Medicaid Planning

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Presentation Description

Why you should include it in your estate plan.

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Presentation Transcript

Medicaid Planning:

Medicaid Planning Why You Should Include It in Your Estate Plan

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The Reality of Growing Older

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Who Pays for Long-Term Care?

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Most private healthcare plans do not cover long-term care costs

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Medicare only covers long-term care under very specific circumstances and then only for a maximum of 120 days

Medicaid does cover long-term care:

Medicaid does cover long-term care

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Why Medicaid Planning Is Essential

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MEDICARE is an entitlement program, meaning you do not need to qualify

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MEDICAID requires you to meet eligibility requirements to qualify for benefits

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Oregon Medicaid program has income and asset limits

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Income limits may not be a problem but the asset limit often is for older applicants

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Asset limit for an individual applying based on age or disability is $2,000

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If your assets exceed the limit you must “spend-down” your assets

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A lifetime of savings can be diminished in a short period of time

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Medicaid has a five year “look-back” period which effectively prevents asset transfers within the five years prior to applying for benefits

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MEDICAID PLANNING

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Including a Medicaid plan in your estate plan ensures eligibility for Medicaid should you need benefits in the future

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Numerous legal tools and strategies are available to include in your Medicaid plan

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If you failed to plan ahead, there may be last minute options that can help to some extent such as converting countable assets into exempt assets

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Learn More About Medicaid Planning in Portland Oregon

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Learn More About Medicaid Planning in Portland Oregon

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