Medicaid and Medicaid Trusts both play a role in how you are able to receive your benefits and are one of the pieces to how you best plan for your long term care. Let’s take a look on how this will directly benefit you.
THE DEFINITION OF MEDICAID
According to the SSI office, “Medicaid is a jointly funded, Federal-State health insurance program for low-income and needy people. It covers children, the aged, blind, and/or disabled and other people who are eligible to receive federally assisted income maintenance payments.”
There are many variables that go into how Medicaid benefits are awarded, who can qualify and if Medicaid coverage can be received if a SSI (Social Security Income) benefits are received.
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There is a laundry list of what someone must do to become a receipt but let’s start with the basics:
Considering just this year, we have gone through many changes involving how states can design their programs, you must be proactive as a senior or as the adult children of a senior that might participate in Medicaid.
WHAT AFFECTS YOUR MEDICAID MATTERS ON WHAT INDIANA STATE LAW DICTATES.
Looking to trusts and how they play a role in planning for your future is vital, especially when discussing Medicaid planning.
As we age we need to look close at what our long-term needs will look like both from a physical and financial standpoints.
HOW WE APPROACH MEDICAID IN INDIANA
Things to discuss with your Elder law attorney would be how a Medicaid Trust can help you both preserve the assets you have as well as ensure Medicaid eligibility. The attorneys at Jeff Jinks Law look at the terms in which the trust is created, various planning around the value, costs of administration and the nature of assets that will be protected.
Other Items To Consider Around The Creation of a Medicaid Trust:
Asset Transfers: When looking at when the assets in your trust would be transferred to others, the goals need to be outlined.
Proper Type Of Trust: There are apparent differences when it comes to the trust you use when planning for Medicaid. In this case, it is irrevocable, meaning the terms are rigid and giving away control is a concern.
Income Limits: Looking at how much you earn in income can create a disqualification with Medicaid and varies state to state as well as looking at the care you will be given such as nursing home versus another living arrangement. This point is closely related to how excess income can be used in other various planning tools such as a Miller Trust.
In conclusion, you and your family need to have the proper expectations and resources to minimize conflicts both in the planning and execution of your Medicaid plan.
To schedule your consultation around your Medicaid situation, please contact an Indiana elder law attorney from our firm today!
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