Medicaid planning is an essential part of estate planning. Medicaid is a federal and state program that provides healthcare coverage for low-income people. Medicaid law can be complicated, so it’s important to have the help of a qualified Medicaid planning attorney in Utah. In recent years, the cost of healthcare coverage has skyrocketed to unprecedented levels. If you do not qualify for long-term care insurance due to a medical condition or if the premiums are too expensive, you may want to consider asset protection planning now to be eligible for Medicaid benefits in the future. Before receiving any benefits from a government program, individuals must meet eligibility requirements. Medicaid applicants must meet a financial criteria. A skilled Medicaid and Assisted Living Planning attorney can guide you through this complex process. Today, we will take a look at some of the details you need to know about Medicaid planning for you or your loved ones’ future.
What’s Involved In The Medicaid Planning Process?
Medicaid planning is an extensive process and you should consult with an attorney who is knowledgable and has experience with Medicaid planning. A simple consultation explores the health and financial status of the individual who is planning on applying for Medicaid benefits. In addition to assessing the likelihood of success, they also analyze the positive effects they can have on preserving a client’s assets. In most cases, it takes several weeks to compile information about a client and create an analysis of their assets and Medicaid planning needs. Attorneys that specialize in Medicaid planning can help you develop a solid plan and make adjustments as needed.
Utah Medicaid Income And Assets Eligibility
Seniors in Utah may be eligible for a variety of Medicaid long-term care programs. It’s important to note that these programs have different financial and medical eligibility requirements. Several factors can affect eligibility, such as marital status. There are various pathways to Medicaid eligibility in Utah.
An individual applying for Medicaid can only have $2,000 in assets. For eligible individuals, the income limit is $1,073, with an asset limit of $2,000 a month.
How Are Assets And Income Defined?
When it comes to Medicaid eligibility, income can be from any source, including; unemployment wages, Veteran benefits, social security disability income, pension payments, retirement withdrawals, and stock dividends. If just one spouse of a married couple is applying for Medicaid benefits, only the applicant’s income will be considered. The income of the non-applicant spouse usually does not impact the eligibility of the applicant spouse. Countable assets include cash, stock, bonds, credit union savings, checking accounts, vehicles, life insurance policies with a face value over $1,500, retirement accounts not in RMD status, and real estate property. Applicants who don’t meet Medicaid’s income and asset eligibility requirements can benefit from income and asset planning strategies. There are ways to effectively plan for future Medicaid needs and ways to spend down assets using exempt assets that would have a value exceeding the $2,000 asset limit. Medicaid applicants over the income limit are sometimes permitted to spend their “excess” income (those who earn more than the established limits) on medical expenses.
Contact Proven Law And Plan For Your Future
Long-term health costs can quickly drain your bank account. At ProvenLaw, our team of Medicaid and Assisted Living Planning attorneys are committed to helping the elderly secure Medicaid benefits to ensure that they have access to the medical coverage they need when they need it. We can work with you to develop pre-planning strategies to protect your assets, develop trusts, draft caregiver agreements, and more. Contact us today to schedule a consultation.