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Home >> What You Don’t Know About Medicaid Could Hurt You

What You Don’t Know About Medicaid Could Hurt You

April 11, 2021 by Robert Kulas.

Vero Beach Medicaid planning attorney

If you are at, or nearing, retirement age, and you have never before needed to rely on Medicaid to cover your health care costs, you may know very little about the program. If so, now is a good time to change that because there is a particularly good chance that you, or your spouse, will need to rely on Medicaid in the future. To help you get started, a Vero Beach Medicaid planning attorney at Kulas & Crawford explains five things you really need to know about Medicaid.

  1. Being covered under Medicare does not mean you will not need Medicaid.  Most Americans pay into Medicare over the course of their working years which results in automatic enrollment in Medicare when they turn 65 years old. If that includes you, it is important to know that while Medicare will cover many of your basic healthcare expenses, it will not cover LTC expenses. You may also retain private health insurance coverage. Unless you purchased a separate long-term care (LTC) policy your policy likely excludes LTC expenses.  Medicaid, however, does cover LTC expenses which is why many seniors rely on both Medicare and Medicaid at some point.
  2. You can own a home and still qualify for Medicaid. It is true that eligibility for Medicaid is based, in part, on the value of your “countable resources.” In most states, an individual cannot have countable resources valued at over $2,000 or the application for Medicaid will be denied. What many people do not know is that most states also exempt a primary residence up to an equity limit. Your home could be at risk after you are gone if you rely on Medicaid to cover LTC expenses. The Medicaid Estate Recovery Program (MERP) can file a claim against your estate after your death to seek reimbursement for expenses paid on your behalf while you were alive. Incorporating a Medicaid planning component into your estate plan can protect your assets now and after you are gone while simultaneously ensuring that you are eligible for Medicaid if you need it in the future.
  3. Your spouse will not be less with nothing if you need to rely on Medicaid.  Prior to changes in the federal Medicaid rules, the spouse that remained in the home (the “community spouse”) was frequently left destitute because of the “countable resources” and “spend-down” rules. The Spousal Impoverishment Rules, however, changed that. A community spouse is now entitled to retain a significant portion of a couple’s countable resources as well as sufficient income of his/her own or even some of the institutionalized spouse’s income, if necessary, to provide a basic standard of living.
  4. Last minute asset transfer won’t work if you need to qualify for Medicaid. At one time it was possible to transfer assets to adult children or other adults you trusted in anticipation of applying for Medicaid; however, Medicaid now uses a five-year “look-back” rule that prevents those asset transfers. Your finances will be scrutinized, and any transfers made for less than fair market value will likely be discounted, and you will incur a waiting period. The length of the waiting period will depend on the value of the assets in question and the cost of LTC where you live.
  5. Medicaid may help pay for alternatives to nursing home care. Most seniors want to remain in their homes as long as possible before they are stuck in a long-term care facility. Medicaid may be able to help with this as well. In most states, Medicaid will cover alternatives to nursing home care, such as daily home health aides, community care, and assisted living. Some states even have waiver programs that allow family caregivers to receive payment for the care they provide.

Contact a Vero Beach Medicaid Planning Attorney

To learn more, please join us for an upcoming FREE seminar. If you have additional questions or concerns about Medicaid planning updates after a divorce please contact an experienced Vero Beach Medicaid planning attorney at Kulas & Crawford by calling (772) 398-0720 to schedule a consultation.

Filed Under: Medicaid

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Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

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I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

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Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

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Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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