Caring for an elderly loved one is one of the hardest jobs in the world. Beyond the physical care that must be performed, you also have to practically become an expert in medical care and equipment, pharmaceuticals, and the like. How to pay for medical care is also an issue that should be on your radar. The purpose of this Medicaid Planning Guide is to provide you with an easy to understand guide to Medicaid and how it relates to you the Caregiver and the person you are caring for, who I refer to as the Caregivee.
What is Medicaid?
Medicaid is a health insurance program funded with state and federal … Read the rest
I was just reading a national long-term care website advocating the use of annuities for Medicaid planning purposes. The website stated that in the case of a married couple, where the institutionalized spouse (that is the one in a long-term care facility) has been approved for Medicaid, instead of spending down his spousal share, he can simply give the money to his wife and have her purchase an annuity for her benefit.
This assertion is false in Ohio and provides a powerful example of how important it is to consult with an attorney knowledgeable in Ohio Medicaid law before proceeding with any planning… Read the rest
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
When I talk about Medicaid planning with people, I sometimes get negative responses. As one woman stated, “You mean, give Dad’s money away.” Often people believe that Medicaid planning is only about giving away assets and passing the financial burden of long-term care on to the state.
While it is true that Medicaid planning can certainly be used to preserve hard-earned savings, it is also about improving the quality of life for the individual in need of care and his or her loved ones.
For example, Medicaid Planning can be used to:
… Read the rest
- Increase the amount of money that the spouse of an individual in