Medicaid Benefits PlanningMorgan and Morgan Attorneys at Law
Utah Medicaid Benefits Planning Attorney
Medicaid Spend Down & Benefits Planning for Utah Residents Only.
Understanding Medicaid Spend Down
Medicaid eligibility is often a tricky place to reach. Though the standards are somewhat in flux, a person can only have around $2000.00 in total assets and a minimal monthly income to qualify. This becomes problematic for those who with medical conditions requiring expensive long term care such as in a nursing home or assisted living center with means over the eligibility threshold yet without the resources to pay for the cost of long term care.
Furthermore, Medicaid does not allow a person to transfer assets for less than value without incurring a penalty. This penalty is assessed on any transfers made 60 months (5 year lookback) prior to a person’s application. A person cannot simply gift away there estate, even to family members without a resulting period of ineligibility.
Do You Have A Plan To Responsibly Spend Down Assets?
Too many people waste money needlessly because they believe there is no other option. This is not the case. The law provides several important exemptions for those applying for Medicaid benefits that do not trigger the 2,000.00 limit. These can include a home, a car and many other assets. For married couples the spouse is entitled to keep a portion on the family’s assets. Additionally, some transfers, such as transfers to a special needs child or to a minor child may be exempted from the five year lookback. These rules are complex, so any transfers should not be made before contacting a professional for an evaluation.
We can help you, no matter what your situation save assets for your future generations. With an understanding of the applicable exclusions as well as carefully honed planning techniques we can craft a plan that will enable you to keep as much as possible while still qualifying for benefits. Give us a call today.
Learn More About Medicaid Spend Down Today: 801-441-2881.
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