Tag: cleveland medicaid planning lawyer

4 Big Changes to VA Aid and Attendance Benefits That You Need to Know

Effective on October 18, 2018, the Department of Veteran’s Affairs (VA) new rule for Aid and Attendance benefits goes into effect. Aid and Attendance benefits provide money to veterans and their surviving spouses to pay for long term care.  Before I give a run-down of the basic changes and how it will affect veterans, here are some basics on eligibility for Aid and Attendance benefits.

Basics of Aid and Attendance Benefits:

Aid and attendance can help seniors and their surviving spouses afford to pay for nursing home, assisted living and home care. For those who qualify, effective December… Read the rest

Long-Term Care Medicaid Eligibility in Ohio

Given the prevalence and cost of long-term care, all seniors and their families should be knowledgeable about Medicaid and the planning options available to qualify for Medicaid.

Why is Medicaid Planning Important?

The need for long-term care is common but the cost is staggering.  Seventy percent (70%) of people over age 65 will need long term care during their lifetimes. The average nursing home stay is 2.4 years. The average annual cost of a nursing home room in the Cleveland Metropolitan area is $73,912.50.

Medicare pays the cost of a skilled nursing facility for up to 20 days, with a co-pay… Read the rest

Actions that a Married Couples Must Take After Qualifying for Medicaid

When a married couple is facing a health crisis for one spouse, there is a myriad of issues to sort through.  What care will be needed? Where will care be provided? How will it be paid for?

Medicaid is a government program that pays for long term care.  Oftentimes, the couple will utilize Medicaid for the spouse facing long term health care needs. There are rigid resource and income requirements to qualify for Medicaid and planning options available that are beyond the scope of this post, but have been discussed in other blog posts on this site, including http://www.perlalaw.com/medicaid-planning-with-annuities-for-married-couples/Read the rest

4 Medicaid Traps- Mistakes to Avoid

Medicaid covers the cost of long-term care, be it in a nursing home, assisted living community or care at home, if certain eligibility requirements are met.  Due to the skyrocketing costs of long-term care, many people who need long-term care will need to consider Medicaid. Medicaid mistakes are common and can be devastating for a family. The following is a summary of the most common Medicaid mistakes to avoid.

  1. Not Considering Early Planning Options

Medicaid has a five year look back period. That means that when a person makes a Medicaid application, the state will look back five years for any… Read the rest

Medicaid Planning with Life Insurance

Long term care Medicaid coverage has rigid income and resource eligibility requirements as I’ve covered in previous posts like How to Qualify for Medicaid Coverage for Long Term Care.

One exempt asset is a life insurance policy with a cash value less than $1,500. However, for many people facing long term care costs and potential Medicaid applications, the question becomes what to do with life insurance policies with cash values above the exempt amount of $1,500. If you simply cash it in and spend the money, you may be losing a great deal of financial benefit for your beneficiaries.  If the cash… Read the rest