15: Debunking the Medicaid Myths
Bellomo & Associates
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Mar 31, 2023
Pennsylvania - South Central PA
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Episode Summary
Several myths about Medicaid have taken hold in our public consciousness. Oftentimes, because of these myths, people who seek help from Bellomo & Associates have formed strong opinions about Medicaid before they really understand it. Today, Jeff debunks the myths so that you can make good health care decisions while ensuring that your assets are protected.
Key Takeaways
Takeaway 1: These are Medicaid MYTHS – 00:55
Myth: The county nursing home is your only option
Myth: The state will take your home and assets
Myth: You must wait 60 months (5 years) after giving away your assets before you can qualify for Medicaid
Myth: If you’re already in a care facility, it’s too late to protect your assets
Takeaway 2: Medicaid is a federal program – 02:09
Each state interprets the Medicaid law a bit differently
The Pennsylvania (PA) “Long-Term Care Handbook” is used by caseworkers and is available to the public
Takeaway 3: Most nursing homes accept Medicaid – 05:12
You are not limited to a county nursing home when using Medicaid
Sixteen out of 17 nursing homes in York County accept Medicaid
Takeaway 4: You can protect your home via smart estate planning – 07:23
“Estate recovery” enables the state to make a claim on your assets that are not protected when you die
In PA, estate recovery will go after any unprotected assets over $2,400 in the probate estate
One way to protect your home before and after you die is to place the home under joint ownership or remove your name entirely
Takeaway 5: “Crisis planning” is estate planning that happens when an individual is already in a nursing home or will soon be placed in a nursing care facility – 11:53
It’s important to draw down your assets in a way that protects the assets and ensures that you qualify for Medicaid
A gift is a transfer of assets to another individual for less than fair market value
Gifting during the “look-back period” of 60 months (5 years) can result in a delay in Medicaid eligibility
Tax law allows an annual exclusion gift of $16,000/year, but this can carry implications for long-term care eligibility
You can make unlimited asset transfers to your spouse or set up a Medicaid qualified annuity during the look-back period
Avoid dealing in cash because, when filing a Medicaid application, it’s important to be able to prove what was or was not gifted during the look-back period
Takeaway 6: Protecting assets via estate planning is completely legal – 20:40
Failing to understand the truth behind the Medicaid myths can be costly
The law allows estate planning and elder care experts to protect the assets of middle-class people
Links and Resources Mentioned
Pennsylvania Long-Term Care Handbook
http://services.dpw.state.pa.us/oimpolicymanuals/ltc/Long-Term_Care_Handbook.htm
Bellomo & Associates workshops, including Medicaid: https://bellomoassociates.com/workshops/
For more information, call us at (717) 845-5390.
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- To view the original version of this article visit www.youtube.com/watch?v=FQFBohz5cdg&list=PL7k7-MvzIrRgmTeFTi7RMP8vGjYar10V3&index=12
- Seniors Blue Book was not involved in the creation of this content.
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Bellomo & Associates
Estate Planning 3198 E Market St, York, Pennsylvania, 17402We Educate so what happened to the Bellomo Family doesn't happen to yours!Our firms mission is to ensure that you and your family never needlessly, painfully suffer. Every team member has a personal story that has brought us here to advocate for you and your family. We want to replace your burden with peace of mind. We have the answers, but more important, we have your back.Bellomo & Associates, LLC advises Individuals and families, business owners, senior citizens, and their families about the estate planning and elder law challenges facing them today. For seniors and their families facing the issues of aging, or for those of any age who wish to protect their familys financial future, we counsel clients and provide solutions on Asset Protection; Specials Needs Trusts; Wills; Trust Design; Medicaid; Estate Planning; Nursing Home Matters; and Estate Administration. For our clients who own businesses, our team assists them with succession planning for their business in conjunction with their estate planning. We have office locations in York, PA, and Lancaster, PA.We offer FREE workshops! Our workshops are fun and entertaining ways to learn! We provide you with the information to decide what is right for you. If after attending, you decide we arent the right fit no problem! Youll never feel any pressure from our team.