Medicaid planning
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MEDICAID PLANNING. Ronald J. Gogul Attorney at Law. MEDICAID PLANNING. Ronald J. Gogul has been an attorney for 35 years. His practice emphasizes Estate Planning and Medicaid Planning. THE ISSUES YOU FACE. PEOPLE ARE LIVING LONGER

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Medicaid planning

MEDICAID PLANNING

Ronald J. Gogul

Attorney at Law


Medicaid planning1

MEDICAID PLANNING

  • Ronald J. Gogul has been an attorney for 35 years.

  • His practice emphasizes Estate Planning and Medicaid Planning.


The issues you face

THE ISSUES YOU FACE

  • PEOPLE ARE LIVING LONGER

  • 64%OF PEOPLE SURVEYED INDICATED THAT THEY DID NOT WANT TO MOVE IN WITH THEIR CHILDREN SHOULD THEY NEED HELP.


The issues you face1

THE ISSUES YOU FACE

  • 32% OF PEOPLE SURVEYED BELIEVE THEY WILL NEED HELP FROM THEIR CHILDREN.

  • ONLY 12% OF PEOPLE SURVEYED HAVE PURCHASED LONG TERM CARE INSURANCE.


Issues you face

ISSUES YOU FACE

  • THE AVERAGE DAILY COST OF A PRIVATE ROOM IN A NURSING HOME IN THE UNITED STATES IS $70,080 OR $192 PER DAY.

  • THE AVERAGE LENGTH OF STAY IN A NURSING HOME FOR CURRENT RESIDENTS IS 2.4 YEARS, WHICH MAKES THE COST $168,192.


The issues you face2

THE ISSUES YOU FACE

  • ALTERNATIVES ARE:

  • SPEND DOWN ALL YOUR ASSETS, IF YOU BECOME ILL

  • GIVE EVERYTHING AWAY TO YOUR CHILDREN TODAY

  • DEVELOP A PLAN TO PROTECT YOUR HARD EARNED ASSETS


Resources and assets

RESOURCES AND ASSETS

SINGLE PERSON


Resources and assets1

RESOURCES AND ASSETS

  • $1,500.00 IS MAXIMUM ALLOWED

  • CANNOT APPLY IF ASSETS EXCEED

  • PREPAID FUNERAL IS ALLOWED

  • ALL INCOME MUST GO TO HOME

  • MONTHLY PERSONAL NEEDS ALLOWANCE IS $40.00


Resources and assets2

RESOURCES AND ASSETS

  • COMMUNITY SPOUSE


Resources and assets3

RESOURCES AND ASSETS

  • SPOUSAL RESOURCE MAXIMUM ALLOWANCE FOR 2005 IS $99,540.00

  • SPOUSAL RESOURCE MINIMUM ALLOWANCE FOR 2005 IS $19,908.00


Resources and assets4

MIMINUM MONTHLY MAINTENANCE NEEDS ALLOWANCE IS $1,604.00

MAXIMUM MONTHLY MAINTENANCE NEEDS ALLOWANCE IS $2,489.00

RESOURCES AND ASSETS


Resources and assets5

RESOURCES AND ASSETS

  • IF COMMUNITY SPOUSE ENTITLED TO ADDITIONAL INCOME THE JOINT ASSETS CAN BE USED TO PAY THE SPOUSE THE NECESSARY INCOME.


