What is Medicaid Planning?
Sep 27, 2016
Email US
Click to Email Us
Medicaid is a government program that unlike Medicare will pay for long term care costs in a nursing home, however, it has strict financial limits. Medicaid planning is simply the process of acquiring Medicaid eligibility while preserving as many of your assets as possible.
Id like to take this opportunity to answer a few of the most common questions that I get:
How much money do I need to have to make Medicaid planning worth it?
-Any assets above the Medicaid limit (currently $2,000 for a single applicant and $119,220 for the applicants spouse) are an opportunity for planning.
Ive heard there is a five year look back but we dont have that long before we need Medicaid, is there anything we can do?
-Yes, even within the five year look back you have planning options. For instance, you could purchase non-countable asset or buy a Medicaid compliant annuity.
I talked to Medicaid and they didnt offer me any of the planning ideas that you have given me, is this even legal?
-Talking to Medicaid about planning opportunities is like discussing tax deductions with the IRS; they wont deny you a legitimate one, but they certainly arent there to help you find one. And yes, Medicaid planning is perfectly legal, just like tax planning is perfectly legal.
Do I need to sell my house to get on Medicaid?/Will Medicaid take my house?
-No to both; at least while you are alive. Since your home is not a countable asset, it will not prevent you from receiving Medicaid. After you pass away though, Medicaid can put a lien on your home in the amount of the services they have provided you. The good news is that if the lien exceeds the value of your home, Medicaid will only take your home and your children will not owe the difference.
As a final note, remember that no two situations are exactly the same and you should base your Medicaid decisions on a professionals guidance and not what happened to your grandmothers best friends cousin.
Editors note: This article was submitted by Ryan N. Morey, Esq. an elder law attorney with Morey Law, P.C. and may be reached at (719) 465-4324 or ryan@moreylawpc.com.
Other Articles You May Like
Trump's Changes to Medicaid
Many Colorado Seniors and Disabled Adults are concerned about the recent funding discussions about Federal, not State, Medicaid changes, and how they might impact Long-term Care Medicaid benefits here in Colorado. There are 40+ different Medicaid programs in the State of Colorado alone, which are funded differently. Some of these Medicaid programs will be impacted by Trumps changes.At this time, it is important to know that the Medicaid changes imposed do not affect Long-term Care Medicaid in Colorado. If you are currently receiving Long-term Care Medicaid benefits or considering applying, you can rest assured that your eligibility, services, and coverage remain intact. Long-term Care Medicaid has already been funded for 2025, therefore nothing will change this year. In addition, there have not been any major changes to Colorado Long-term Care Medicaid in 20 years, and we dont foresee any changes now. In the meantime, if you have any questions about your coverage or need assistance navigating the Long-term Care Medicaid process, please dont hesitate to reach out to Beneficent. www.DoingGoodForOthers.com/contactus
Spring WardrobeTips for Older Adults
Spring is a season of transition, and as the weather changes, so should your wardrobe. For seniors, dressing for changing spring weather can be a challenge. Its important to find the right balance between comfort and style while still dressing appropriately for the weather.Here are some tips for seniors on how to dress for changing spring weather:Layering is keySpring weather can be unpredictable, and temperatures can fluctuate throughout the day. Layering is the best way to ensure that you stay comfortable no matter what the weather brings. Start with a lightweight, breathable base layer such as a cotton or linen shirt, and add a cardigan or sweater for warmth. If its chilly in the morning but warms up later in the day, you can easily remove a layer to stay cool.Choose breathable fabricsAs the weather gets warmer, its important to choose fabrics that are breathable and lightweight. Cotton, linen, and bamboo are all great options that will help keep you cool and comfortable. Avoid synthetic fabrics, which can trap heat and make you feel hot and uncomfortable.Dont forget a raincoat or umbrellaSpring is notorious for its rain showers, so its important to be prepared. Invest in a lightweight raincoat or a compact umbrella that you can easily carry with you. Look for a raincoat that is breathable and waterproof, so you stay dry without getting too hot.Opt for comfortable footwearAs the weather warms up, you may be tempted to break out your sandals or flip-flops. While these are great for the beach, they may not be the most practical option for everyday wear. Instead, opt for comfortable shoes that provide good support and protect your feet. Sneakers, loafers, and slip-on shoes are all great options.Choose bright colors and printsSpring is a time for renewal and rejuvenation, so dont be afraid to add some color to your wardrobe. Bright colors and fun prints can help lift your mood and add some fun to your outfits. Just be sure to choose colors that complement your skin tone and hair color.Dressing for changing spring weather can be a challenge, but with a little planning, you can stay comfortable and stylish no matter what the weather brings. By layering, choosing breathable fabrics, investing in a raincoat or umbrella, opting for comfortable footwear, and adding some fun colors and prints to your wardrobe, you can make the most of the spring season.We care for you and about you.At Senior LIFE, we believe in caring for you in all that you need. Our care plans take a holistic view that are individualized to exactly what you need. We focus on your well-being, working to meet your medical, social, and mental health.And theres no need to worry about medical costs when your enrolled in Senior LIFE and live in the community on Medicaid all services are covered, at no out-of-pocket costs to you.To see if we could help you or a loved one, contact us today.
What Long-Term Care Services Does Medicaid Cover in Colorado?
What Long-Term Care Services Does Medicaid Cover in Colorado? Navigating the complexities of long-term care can be overwhelming, especially for seniors and caregivers. If you're in Colorado and exploring options, Long-Term Care Medicaid offers essential support for seniors needing extended care services. Here's what it typically covers:Services Covered by Long-Term Care Medicaid: Nursing Home Care, Assisted Living, or Memory Care: Comprehensive medical and personal care for those in living communities. Home and Community-Based Services (HCBS): Assistance with daily tasks, such as bathing, dressing, and meal preparation, provided in the comfort of your home or community. Adult Day Care: Structured programs that offer supervision, social interaction, and activities for seniors needing daytime assistance. Real-Life Example:One of our clients, with $100,000 in cash, a home, 2 cars, and a monthly income of $4,000, successfully qualified for Long-Term Care Medicaid. With professional assistance, they were able to access these vital services without exhausting their resources.Colorado's Medicaid program is designed to ensure seniors receive the care they need while protecting their financial well-being. If you're considering applying for Long-Term Care Medicaid, dont hesitate to explore how you, too, can qualify. Take the questionnaire to see if you qualify! www.doinggoodforothers.com/questionnaire