28
196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 IS THERE A MEDICAID ASSET LIMIT?

Is There a Medicaid Asset Limit

Embed Size (px)

Citation preview

Page 1: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

IS THERE AMEDICAID ASSET LIMIT?

Page 2: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

ESTATE TAX PARAMETERS

Page 3: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

Most senior citizens will qualify for Medicare when they reach the age of 65.

Page 4: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

This government program provides health insurance.

Page 5: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

However, there is a big gap in coverage.

Page 6: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

Medicare does not pay for long-term care.

Page 7: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

LIVING ASSISTANCE

Page 8: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

According to a government agency, 70 percent of senior citizens will someday need long-term care.

Page 9: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

Since people will need care, so this is an issue that is relevant to

all of us.

Page 10: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

MEDICAID

Page 11: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

Medicaid is another government health insurance program.

Page 12: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

It will pay for long-term care.

Page 13: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

FINANCIAL NEED

Page 14: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

Medicaid is only available to people who can prove that they have a

significant level of financial need.

Page 15: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

There is an upper asset limit of $2000 for an individual in most

states.

Page 16: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

COUNTABLE ASSETS

Page 17: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

The $2000 limit applies to countable assets.

Page 18: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

Some things that you own do not count, including your home and one

vehicle.

Page 19: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

Household goods, personal effects, and wedding and engagement rings

are not countable either.

Page 20: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

MEDICAID PLANNING

Page 21: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

People often give assets to their loved ones so that they can qualify

for Medicaid.

Page 22: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

This takes careful planning, because the program rules are

complex.

Page 23: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

You must complete your gift giving at least five years before you apply

for Medicaid.

Page 24: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

MEDICAID PLANNING CONSULTATION

Page 25: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

If you are concerned about long-term care costs, our firm can help.

Page 26: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

We offer free Medicaid planning consultations, and you can contact

us to schedule an appointment.

Page 27: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

LEARN MORE ABOUT MEDICAID PLANNING IN ROCHESTER NEW YORK

Page 28: Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

Click to visit mrobinsonlaw.com.Or call us at (585) 374-5210 to

schedule a consultation.