Medicaid Planning

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Information about Medicaid Planning
Education

Published on March 11, 2014

Author: nashlawil

Source: authorstream.com

Medicaid Planning: Medicaid Planning Why It Is Important Your Golden Years by the Numbers: Your Golden Years by the Numbers PowerPoint Presentation: There were 9 million people over the age of 65 who needed long-term care in 2012 PowerPoint Presentation: 12 million people over the age of 65 are expected to need long-term care by in the year 2020 PowerPoint Presentation: 40 percent of people who reach age 65 will go on to need long-term care at some point in their lives PowerPoint Presentation: 75 percent of people who live to age 85 will need long-term care at some point PowerPoint Presentation: 40 percent of the elderly who need long-term care have income at or below 150 percent of the federal poverty level PowerPoint Presentation: 49 percent of nursing home costs were covered by Medicaid in 2002 PowerPoint Presentation: Just 7.5 percent of nursing home costs were paid by private insurance in 2002 PowerPoint Presentation: The average length of stay in a nursing home is about 2.5 years PowerPoint Presentation: Median annual cost of assisted living in Illinois for 2013 was $48,600 PowerPoint Presentation: Median annual cost of a semi-private nursing home in Illinois for 2013 was $62,050 Paying for Long-Term Care: Paying for Long-Term Care The odds are favorable that you, or a spouse, will need long-term care: The odds are favorable that you, or a spouse, will need long-term care Most private insurance plans do not cover long-term care costs: Most private insurance plans do not cover long-term care costs Medicare does not cover long-term care costs except in very limited circumstances: Medicare does not cover long-term care costs except in very limited circumstances Medicaid does cover long-term care costs: Medicaid does cover long-term care costs PowerPoint Presentation: Qualifying for Medicaid PowerPoint Presentation: Medicaid is primarily funded by the federal government but administered at the state level PowerPoint Presentation: Therefore, both the eligibility criteria and the benefits offered can vary somewhat by state PowerPoint Presentation: Unlike Medicare, Medicaid is not an entitlement program, meaning you must qualify for benefits PowerPoint Presentation: All states have an income and asset limit PowerPoint Presentation: Medicaid Planning Medicaid has a five year “look-back” period that prevents transferring assets just prior to applying for benefits: Medicaid has a five year “ look-back” period that prevents transferring assets just prior to applying for benefits The earlier you plan the better your odds of protecting your assets and qualifying for benefits when you need them: The earlier you plan the better your odds of protecting your assets and qualifying for benefits when you need them If you did not plan ahead, there may still be legal strategies you can use to protect assets and still qualify for Medicaid benefits: If you did not plan ahead, there may still be legal strategies you can use to protect assets and still qualify for Medicaid benefits Non-exempt assets may be able to be turned into exempt assets, for example: Non-exempt assets may be able to be turned into exempt assets, for example PowerPoint Presentation: LEARN MORE ABOUT MEDICAID PLANNING IN ILLINOIS

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