Not so long ago, living trusts, also commonly referred to as revocable trusts or family trusts, were used as Medicaid planning tools for married couples in Ohio. A married would put their home in a living trust prior to a Medicaid application. As the home was in a trust and not in the names of the married couple, it was considered a countable resource. As such, it would increase the Community Spouse Resource Allowance (“CSRA”) by the value of the home, thereby allowing the community spouse to spend down excess resources by transferring the home into their individual names rather than spending the… Read the rest
It is a common problem. One spouse’s health is declining. The other spouse is relatively healthy but is having trouble continuing to provide care for the unhealthy spouse at home. Something has got to give. Soon some kind of long-term care facility will be necessary. But how will they afford it?
According to the 2010 Market Survey of Long-Term Care Costs conducted by Metlife, the annual cost of a semi-private room in a Cleveland area nursing home was $75,190 and a private room was $87,600.
Moreover, counter to popular belief, Medicare will not cover prolonged nursing home care. Medicare Part… Read the rest
- You can expect a benefits determination to be made within 30 to 45 days after the application is submitted to the Department of Job and Family Services.
- You will receive a Notice of Approval or Denial. The Notice must contain a clear statement of the agency’s action and the reason for it. If you are approved, it will also contain the date that aid begins and the amount of the aid. If you are denied, it must contain the means of challenging the decision.
- If you are unhappy with the ruling or if you do not receive an approval or denial in a reasonable amount of time, you can request a State Hearing. Requests
When is it too late for Medicaid Planning?
Generally, if there is money left to be saved then there is planning that can be done. However, if you become incompetent then there is little that can be done to save financial assets titled in your name.
What does it mean to be incompetent?
According to Ohio law, a person is incompetent if he is so mentally impaired as a result of a mental or physical illness or disability, or mental retardation, or as a result of chronic substance abuse, that the person is incapable of taking proper care of the person’s self or property or fails to provide for the person’s… Read the rest
Long-term care is not cheap. In fact, it is down-right expensive. The average annual cost of a nursing home room in the Cleveland Metropolitan area is $73,912.50. Moreover, betting that your parents will not need long-term care is a gamble that your parents will certainly lose. Seventy Percent (70%) of people over age 65 will need long term care during their lifetimes and no, Medicare won’t pay for it. Medicare doesn’t cover long-term care costs. Even if a number of criteria are met Medicare only covers the cost of a skilled nursing facility for up to 20 days, with the possibility of an additional… Read the rest