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Certain Gifts Not Penalized for Medicaid Eligibility

Monday, 11 February 2019 15:16

CalendarIt’s almost common knowledge that Medicaid imposes a “five-year lookback” to identify gifts made by a Medicaid applicant.  In most circumstances, if an individual who is applying for Medicaid has given away their assets within the last five years, Medicaid will penalize that individual, even if they are currently out of funds, by not paying the nursing home for a period of months determined by the size of the gift.  (Generally speaking, for every $6,570 given away, Medicaid will impose a one-month penalty.)

But there are a number of permissible gifts incorporated into the Medicaid Act – some more well-known than others – which allow an individual seeking Medicaid to transfer assets out of their name without penalty.

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Preserving Assets While Applying for Medicaid

Thursday, 29 November 2018 00:00

Couple2There is a misconception that one should plan on applying for Medicaid only after all the money has been spent on care.Most nursing facilities aren’t going to go out of their way to tell you all of the ways you can actively plan to preserve assets while applying for Medicaid.But there are a number of planning techniques to preserve assets for the family while ensuring that Medicaid will pay for nursing home care.There is another, related misconception that nothing can be done if you didn’t plan for more than five years prior to your need for long-term care.

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Medicaid Applications: Pitfalls to Avoid

Monday, 17 September 2018 09:18

billsFor many families, placing a loved one in a nursing home is a traumatic and unwelcomed event.  In so many cases, the adult children of elderly parents are signing admission agreements to nursing homes that have a personal guarantee of payment – that if the nursing home doesn’t get paid, the adult child will be personally responsible.  But these individuals are told, “Don’t worry, Medicaid will pay once the money runs out.”  

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Your Elder Years Strategy

Wednesday, 26 April 2017 12:06

 

couple with boatI recently saw two advertisements from companies trying to help people “stop Medicaid from taking your retirement.”  The ads paint a frightening picture and offer advice on how to avoid trouble. Typically, when you read between the lines of these advertisements, you see they’re usually advising you to take one or two strategies: develop some kind of trust, or invest in some kind of financial product. I’m not suggesting that these are bad ideas or that the people sending you these advertisements are bad people. I do suggest that the concern for long-term care is not about buying a product. It’s about establishing a strategy for how you wish to age.

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