse are applying, your income limit is $5,046 a month, and the asset limit is $3,000. Even if you are well over the limit, your Ohio Medicaid planning lawyer can help. Consult with a lawyer today to find out if they can help you qualify.
What’s Considered Income?
The government counts all money that you receive as income. That includes pensions, social security, stock dividends, and more. If you are unsure of how much income you earn, consult with an elder law attorney. Your lawyer will go over your finances to determine the strategies necessary to help you qualify for Medicaid.