Resources and assets6

SHELTER STANDARD IS $482.00

STANDARD UTILITY ALLOWANCE IS $487.00

RESOURCES AND ASSETS


Resources and assets7

RESOURCES AND ASSETS

  • EXEMPT RESOURCES if married:

  • Home

  • One automobile

  • Household goods

  • Prepaid irrevocable funeral contracts

  • Home improvements

  • Legal or medical expenses


Transfer of resources

TRANSFER OF RESOURCES

  • TO COMMUNITY SPOUSE


Transfer of resources1

TRANSFER OF RESOURCES

  • HOME TO DISABLED CHILD OR CHILD UNDER AGE 18

  • HOME TO SIBLING UNDER SPECIAL CIRCUMSTANCES


Transfer of resources2

TRANSFER OF RESOURCES

  • HOME TO A CARETAKER CHILD ALLOWED UNDER CERTAIN CIRCUMSTANCES


Improper transfers

IMPROPER TRANSFERS

  • Divestment penalty divisor for 2006 is $4,806.00


Improper transfers1

IMPROPER TRANSFERS

  • Five year look back for most transfers.


Improper transfers2

IMPROPER TRANSFERS

  • Five year look back for Irrevocable Trusts


Planning for medicaid

PLANNING FOR MEDICAID

  • LONG TERM CARE INSURANCE

  • 90 DAY WAITING PERIOD

  • 5 YEAR BENEFIT

  • HOME HEALTH CARE OPTION

  • CAN BE EXPENSIVE

  • YOU NEED TO GET A QUOTE!


Planning for medicaid1

PLANNING FOR MEDICAID

  • DURABLE POWER OF ATTORNEY FOR BUSINESS

  • HEALTH CARE POWER OF ATTORNEY

  • LIVING WILL


Planning for medicaid2

PLANNING FOR MEDICAID

  • QUALIFIED RESIDENCE TRUST

  • FAMILY LIMITED PARTNERSHIP


Planning for medicaid3

PLANNING FOR MEDICAID

  • DIVORCE MAY BE AN ANSWER


Planning for mediciaid

PLANNING FOR MEDICIAID

  • IRA’S CAN BE A PROBLEM

  • BEFORE 701/2 OR AFTER 701/2

  • NEED SPECIAL TREATMENT

  • INCOME TAX IMPLICATION


Planning for medicaid4

PLANNING FOR MEDICAID

  • MEDICAID FRIENDLY ANNUITIES

  • ANNUITIZE OVER LIFE EXPECTANCY

  • NOT ALL INSURANCE COMPANIES OFFER THESE PRODUCTS

  • NEW BENEFICIARY REQUIREMENTS


Planning for medicaid5

PLANNING FOR MEDICAID

  • NEVER APPLY FOR MEDICAID DURING THE PENALTY PERIOD

  • ALWAYS HAVE A RIGHT TO A HEARING IF YOU ARE DENIED

  • PENALTY START DATE IS NOW THE DATE OF APPLICATION NOT THE DATE OF THE TRANSFER


Estate recovery

ESTATE RECOVERY

  • PROCESS BY WHICH OHIO RECOVERS FUNDS FROM ESTATES OF PERSONS WHO PASS AWAY WHILE ON MEDICAID

  • AUGMENTED “ESTATE” DEFINITION


Planning for medicaid6

PLANNING FOR MEDICAID

  • STARTS WITH A COMPLIMENTARY CONSULTATION TO DETERMINE THE ISSUES YOU AND YOUR FAMILY FACE.

  • YOU NEED TO DECIDE WHETHER YOU NEED A PLAN TO ADDRESS THIS IMPORTANT ISSUE.


Planning for medicaid7

PLANNING FOR MEDICAID

  • IF YOU DECIDE TO DEVELOP A PLAN IT WILL BE A WRITTEN ANALYSIS WITH MY SPECIFIC RECOMMENDATIONS.

  • I WILL ALSO BE AVAILIABLE TO ASSIST YOU WITH THE MEDICAID APPLICATION PROCESS IF IT IS NECESSARY.


Planning for medicaid8

PLANNING FOR MEDICAID

  • REMEMBER, IT DOESN’T COST YOU ANYTHING TO OBTAIN PROFESSIONAL ASSISTANCE.

  • YOU EITHER PAY THE ATTORNEY OR THE NURSING HOME.


Planning for medicaid9

PLANNING FOR MEDICAID

  • QUESTIONS


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