Can I Give Away Assets To Qualify for Medicaid
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You can give gifts to your loved ones with future Medicaid eligibility in mind. Learn more about medicaid in this presentation.
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Can I Give Away Assets To Qualify for Medicaid
- 1. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF CAN I GIVE AWAY ASSETS TO QUALIFY FOR MEDICAID?
- 2. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF TWILIGHT YEARS When retirement planning crosses your mind, you probably think about the good times that lie ahead.
- 3. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF If you accumulate enough resources, you may be able to live your retirement dream.
- 4. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
- 5. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF LIVING ASSISTANCE
- 6. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF A very significant percentage of senior citizens will someday need help with their day-to-day needs.
- 7. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF The figure is 70 percent according to the United States Department of Health and Human Services.
- 8. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF NURSING HOME CARE
- 9. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Many people who require long-term care will eventually reside in nursing homes.
- 10. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF The United States Census Bureau tells us that 24.5 percent of people who are at least 85 are nursing home residents.
- 11. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Half of people who are at least 95 are residing in nursing homes.
- 12. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF LONGEVITY
- 13. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF If you are thinking that most people do not live until they are in their mid-eighties and beyond, you should understand the facts.
- 14. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF The life expectancy for someone who is turning 67 today is at least 85.
- 15. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF THE COST OF CARE
- 16. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Genworth Financial has been conducting an ongoing study that provides a great deal of information about nursing home costs.
- 17. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF We practice law in Annapolis, Bowie, Millersville and Waldorf, MD.
- 18. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF According to the study, the median charge for a year in a private room in Maryland is over $110,000.
- 19. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF MEDICARE
- 20. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Most elders will qualify for Medicare when they reach the age of 65.
- 21. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF This is a valuable health insurance program, but it does not cover everything in full.
- 22. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Plus, Medicare does not pay for nursing home care at all.
- 23. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF THE MEDICAID PROGRAM
- 24. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Medicaid is another government health insurance program that does pay for nursing home care.
- 25. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF This is the good news, but the bad news is that you cannot qualify if you have more than $2500 in countable assets in your own name.
- 26. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF GIVING AWAY ASSETS
- 27. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF However, you have to act in advance if you want to become eligible at the ideal time.
- 28. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF You have to complete your gift giving at least five years before you apply for Medicaid.
- 29. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF If you violate this rule, your application will be denied at first, and you will have to pay out-of- pocket for a certain period of time.
- 30. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF SCHEDULE A MEDICAID PLANNING CONSULTATION
- 31. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Careful, informed planning is the key to nursing home asset protection.
- 32. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF If you would like to discuss things with a licensed elder law attorney, contact us to schedule a consultation.
- 33. ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF Or visit our website www.sinclairprosserlaw.com Nicole Livingston Jon J. Gasior Colleen SinclairProsser Victor A. Lembo