Medicaid Change in Place for 2012
February 11, 2012 By Kevin Pillion - Co-Executor PLLC
Many people are surprised when they hear just how expensive long-term care has become these days. If you look at the average length of stay which is between two and four years, coupled with the average costs you may be faced with an expense that exceeds $200,000 toward the end of your life.
Before you say that you are not worried about this because you will be on Medicare you would do well to understand the fact that Medicare does not cover long-term care. The government program that will pay for it is Medicaid.
However since Medicaid is intended to assist those who have financial need there is an upper resource limit that you cannot exceed if you want to qualify for Medicaid. This limit is just $2000, but it is important to note that a lot of your valuable personal possessions are not considered to be countable in a Medicaid eligibility context.
In addition, let’s say that you need to enter long-term care but your spouse does not. He or she can keep his or her half of the community assets that are of a countable nature up to a certain prescribed limit. This limit has been adjusted upward for 2012. In 2011 it was $109,560; now that we are in 2012 it is $113,640.
Medicaid can provide a solution for many people who need long-term care. It is however important to aim toward eligibility in advance to optimize your position. The best way of doing this is to get together with an experienced Sarasota elder law attorney who will analyze the specifics of your situation and make the appropriate recommendations.
ABOUT THE AUTHOR: Kevin Pillion
Experienced estate planning attorneys Sarasota FL of the Co-Executor PLLC offers estate planning and business planning resources to residents of Sarasota FL.
Copyright Kevin Pillion - Co-Executor PLLC
More information about Kevin Pillion - Co-Executor PLLC
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
However since Medicaid is intended to assist those who have financial need there is an upper resource limit that you cannot exceed if you want to qualify for Medicaid. This limit is just $2000, but it is important to note that a lot of your valuable personal possessions are not considered to be countable in a Medicaid eligibility context.
In addition, let’s say that you need to enter long-term care but your spouse does not. He or she can keep his or her half of the community assets that are of a countable nature up to a certain prescribed limit. This limit has been adjusted upward for 2012. In 2011 it was $109,560; now that we are in 2012 it is $113,640.
Medicaid can provide a solution for many people who need long-term care. It is however important to aim toward eligibility in advance to optimize your position. The best way of doing this is to get together with an experienced Sarasota elder law attorney who will analyze the specifics of your situation and make the appropriate recommendations.
ABOUT THE AUTHOR: Kevin Pillion
Experienced estate planning attorneys Sarasota FL of the Co-Executor PLLC offers estate planning and business planning resources to residents of Sarasota FL.
Copyright Kevin Pillion - Co-Executor PLLC
More information about Kevin Pillion - Co-Executor PLLC
View all articles published by Kevin Pillion - Co-Executor PLLC
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
