The Complete Guide to Medicaid and Nursing Home Costs

The Complete Guide to Medicaid and Nursing Home Costs

by Atlantic Publishing Group Inc


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With today's large aging population, a growing number of people face the burden of placing their spouses or elder relatives in long term care. For many, this means choosing a Medicaid health care plan that makes sense. Medicaid is the largest health care provider program in the world, but what does it cover? Are you or your loved one qualified to be insured? Are you prepared to navigate the legal aspects of elder care? Due to recent changes to the Affordable Care Act, many of the rules and requirements of this medical insurance program have changed in expansive and complicated ways. As someone looking for coverage, how wisely you navigate your way through the application process can have a lasting impact on your health, finances, and peace of mind. With the help of this book, you will learn strategies to maximize the value of this important social safety net so that your future will never be in doubt. The size of your assets will go a long way in determining whether you or your loved one qualify for this crucial benefit or receive it at a time when you cannot afford the escalating costs of health care. Whether this involves an immediate need for health care or a foreseeable need in the near future, The Complete Guide to Medicaid and Nursing Home Costs makes complex terminology easy to understand, offers guidance in all aspects of elder law, highlights the issues facing you in the application process, and outlines sound planning strategies to get you started. These strategies include Medicaid application tips, methods asset protection and asset reinvestment, and ways to evaluate your options of care. Whichever the case, this book is your complete one-stop guide to every situation you can expect guide to every situation you can expect to face as a potential Medicaid recipient or applicant in a vast network of available resources.

Product Details

ISBN-13: 9781620230558
Publisher: Atlantic Publishing Company FL
Publication date: 06/30/2016
Edition description: Revised
Pages: 288
Sales rank: 188,580
Product dimensions: 6.00(w) x 8.00(h) x 0.08(d)

Table of Contents

Foreword 11

Introduction 15

Chapter 1 An Overview of Medicaid 17

What Is Medicaid? 17

What Is Covered? 20

Home- and community-based living program 21

Medicaid care coordination 24

How Does Medicaid Work With Medicare? 27

How Do I Apply? 29

Chapter 2 How to Qualify & Sign Up 33

Income 33

Dealing with excess income 33

Married couples 35

Assets 36

Estate 37

Liens on your estate 40

Medicaid hardship waivers 41

Application Tips 42

Chapter 3 Creative Ways to Qualify 45

Spend Down 48

Case Study: Julie Northcutt 51

Long-Term Care 52

Gifting 55

Penalty period and DRA 55

Value of the gift 57

Look-back period 58

Gift splitting 59

Gift trusts 59

Long-term life insurance and gifts 60

Gift taxes 62

Generation skipping transfer tax 62

How to transfer gifts 63

Children as Paid Caregivers 65

Warnings 68

Limited family partnerships 71

Chapter 4 Asset Protection Strategies - Safe Investments 73

Life Insurance 73

Annuities 77

Equity-fixed annuities 78

Fixed annuities 79

Equity-indexed annuities 79

Life annuities 81

Term certain annuities 82

Immediate annuity 82

Private annuity trust 83

Medicaid annuity 83

Trusts 84

Miller trust 87

Revocable living trust 88

Grantor irrevocable trust 89

Special needs trust 90

Testamentary special needs trust 90

Irrevocable life insurance trust 91

Charitable Remainder Trust (CRT) 93

Trusts vs. outright gifts 94

Your trustee 95

CDs 96

Guaranteed Bonds 97

Chapter 5 Asset Protection Strategies - Wills, Deeds, & Your Home 101

Wills 102

Oral will 103

Deathbed will 103

Holographic will 103

Self-probating will 103

Living will 103

A Health Care Surrogate Designation 106

Deeds 107

Survivorship deed 107

Joint owners with rights of survivorship 107

Lady Bird Deed or Enhanced Life Estate Deeds 108

Beneficiary deeds 110

Other deeds 110

Estate recovery trends in individual states 111

What to Do With Your Home 115

Keep it, sell it, or transfer to kids? 115

Joint ownership 116

Add children's names to the deed 117

Transfer to a sibling 118

Life estate 118

Transfer to children while keeping life estate 119

Purchase a joint interest in a child's home 119

Child moves into your home 120

Parent moves in to the home 121

Taxes on the home 125

Chapter 6 Long-Term Care Options 127

Home Care Programs 127

Assisted Living Centers 131

Adult Day Care 136

Adult Day Healthcare Options 139

Taking Care of Your Parents or Elderly Relative 144

Alternative Healthcare 150

Chapter 7 Single vs. Married - Resources 153

Determining Value of Assets 153

Countable assets 153

Excluded assets 154

Unavailable assets 157

Community Spouse 158

50 & 100 Percent States 159

The Snapshot Rule 159

Purchasing Annuities 160

Chapter 8 Elder Lawyers 163

Case Study: Law Office of William J. Brisk 166

What Is Certification and Is It Important? 167

Preparing co Meet an Elder Lawyer 168

Case Study: The Karp Law Firm 170

Chapter 9 Alzheimer's Disease & Medicaid 173

The Basics 173

Financial Planning 174

Type of Long-Term Care of Alzheimer's Patients 176

Appendix A Where to Contact the Agency in Your State 179

Appendix B Medicaid News from State to State 187

Bibliography 193

Glossary 195

About the Experts 203

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