Asset Protection/
Medicaid Planning
The decision to enter a nursing home is highly emotional and requires much consideration. We believe that money matters should not further complicate the stress of your decision. Long-term nursing home care costs are expensive and average $10,000.00 per month; however, with the right planning, Medicaid can help cover these costs.
Medicaid
Medicaid is provided in Indiana under the Family and Social Services Administration Division of Family Resources. It is a much-needed source of health care coverage for the elderly, blind and disabled.
Waiver Services
In addition to the medical services covered under Medicaid, Medicaid also offers additional non-medical home and community-based services under programs known as "waiver services." Waivers are designed as an alternative to institutionalization. Thus, to qualify for waiver services, a person must first meet the level of care to receive services in an institution (hospital, nursing home, or intermediate care facility) and must also be approved for Medicaid.
Eligibility
Resource Limits
To qualify for benefits, the law requires an applicant's resources and income to be below certain limits. An applicant/recipient's total available assets must be less than $2,000.00 for a single person. For a married couple where both individuals are seeking benefits, their total resources must be less than $3,000.00. Resources are valued as of the first day of each month and, if the applicant/recipient is over this threshold, they are ineligible to receive benefits for that entire calendar month. Assets such as the applicant/recipient's home, one (1) vehicle, prepaid funerals, and the like are considered exempt and are not counted in the resource calculation under certain circumstances.
The laws for a married couple where only one individual is seeking benefits, allow a higher resource threshold. These "Spousal Impoverishment" rules are intended to protect the spouse still living at home ("Community Spouse").
Eligibility
Income Limits
In addition to meeting the resource threshold, an applicant/recipient must also meet the Medicaid income threshold in order to qualify for benefits. For those individuals who have income above this threshold, a Qualified Income Trust ("Miller Trust") will be needed. We can help navigate any income issues as part of our planning.
As you are now aware, there are many complex planning and legal challenges presented in Medicaid planning.
Rest assured, with 50 years of experience in handling these challenges, we will be here to help! Please schedule a consultation today, so we can go through your options, answer any questions you have, create an estate and Medicaid plan to fit your needs, and handle the application process from start to finish.