Tag Archive for: Medicaid coverage

The Resource of Medicaid Planning [Episode 168]

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Jill Enders is joined by TuckerAllen attorney Missy Shands Manning to discuss Medicaid planning as a method of asset protection, while paying for long-term care.

Missy explains what a Medicaid asset protection trust, or irrevocable trust, is and how it functions to protect what you put in it, in order to allow you to qualify for Medicaid. She talks about the ins and outs of the five-year lookback period and how penalties from that function.

She highlights what spend-down means and offers examples that work to get to the $5,000 qualifying limit for Medicaid. Missy also talks about exemptions that exist, when it comes to gifting money and limits that are involved.

Missy also dives into long-term care, including when to start preparations, crisis Medicaid planning, the quality of care, and collection after death. She also talks about the Medicaid application process if you own a business.

She talks about how COVID-19 has affected those on Medicaid, looking to enter nursing homes and long-term care facilities.

Identifying Cost Concerns for Long-Term Care Part 2 [Episode 159]

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Attorney-CPA Joe Cordell and co-host Jill Enders are rejoined by TuckerAllen attorney Teresa Yao, as they continue their discussion about paying for long-term care.

They highlight the social stigmas associated with utilizing Medicaid planning, in order to receive Medicaid for long-term care costs. Teresa breaks downs the ins and outs of the look-back period involved in preplanning and crisis planning.

Teresa and Joe talk about the tools involved in crisis planning and the intricacies associated with asset protection, including an irrevocable trust. Teresa describes the customizability of the irrevocable trust and how it shields the assets from Medicaid.

Teresa navigates the use of using both a revocable and an irrevocable trust at the same time and how clients use a revocable trust to sustain their standard of living.

Teresa talks about what happens with Medicaid eligibility if an applicant owns a business. The group also discusses how home health services factor into Medicaid. Joe also describes the ins and outs of a qualified annuity.

Identifying Cost Concerns for Long-Term Care Part 1 [Episode 158]

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Attorney-CPA Joe Cordell and co-host Jill Enders are rejoined by TuckerAllen attorney Teresa Yao to begin a two-part discussion on long-term care. They highlight how mid- and higher-income brackets can qualify for Medicaid, in order to pay for long-term care through Medicaid planning.

Teresa and Joe break down how the utilization of irrevocable trusts can protect your assets, making them inaccessible and putting you in a specific income bracket. This allows you to qualify for Medicaid to pay for long-term care.

They describe the 5-year look-back period and the rules and penalties associated with the regulation. Teresa also talks about how a healthy spouse, or community spouse, factors into the Medicaid planning and long-term care process and what annuities do, in order to provide income for essentials for the community spouse.

Teresa talks about the asset limit for the institutional spouse and how that differs when both spouses need long-term or nursing home care. She explains the difference between income rules and asset rules, related to Medicaid qualification.

Joe and Teresa stress the importance of finding an elder law attorney, like those at TuckerAllen, to help you navigate the intricacies of planning for long-term care. Teresa also helps navigate home health services and how that can be paid for, amid the COVID-19 pandemic.

Looking Into Medicaid Planning [Episode 154]

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Attorney-CPA Joe Cordell and co-host Jill Enders are rejoined by TuckerAllen attorney Teresa Yao to highlight the importance of financial planning for long-term care through Medicaid, on this episode of ElderTalk with TuckerAllen.

They describe the qualification process of qualifying for Medicaid and emphasize the ability that you have, in protecting your life’s work for your loved ones while still being able to afford long-term care and provide funds for a healthy spouse.

Teresa dives into the laws surrounding Medicaid and how they affect an estate after someone dies, as well as the look-back period and the possible penalties associated with it.

Teresa breaks down what an irrevocable trust is and what it is used for. She and Joe details the rules and regulations associated with an irrevocable trust, as it relates to maintaining Medicaid eligibility and allowing you to live in the house, even if you choose to place it in the irrevocable trust.

Joe explains what annuities are and the criteria to have one. He also talks about how Medicaid is calculated in Missouri and what the income level qualifications are in the state.

Questions and Answers About Medicaid [Episode 117]

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Attorney-CPA Joe Cordell and co-host Susan Arthur answer listener questions about relevant topics pertaining to Medicaid, long-term care, estate planning, and more.

Joe and Susan describe what undue influence is and how evidence of cognitive issues can help support the legal claim. They also dive into some of the estate planning aspects of the Jeffrey Epstein case regarding his trust.

They answer a question regarding whether or not a car and house of a listener’s mother should be sold, so that the mother can qualify for Medicaid. Joe highlights the protections surrounding cars, as it pertains to Medicaid eligibility.

Joe and Susan talk about how moving states impacts the estate plan and details how difficult ancillary probate can be for intended beneficiaries. They discuss revocable trusts and whether or not the owner of the trust has an obligation to inform a trustee, if they wish to change trustees.

