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MEDICAID PLANNING

MEDICAID PLANNING. Ronald J. Gogul Attorney at Law. MEDICAID PLANNING. Ronald J. Gogul has been an attorney for 35 years. His practice emphasizes Estate Planning and Medicaid Planning. THE ISSUES YOU FACE. PEOPLE ARE LIVING LONGER

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MEDICAID PLANNING

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  1. MEDICAID PLANNING Ronald J. Gogul Attorney at Law

  2. MEDICAID PLANNING • Ronald J. Gogul has been an attorney for 35 years. • His practice emphasizes Estate Planning and Medicaid Planning.

  3. THE ISSUES YOU FACE • PEOPLE ARE LIVING LONGER • 64%OF PEOPLE SURVEYED INDICATED THAT THEY DID NOT WANT TO MOVE IN WITH THEIR CHILDREN SHOULD THEY NEED HELP.

  4. THE ISSUES YOU FACE • 32% OF PEOPLE SURVEYED BELIEVE THEY WILL NEED HELP FROM THEIR CHILDREN. • ONLY 12% OF PEOPLE SURVEYED HAVE PURCHASED LONG TERM CARE INSURANCE.

  5. ISSUES YOU FACE • THE AVERAGE DAILY COST OF A PRIVATE ROOM IN A NURSING HOME IN THE UNITED STATES IS $70,080 OR $192 PER DAY. • THE AVERAGE LENGTH OF STAY IN A NURSING HOME FOR CURRENT RESIDENTS IS 2.4 YEARS, WHICH MAKES THE COST $168,192.

  6. THE ISSUES YOU FACE • ALTERNATIVES ARE: • SPEND DOWN ALL YOUR ASSETS, IF YOU BECOME ILL • GIVE EVERYTHING AWAY TO YOUR CHILDREN TODAY • DEVELOP A PLAN TO PROTECT YOUR HARD EARNED ASSETS

  7. RESOURCES AND ASSETS SINGLE PERSON

  8. RESOURCES AND ASSETS • $1,500.00 IS MAXIMUM ALLOWED • CANNOT APPLY IF ASSETS EXCEED • PREPAID FUNERAL IS ALLOWED • ALL INCOME MUST GO TO HOME • MONTHLY PERSONAL NEEDS ALLOWANCE IS $40.00

  9. RESOURCES AND ASSETS • COMMUNITY SPOUSE

  10. RESOURCES AND ASSETS • SPOUSAL RESOURCE MAXIMUM ALLOWANCE FOR 2005 IS $99,540.00 • SPOUSAL RESOURCE MINIMUM ALLOWANCE FOR 2005 IS $19,908.00

  11. MIMINUM MONTHLY MAINTENANCE NEEDS ALLOWANCE IS $1,604.00 MAXIMUM MONTHLY MAINTENANCE NEEDS ALLOWANCE IS $2,489.00 RESOURCES AND ASSETS

  12. RESOURCES AND ASSETS • IF COMMUNITY SPOUSE ENTITLED TO ADDITIONAL INCOME THE JOINT ASSETS CAN BE USED TO PAY THE SPOUSE THE NECESSARY INCOME.

  13. SHELTER STANDARD IS $482.00 STANDARD UTILITY ALLOWANCE IS $487.00 RESOURCES AND ASSETS

  14. RESOURCES AND ASSETS • EXEMPT RESOURCES if married: • Home • One automobile • Household goods • Prepaid irrevocable funeral contracts • Home improvements • Legal or medical expenses

  15. TRANSFER OF RESOURCES • TO COMMUNITY SPOUSE

  16. TRANSFER OF RESOURCES • HOME TO DISABLED CHILD OR CHILD UNDER AGE 18 • HOME TO SIBLING UNDER SPECIAL CIRCUMSTANCES

  17. TRANSFER OF RESOURCES • HOME TO A CARETAKER CHILD ALLOWED UNDER CERTAIN CIRCUMSTANCES

  18. IMPROPER TRANSFERS • Divestment penalty divisor for 2006 is $4,806.00

  19. IMPROPER TRANSFERS • Five year look back for most transfers.

  20. IMPROPER TRANSFERS • Five year look back for Irrevocable Trusts

  21. PLANNING FOR MEDICAID • LONG TERM CARE INSURANCE • 90 DAY WAITING PERIOD • 5 YEAR BENEFIT • HOME HEALTH CARE OPTION • CAN BE EXPENSIVE • YOU NEED TO GET A QUOTE!

  22. PLANNING FOR MEDICAID • DURABLE POWER OF ATTORNEY FOR BUSINESS • HEALTH CARE POWER OF ATTORNEY • LIVING WILL

  23. PLANNING FOR MEDICAID • QUALIFIED RESIDENCE TRUST • FAMILY LIMITED PARTNERSHIP

  24. PLANNING FOR MEDICAID • DIVORCE MAY BE AN ANSWER

  25. PLANNING FOR MEDICIAID • IRA’S CAN BE A PROBLEM • BEFORE 701/2 OR AFTER 701/2 • NEED SPECIAL TREATMENT • INCOME TAX IMPLICATION

  26. PLANNING FOR MEDICAID • MEDICAID FRIENDLY ANNUITIES • ANNUITIZE OVER LIFE EXPECTANCY • NOT ALL INSURANCE COMPANIES OFFER THESE PRODUCTS • NEW BENEFICIARY REQUIREMENTS

  27. PLANNING FOR MEDICAID • NEVER APPLY FOR MEDICAID DURING THE PENALTY PERIOD • ALWAYS HAVE A RIGHT TO A HEARING IF YOU ARE DENIED • PENALTY START DATE IS NOW THE DATE OF APPLICATION NOT THE DATE OF THE TRANSFER

  28. ESTATE RECOVERY • PROCESS BY WHICH OHIO RECOVERS FUNDS FROM ESTATES OF PERSONS WHO PASS AWAY WHILE ON MEDICAID • AUGMENTED “ESTATE” DEFINITION

  29. PLANNING FOR MEDICAID • STARTS WITH A COMPLIMENTARY CONSULTATION TO DETERMINE THE ISSUES YOU AND YOUR FAMILY FACE. • YOU NEED TO DECIDE WHETHER YOU NEED A PLAN TO ADDRESS THIS IMPORTANT ISSUE.

  30. PLANNING FOR MEDICAID • IF YOU DECIDE TO DEVELOP A PLAN IT WILL BE A WRITTEN ANALYSIS WITH MY SPECIFIC RECOMMENDATIONS. • I WILL ALSO BE AVAILIABLE TO ASSIST YOU WITH THE MEDICAID APPLICATION PROCESS IF IT IS NECESSARY.

  31. PLANNING FOR MEDICAID • REMEMBER, IT DOESN’T COST YOU ANYTHING TO OBTAIN PROFESSIONAL ASSISTANCE. • YOU EITHER PAY THE ATTORNEY OR THE NURSING HOME.

  32. PLANNING FOR MEDICAID • QUESTIONS

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