What is Medicaid?
Medicaid is a needs-based program that pays for health services in the US. It covers almost all nursing home costs and many other services, including some assisted living care, home care, as well as physician and prescription costs.
Navigating Medicaid
While Medicaid provides health coverage to millions of Americans, complex requirements can prevent loved ones from receiving the care they need. Our team has years of experience helping families gain eligibility quickly.
Rising life expectancies mean rising care costs, but many don’t prepare to pay $9,000 in nursing home costs per month. Fortunately, Medicaid can help. Let us help you navigate eligibility and the complex application process while protecting your assets.
Answers to Frequently Asked Questions About Probate
Here are answers to questions we hear most often about Medicaid emergencies.
I’ve added my child’s name to our bank account. Are half of the accounts now exempt from Medicaid?
Unfortunately, no. The entire amount is counted as your money unless you can prove that the other person on the account actually contributed some or all of the money.
This rule applies to cash assets such as:
· Savings and checking accounts
· Credit union share and draft accounts
· Certificates of deposit
· U.S. Savings Bonds
Can I just give my assets away and still qualify for Medicaid?
The answer is maybe, but only if it’s done correctly and with the right timing. Generally, the law proscribes penalties for people who simply give away their assets to create Medicaid eligibility. In Ohio, for example, approximately every $7,500 given away during the five years prior to a Medicaid application creates a one-month period of ineligibility, where Medicaid will simply refuse to pay for care. There is no minimum amount that Medicaid allows to be gifted. Estate and Gift tax laws allow $18,000 to be transferred, this does not apply to Medicaid. Medicaid can still apply its penalty. A good elder law attorney will know whether any legal exemptions to this gifting rule apply to you.
Can I just put my house and bank accounts in my child’s name to gain Medicaid eligibility?
Giving away assets without a plan is a bad idea for several reasons. First, there may be negative capital gains tax consequences for your children. Second, if you gift assets to your children, even if they are the most trustworthy people, you lose control. Those assets can be compromised and lost if your child goes through a divorce or lawsuit.