Medicaid Crisis Planning

Offices in Fishers and Rockville, serving all surrounding Cities

Sudden Changes and Big Decisions

Life Is Full of Change

What is the one thing you can always count on in life? The one thing that you know and accept is inevitable? Change, it is the only thing that remains consistent in life, jobs come and go, houses are bought and sold, funds are replenished and depleted; but the one thing all of these instances have in common is that they cause change. What happens when change brings the necessity of nursing home care? The first step is finding the right location, then finding the funds to pay for this new lifestyle is the next daunting task. Our office seeks to make this stressful transition as easy as possible through assisting our clients in qualifying for Medicaid benefits.

Long Term Care Cost

Skilled Nursing Home Care is expensive, and the costs are only increasing from generation to generation. On average Skilled Nursing Homes cost $7,000 to $10,000 a month depending on where you live. The majority of people end up paying for long term nursing home care until they deplete their entire life savings, which generally only takes a few years after entering into a nursing home. Medicaid can help prevent this from happening.

Medicaid, is a Federal health care program, funded mainly by the Federal Government and administered by the State. To qualify for Medicaid income and asset requirements need to be met. Qualifying for Medicaid can be very difficult, and requires a very extensive and time consuming application process. However, without following this possible payment option, paying for nursing home care could be next to impossible.

Medicaid Complexity

Medicaid differs among states when it comes to eligibility, Indiana has a maximum allowed income of $2,313 per year for a person to be eligible for Medicaid. While this number is set in stone, this doesn’t mean if your income is over the limit you don’t qualify, it just means that additional planning is required to qualify. A person’s assets cannot exceed a certain amount called the Individual Resource Allowance, which is $2,000. However, the complexity to Medicaid comes through the exclusive life of assets that are exempt from Medicaid like your home and vehicles for determining eligibility, however this figure is very low and alarming.

If the individual is married, it becomes even more complicated. For a married person to qualify for Medicaid, the spouse can only have half the assets up to $123,600 this is called the Maximum Community Spouse Resource Allowance.

What options are available if the value of your assets exceeds the total of $123,600? If you decide to give away your excess assets, which seems like the best choice, you will cause a greater problem. This is looked at as a Transfer Penalty where Medicaid in concerned, which could disqualify you for Medicaid for months or years, depending on the total given away. How do you know what your best options are for Medicaid, and how do you find and interpret all of these laws and rules? While going through this process individually is difficult, and often results in frustration at unknown rules and laws that the state of Indiana throws at this program, our office provides a guide for your convenience of going through this process. We have an experienced department that aims to make this process as simple as possible for all of our clients, ensuring that the laws and rules are interpreted at a general public knowledge base.

ount called the Individual Resource Allowance, which is $2,000. However, the complexity to Medicaid comes through the exclusive life of assets that are exempt from Medicaid like your home and vehicles for determining eligibility, however this figure is very low and alarming.

If the individual is married, it becomes even more complicated. For a married person to qualify for Medicaid, the spouse can only have half the assets up to $123,600 this is called the Maximum Community Spouse Resource Allowance.

What options are available if the value of your assets exceeds the total of $123,600? If you decide to give away your excess assets, which seems like the best choice, you will cause a greater problem. This is looked at as a Transfer Penalty where Medicaid in concerned, which could disqualify you for Medicaid for months or years, depending on the total given away.
How do you know what your best options are for Medicaid, and how do you find and interpret all of these laws and rules? While going through this process individually is difficult, and often results in frustration at unknown rules and laws that the state of Indiana throws at this program, our office provides a guide for your convenience of going through this process. We have an experienced department that aims to make this process as simple as possible for all of our clients, ensuring that the laws and rules are interpreted at a general public knowledge base.

Conclusion

Seek appropriate counsel before you apply for and seek to qualify for Medicaid. We can give you – and your family – peace of mind during a difficult and uncertain time. When dealing with Medicaid, legal advice is something you cannot afford to go without.

* Since these amounts (e.g., the “Community Spouse Resource Allowance,” etc.) are adjusted annually, these numbers may vary slightly depending on when the most recent figures are released.