Can I Give Away Assets To Qualify for Medicaid
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Transcript of Can I Give Away Assets To Qualify for Medicaid
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
CAN I GIVE AWAY ASSETS TO
QUALIFY FOR MEDICAID?
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
TWILIGHT YEARS
When retirement planning crosses your mind, you probably think about the good
times that lie ahead.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
If you accumulate enough resources, you may be able to live
your retirement dream.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
LIVING ASSISTANCE
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
A very significant percentage of senior citizens will someday need help with their day-to-day needs.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
The figure is 70 percent according to the United States Department of
Health and Human Services.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
NURSING HOME CARE
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
Many people who require long-term care will eventually reside in nursing homes.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
The United States Census Bureau tells us that 24.5 percent of people
who are at least 85 are nursing home residents.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
Half of people who are at least 95 are residing in nursing homes.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
LONGEVITY
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
If you are thinking that most people do not live until they are in their mid-eighties and beyond, you should understand the facts.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
The life expectancy for someone who is turning 67 today is at least
85.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
THE COST OF CARE
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
Genworth Financial has been conducting an ongoing study that provides a great deal of
information about nursing home costs.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
We practice law in Annapolis, Bowie, Millersville and Waldorf, MD.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
According to the study, the median charge for a year in a private room
in Maryland is over $110,000.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
MEDICARE
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
Most elders will qualify for Medicare when they reach the age of 65.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
This is a valuable health insurance program, but it does not cover everything in full.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
Plus, Medicare does not pay for nursing home care at all.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
THE MEDICAID PROGRAM
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
Medicaid is another government health insurance program that does
pay for nursing home care.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
This is the good news, but the bad news is that you cannot qualify if you have more than $2500
in countable assets in your own name.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
GIVING AWAY ASSETS
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
However, you have to act in advance if you want to become
eligible at the ideal time.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
You have to complete your gift giving at least five years before you
apply for Medicaid.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
If you violate this rule, your application will be denied at first, and you will have to pay out-of-
pocket for a certain period of time.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
SCHEDULE A MEDICAID PLANNING
CONSULTATION
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
Careful, informed planning is the key to nursing home asset
protection.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
If you would like to discuss things with a licensed elder law attorney,
contact us to schedule a consultation.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
Or visit our website www.sinclairprosserlaw.com
Nicole Livingston
Jon J. Gasior
Colleen SinclairProsser
Victor A. Lembo