Medicaid Planning In Ohio
- Be disabled or 65 or older
- Meet the asset requirements
- Meet the income requirements
Medicaid Asset Protection Trusts
Many people set up Medicaid asset protection trusts so they can qualify for the program. This is an irrevocable trust, so you cannot modify or revoke it once you create it. In addition, after you transfer assets into the trust, they’re no longer part of your estate. Thus, they 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. Those transfers will count toward your estate. Thus, it’s important to contact a Southeast and Central Ohio Medicaid planning lawyer soon to start the process.
Do you depend on annuities as part or all of your income? If so, your Central Ohio Medicaid planning lawyer will review them to make sure they’re Medicaid-compliant. Otherwise, the money will count toward your income and asset limits.
Income And Asset Limits
As of 2021, you cannot make more than $2,382 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 $4,764 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 how an irrevocable trust and other strategies can help you qualify.
What’s Considered Income?
The government counts all money that you receive as income. That includes pension, social security, stock dividends, and more. If you are unsure of how much income you earn, consult with an attorney. Your lawyer will go over your finances to determine the strategies necessary to help you qualify for Medicaid.