May 19, 2020 by Steve Hartnett Medicaid is a state-federal partnership that provides medical benefit assistance to certain needy people, especially those over 65 years of age. However, you need to meet financial requirements such as asset limits to qualify. Assets in an irrevocable trust not for your benefit typically don’t count as available. Read on to learn more. In order to be considered to have financial need, when you go into a nursing home and go on Medicaid, you cannot have more than … [Read more...] about Irrevocable Medicaid Trusts
If you are still relatively young and have never relied on Medicaid to cover your health care expenses, the idea of including Medicaid planning in your estate plan may seem unnecessary. In reality, however, now is precisely when you probably should incorporate Medicaid planning into your plan. To explain why, an Oklahoma City Medicaid planning attorney at Parman & Easterday offers five reasons to include Medicaid planning in your estate plan. As a senior, you may need LTC. To understand … [Read more...] about 5 Reasons to Include Medicaid Planning in Your Estate Plan
Although you may not realize it yet, there is a very good chance that you (or a spouse) will need to qualify for Medicaid as a senior to help cover the high cost of long-term care. With that in mind, it is a good idea to clear up some of numerous myths and misconceptions about Medicaid eligibility and benefits. One of the most common of those misconceptions is the belief that you cannot own a home and qualify for Medicaid. The Oklahoma City Medicaid planning attorneys at Parman & Easterday … [Read more...] about Can I Own a Home and Qualify for Medicaid as a Senior?
You have probably heard of Medicaid and you undoubtedly know a little about Medicare. Like many people, you may even think the two programs are interchangeable. In reality, however, they are very different programs providing much different benefits. As a senior you may find that you need benefits offered by both Medicare and Medicaid; however, if you failed to plan ahead you might end up putting assets at risk. To help make sure that doesn’t happen, the Oklahoma City Medicaid planning lawyers at … [Read more...] about Understanding the Difference Between Medicare and Medicaid
If you are a senior and faced with the need to qualify for Medicaid, and you failed to plan ahead for that possibility, you could run afoul of the Medicaid transfer penalty rules. This, in turn, could result in the loss of hard-earned assets. In an effort to prevent the loss of your assets, Oklahoma City Medicaid planning attorneys at Parman & Easterday explain how the Medicaid transfer penalty works and how Medicaid planning can help you avoid the penalty. I Don’t Need Medicaid Now – Why … [Read more...] about What Is the Medicaid Transfer Penalty?
You may prefer not to dwell on it; however, there is a very good chance you will need to qualify for Medicaid during your retirement years. If that does indeed come to pass, you may find that the combined value of your non-exempt assets is a potential bar to eligibility. Looking ahead, it helps to know what assets are considered disqualifiable assets for Medicaid and which assets are not considered countable resources for the purpose of determining eligibility for Medicaid in Oklahoma. Why … [Read more...] about What Is Considered a Countable Asset for Medicaid in Oklahoma?
The population of older Americans has increased at historic rates in recent decades and shows no signs of slowing down anytime soon. It seems only fitting then to designate a month each year to honor them. Each year, we do that during the month of May in the United States. This year, during Older Americans Month, take some time to learn more about Medicaid planning and how it might fit into your estate plan or into the estate plan of an elderly loved one. The Senior Explosion in the … [Read more...] about Older Americans Month Is an Excellent Time to Learn More about Medicaid Planning
Like many people, you may have made it through your working years without giving Medicaid eligibility a second thought if you were fortunate enough to be covered under an employer-sponsored or privately purchased health insurance policy. As a senior, however, you may find that eligibility for Medicaid is crucial to help cover the high cost of long-term care. Your eligibility, in turn, will depend on several factors, including the value of your non-exempt assets. The Oklahoma City Medicaid … [Read more...] about What Assets Count for Medicaid Eligibility for Seniors in Oklahoma?
Even if you made it through your entire working years without ever turning to Medicaid for help covering your healthcare expenses, there is a very good chance you will need to do just that as a senior to cover the high cost of long-term care. If you do end up needing to qualify for Medicaid, both your income and your assets will be considered when determining eligibility. Knowing that, what assets can you have and still qualify for Medicaid as a senior in Oklahoma? Why Might You Need to … [Read more...] about What Assets Can You Have and Still Qualify for Medicaid in Oklahoma?
No one likes to look ahead to the possibility of needing long-term care, but failing to consider this very real possibility could be a costly mistake. Statistically, 70% of us will require long-term care before we die. If you end up in long-term care at some point, the cost of that care could cause you to turn to Medicaid for assistance, and if you failed to plan ahead, you probably will not meet the “countable resources” eligibility guidelines for Medicaid. Attempting to qualify for … [Read more...] about How The Transfer Of Assets Can Impact Medicaid Eligibility