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- Health Care Reform 101: What Does It Mean For Seniors, Medicaid...
Posted on 3/31/2010
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Medicaid
- Paying the Nursing Home: A Married Couple's Concerns, and What To Expect in the Medicaid Planning Process
- Home care is growing as a result of the increasing incidence of Alzheimer’s and other dementias, and is the world’s largest provider of non-medical in-home care and companionship services for seniors.
- "Why a 30-Minute Consultation? Do I Really Need One?"
- Are There Still Ways To Save the House? Transferring Property the Right Way ...
- Why Attend Our Seminar On Medicaid, Long Term Care, Vet Benefits and Estate Planning
The Elder Law Office of Shields and Boris, is dedicated to helping families who are overwhelmed or confused by all the decisions they have to make when they have a loved one in a nursing home. If your situation is similar, contact us for a FREE consultation, or feel free to order our FREE report, The Consumer's Guide To Medicaid Planning and Division of Assets. We reveal little known strategies that can help protect you, and your loved ones.
Is a loved one considering, or already in a nursing home? Are you contemplating financial assistance but afraid of potentially losing what you worked so hard to gain? Are you constantly struggling, feeling overwhelmed, frustrated and confused? There's hope -
The Pennsylvania Elder Law Office of Shields and Boris, is dedicated to helping families who are overwhelmed or confused by all the decisions they have to make when they have a loved one in a nursing home. If your situation is similar, contact us for a FREE consultation, or feel free to order our FREE report, The Consumer's Guide To Medicaid Planning and Division of Assets. We reveal little known strategies that can help protect you, and your loved ones.
What Is Medicaid?
Medicaid, otherwise known as medical assistance in Pennsylvania, is a public insurance system that provides free health insurance to persons who are elible. It is jointly funded by the federal and state governments.
In Pennsylvania, the Department of Public Welfare administers medicaid under Pennsylvania's Medical Assistance Program. The County Assistance Office adminsters the program at the local county levels.
Eligibility is determined by being a part of a particular group such as pregnant women, children, older adults, or disabled adults, and also by meeting financial and citizenship requirements.
Medicaid Qualifications
In order to understand Medicaid qualifications, you first need to know how Medicaid treates your assets. Basically, Medicaid breaks down your assets into two seperate categories, non-exempt assets and exempt assets:
Exempt Assets
This includes assets which Medicaid WILL NOT take into account
1. The Home (so long as the equity is not greater than $500,000)
The home must be the principle place of residence. The nursing home resident may be required to show some "intent to return home" even is this never actually takes place.
2. Household and Personal Belongings
Such as furniture, appliances, jewelry, and clothing.
3. One Vehicle
There may be some limitation on value
4. Prepaid Funeral Plans and Burial Plots
5. Cash Value of Life Insurance Policies
As long as the face of value of all policies added together does not exceed $1,500. If it does exceed $1,500 in total face amount, then the cash value in these policies is countable. Also, term life insurance is exempt.
6. Cash
Includes liquid bank accounts not to exceed $2400 or $8,000 depending on income
7. Trusts (depending on the terms of the trust)
8. Certificates of Deposit
9. IRAs and 401ks
10. Stocks, Bonds, or Mutual Funds
Why Seek Advice For Medicaid
As life expectanices and long term care costs continue to rise, the challange quickly becomes how to pay for these services. Many people cannot afford to pay $7,000 to $8,000 per month for the cost of a nursing home, and those who can pay for awhile may find their life savings wiped out in a matter of months, rather than years. Fortunately, the Medicaid Program is there to help.
In fact, in our lifetime, Medicaid has become the long term care insurance of the middle class. But the eligibility to receive Medicaid Benefits requires that you pass certain tests on the amount of income and assets that you have. The reason for Medicaid planning is simple. First, you need to provide enough assets for the security of your loved ones. Second, the rules are extremely complicated and confusing. The result is that without planning and advice, many people spend more than they should and their family security is jeopardized.
The Pennsylvania Elder Law Office of Shields and Boris, is dedicated to helping families who are overwhelmed or confused by all the decisions they have to make when they have a loved one in a nursing home. If your situation is similar, contact us for a FREE consultation, or feel free to order our FREE report, The Consumer's Guide To Medicaid Planning and Division of Assets. We reveal little known strategies that can help protect you, and your loved ones.
What Is Medicaid?
Medicaid, otherwise known as medical assistance in Pennsylvania, is a public insurance system that provides free health insurance to persons who are elible. It is jointly funded by the federal and state governments.
In Pennsylvania, the Department of Public Welfare administers medicaid under Pennsylvania's Medical Assistance Program. The County Assistance Office adminsters the program at the local county levels.
