While Medicare gets most of the news coverage, Medicaid still remains a bit of mystery to many people. The fact is that Medicaid is the largest source for funding nursing home care, but there are many myths about exactly who qualifies for it and what coverage it provides. Here are five myths followed by the real story. Medicare will cover my nursing home expenses. Medicare's coverage of nursing home care is quite limited. Medicare covers only up to 100 days of "skilled nursing care" per illness. To qualify, you must enter a Medicare-approved "skilled nursing facility" or nursing home within…
Many elder law attorneys advise clients to consider using annuities as a means to protect assets for the community spouse when their spouse is in the nursing home. An important decision was reached that may benefit planners and their elder law clients in achieving asset protection goals. Reversing a district court, a U.S. court of appeals holds that an annuity is an unavailable resource even if it is purchased in addition to the community spouse resource allowance, and that there is no transfer penalty for the couple’s purchase of the annuity prior to a determination of Medicaid eligibility. Morris v….
Community Spouse, Community Spouse Resource Allowance (Minimum and Maximum), Monthly Maintenance Needs Allowance (Minimum and Maximum), Penalty Divisor, Resource Limit, Exempt and non-Exempt Resources — should you care what these terms are? Well, if you're part of a married couple and you're concerned about the possible need for nursing home care for you and/or your spouse, you should. The option for paying for the nursing home are discussed in our previous article “Who will pay for the nursing Home?” Let's start first with the average monthly cost of nursing home care is approximately $10,000 per month, i.e. $120,000 per year….
One of the many issues that you may be faced with is the need for placement, for your loved one or aging parent, in a skilled nursing facility and the problem of financing that care. We will assist you with obtaining Medical Assistance (Medicaid) coverage for such placement. We work with you and your loved one or aging parent to structure the elder’s assets so that the elder is eligible for such coverage. We also advise you and your family about family coaching and care management to ensure that the elder obtains the best quality of care which he or…
Estate Recovery: Sections 1902(a)(18) and 1917(b)(1) of the Act require States to pursue estate recovery when a Medicaid beneficiary received medical assistance under the State plan: 1) in cases where a lien has been imposed under the State’s lien authority, and 2) for recipients age 55 and over, who received nursing facility services, home and community-based services, or related hospital and prescription drug services. States may optionally seek recovery to pay for costs of other approved State plan services provided to those 55 and over, except Medicare cost sharing paid on behalf of Medicare Savings Program beneficiaries on or after…
Those who work for the Medical Assistance office cannot offer you legal and planning advice. Therefore, you may not learn about laws that allow you to receive Medical Assistance and keep part or all of your spouse’s income, your income, your home and assets. Also, they do not represent you, they represent the State. Medical Assistance has rules and regulations in place to ensure families don’t lose their home or all of their assets to the nursing home. It is important to seek the advice of Senior Life Care Planning before you loose all of your assets. We will explain…
So, when is the right time to start planning? You should pick up the phone right now and call Senior Life Care Planning at 301 663 9230 or email our office.
If you have assets under $2,500, and reside in a nursing home, the State of Maryland through Medical Assistance (Medicaid) will pay the nursing home. However, a house that is a person’s primary residence is exempt for purposes of Medicaid eligibility provided that the community spouse is still residing in the house, and the net value of the house does not exceed $500,000. Additionally, if you are a single, then sign the application that you have an “intent to return to the house,” even if that it’s impossible and you remain in a nursing home. The home is an exempt…
A pooled trust is created by the person with special needs, a parent, grandparent, guardian, or a court. However, the trust is administered by a non-profit organization. The trust is funded by the disabled beneficiary’s assets. Each beneficiary has a separate account established, but for the purposes of investment and management of funds, the trust “pools” all these various accounts into one. However, upon the death of the disabled beneficiary, if there are funds remaining in the account, the trust pays to the State of Maryland, an amount up to the total amount of Medical Assistance provided to the beneficiary. The…
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