They also discuss whether or not the sale of antiques within a house can be used to pay for long-term care and whether or not that would affect Medicaid eligibility. Joe and Susan stress the importance of creating a specific plan with an elder law attorney.

Is Medicaid Right for You? [Episode 99]

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Attorney-CPA Joe Cordell and co-host Susan Arthur continue their ongoing discussion on Medicaid and long-term care. They describe the social and homely environment that many long-term care facilities and nursing homes attempt to cultivate, as well as the factors that allow you to qualify for Medicaid.

Joe highlights the evolution in financial strategies on how people spend and save their money as they age. He talks about the events and occurrences, such as trips or large purchases, that someone may want, which may make Medicaid planning a poor fit for them.

Joe talks about the usefulness of an irrevocable trust and how making financial sacrifices through frugal living can come at the cost of experiences in your senior years. Joe and Susan also answer a listener question regarding protecting a savings account, in case the listener incurs health expenses.

They also answer a listener question regarding whether or not there is a downside in bringing a loved one home from a nursing facility, as it pertains to Medicaid and finances, as well as a question asking what to do if you have too much money for Medicaid, but not enough money for nursing home costs.

Dissecting Medicaid, Medicare, and Long-Term Care [Episode 98]

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Attorney-CPA Joe Cordell and co-host Susan Arthur dive into everything surrounding Medicare, Medicaid, and the long-term care you may receive as you get older. They talk about the differences between Medicare and Medicaid, as well as who these particular programs are for.

They talk about the small percentage of long-term care that Medicare legally is allowed to cover, as well as Medicaid qualifications. Understanding what is required, in order to qualify for Medicaid is necessary if you wish to utilize the program to pay for long-term care costs. Joe talks about the perceptions that many have regarding Medicaid and how utilizing it is not an unethical method in paying for long-term care.

Joe highlights what you can and cannot own, in order to qualify for Medicaid. He also touches on how spouses and dependents factor into the qualifications of Medicaid. Joe also talks about the use of an irrevocable trust and how that may be able to protect your assets at the cost of your access to them.

Joe also talks about the financial transactions that you can take that may result in Medicaid penalty. They also answer a listener question regarding a car and how that can factor into Medicaid qualifications.

The Rules and Application Process of Medicaid [Episode 81]

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Attorney-CPA Joe Cordell and co-host Susan Arthur continue their discussion on Medicaid, how to qualify for Medicaid, as well as the important dates involving Medicaid. Joe breaks down the form that is used in the division of assets involved in the Medicaid qualification process, as well as the importance of coming prepared with all of your records and established values.

Joe cautions against cutting corners in this process, detailing how the applications process comes under penalty and could result in criminal prosecution if done incorrectly. He talks about the snapshot date and how the community spouse has a range of value of assets that they can keep, in order to stay qualified for Medicaid.

Joe explains the Name on the Check rule, as well as what minimum monthly maintenance is. He offers several examples involving real life issues that can affect Medicaid and the assets available to the community spouse. He also details the economics of the Medicaid industry regarding facilities and beds for those in need of long-term care.

Dissecting Medicaid [Episode 80]

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Attorney-CPA Joe Cordell and co-host Susan Arthur continue their ongoing discussion regarding Medicaid. They discuss how Medicare, as a form of health insurance, and how it is not a method of paying for long-term care. They explain the difference between rehabilitative and custodial care and how Medicare and Medicaid play a factor in paying for care.

Joe explains how many of the facilities that provide care eventually may have to reevaluate whether the care is rehabilitative or not after 100 days and how those who have substantial financial assets can qualify for Medicaid. Joe talks about the importance of choosing a lawyer for a Medicaid issue who has experience in this area.

Joe describes how a snapshot date is the first day of the first continuous 30-day period of hospitalization or institutionalization and how that date can define what assets are available to the community spouse. Joe also describes the difference between the snapshot date and the application date.

Snapshot Dates and Timelines When Applying for Medicaid [Episode 77]

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Attorney-CPA Joe Cordell and co-host Susan Arthur discuss the ins and outs of Medicaid on this episode of ElderTalk with Joe Cordell. They break down the necessary steps in planning as we age. Susan talks about how emergencies can incite the need for Medicaid.

Joe and Susan clarify the income qualifications necessary for Medicaid, as well as how having a family member help with some of the care can be beneficial to your living arrangement and costs. They discuss how rehabilitation can affect issues surrounding Medicaid and eligibility.

Susan asks Joe what lawyers need to know when discussing qualifying for long-term care through Medicaid, and Joe explains the need for timelines and snapshot dates. He also explains how specific laws have been passed, in order to make sure that those in the nursing home, as well as the community spouse, can be covered.

They also talk about the importance of asset division, as of the application and as of the snapshot date, when applying for Medicaid.