Eligibility is determined by being a part of a particular group such as pregnant women, children, older adults, or disabled adults, and also by meeting financial and citizenship requirements.
Medicaid Qualifications
In order to understand Medicaid qualifications, you first need to know how Medicaid treates your assets. Basically, Medicaid breaks down your assets into two seperate categories, non-exempt assets and exempt assets:
Exempt Assets
This includes assets which Medicaid WILL NOT take into account
1. The Home (so long as the equity is not greater than $500,000)
The home must be the principle place of residence. The nursing home resident may be required to show some "intent to return home" even is this never actually takes place.
2. Household and Personal Belongings
Such as furniture, appliances, jewelry, and clothing.
3. One Vehicle
There may be some limitation on value
4. Prepaid Funeral Plans and Burial Plots
5. Cash Value of Life Insurance Policies
As long as the face of value of all policies added together does not exceed $1,500. If it does exceed $1,500 in total face amount, then the cash value in these policies is countable. Also, term life insurance is exempt.
6. Cash
Includes liquid bank accounts not to exceed $2400 or $8,000 depending on income
7. Trusts (depending on the terms of the trust)
8. Certificates of Deposit
9. IRAs and 401ks
10. Stocks, Bonds, or Mutual Funds
Why Seek Advice For Medicaid
As life expectanices and long term care costs continue to rise, the challange quickly becomes how to pay for these services. Many people cannot afford to pay $7,000 to $8,000 per month for the cost of a nursing home, and those who can pay for awhile may find their life savings wiped out in a matter of months, rather than years. Fortunately, the Medicaid Program is there to help.
In fact, in our lifetime, Medicaid has become the long term care insurance of the middle class. But the eligibility to receive Medicaid Benefits requires that you pass certain tests on the amount of income and assets that you have. The reason for Medicaid planning is simple. First, you need to provide enough assets for the security of your loved ones. Second, the rules are extremely complicated and confusing. The result is that without planning and advice, many people spend more than they should and their family security is jeopardized.
If you have any questions or would like a free consultation call us toll free at 1 800 879 0984 or send us a message through our website by clicking here and we'll be certain to respond.
Elder Law Offices of Shields and Boris
109 VIP Drive
Suite 200
Wexford, PA 15090
Phone: (724) 934-5044
Toll Free: (800) 879-0984
Get Directions
Blog for Medicaid
Library for Medicaid:
- Paying the Nursing Home: A Married Couple's Concerns, and What To Expect in the Medicaid Planning Process
Description: This article has only served to outline the basic issues and rules facing a married couple when one spouse must enter a nursing home. Protection methods, such as the use of Irrevocable Trusts, will help to ensure that individuals may preserve assets for themselves and their future beneficiaries. Contact an experienced attorney who specializes in Pennsylvania Elder Law and Estate Planning, for the right guidance to your matters. - Home care is growing as a result of the increasing incidence of Alzheimer’s and other dementias, and is the world’s largest provider of non-medical in-home care and companionship services for seniors.
Description: Home care is growing as a result of the increasing incidence of Alzheimer’s and other dementias, and is the world’s largest provider of non-medical in-home care and companionship services for seniors. One in eight people aged 65 and older (13 percent) have Alzheimer’s disease, according to the Alzheimer’s Association 2010 Alzheimer’s Disease Facts and Figures report. This national trend could confirm a growing need for more resources. - "Why a 30-Minute Consultation? Do I Really Need One?"
- Are There Still Ways To Save the House? Transferring Property the Right Way ...
Description: So how should Sarah document her care for Mom? The best thing would be to keep a log or journal that sets forth specific incidents or events that, but for the child’s care, might have resulted in Mom’s institutionalization. For instance, note things like gas burners not being shut off, water left running in the tub, Mom’s wandering or other medically dangerous actions. - Why Attend Our Seminar On Medicaid, Long Term Care, Vet Benefits and Estate Planning
Description: Come to listen and interact with legal and financial professionals who have helped over a thousand families, couples, and individuals with estate planning, wills, trusts, powers of attorneys, living wills, probate, special needs planning, Medicaid planning, and asset protection from nursing homes. Attorneys Jim Shields and Tom Boris are authors of notable books including, "The Truth About Revocable Living Trusts and Estate Planning, What To Do When A Loved One Dies, and The Consumer's Guide To Estate Planning, and are members of the National Academy of Elder Law Attorneys.
Frequent Questions for Medicaid:
Elder Law Offices of Shields and Boris
109 VIP Drive
Suite 102
Wexford, PA 15090
Phone: (724) 934-5044
Toll Free: (800) 879-0984
Get Directions
