New 2020 Medicaid Asset and Income Rules
ฝัง
- เผยแพร่เมื่อ 15 ม.ค. 2020
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Every year, Medicaid changes the rules regarding how much of your assets and your income that you have to spend at the nursing home before Medicaid pays for your long term skilled care in a nursing home facility.
The new Spousal Resource Standard for 2020 is $128,640. The new home equity limit is $595,000.
The Spouse's Maintenance Needs for 2020 is $3,216.00.
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Paul Rabalais
Estate Planning Attorney
www.RabalaisEstatePlanning.com
Phone: (225) 329-2450
I thought video was very informative, but I wish you would also address Medicaid rules for single or divorced individuals.
Absolutely.
I want to thank you for this information. I've watched a few of your videos, and they have given me some peace of mind and some ideas of what to research. I appreciate you taking the time to post these!
Peace of mind is a great thing. 😎
Thank you for the update!!
You’re welcome Sunsheen ☀️
Thank you so much for a very informative new rules. Can you please share about income rules and assets rules for parents who have a disable under age child on medicaid?
Thank you Paul for this important information.
I found this interesting. And Knowledgeable.
Clears up some questions for me.
Thank you.
Great info, 😊
What about Asset Look Back rules - is it still 5 years? And what effect does any gifting (within the look back period) have on medicaid nursing home eligibilty? Maybe you can devote an entire video to the subject. Thanks
Very helpful subject.
Perfect info
What if the couple have 2 jointly owned home. Will the second home be considered as Community Spouse Resource Allowance and added to the limit?
If the institutionalized spouse passes away, does the nursing home or Medicaid still have any claim to assets or income left to the surviving spouse?
Are the same income/asset limits applicable for at-home nursing/care-giving care?
If you haven't been institutionalized but are on Medicaid can you still sell your home and not have to give your home to medicaid
Is it possible to use annual gifting to minimize countable assets?
Good information. I’m in LV Nevada and ma is in a Nursing home two months under hospice.
Started where she fell off scotter bumped head went to ER which led to two weeks of care then Two weeks of Rehab (at 92 she cannot walk anymore) then Two more weeks of Rehab. Well brought her home and quickly found out I at 72 couldn’t lift her from wheel chair to bed on fourth day had to call fireman 🚒 over to get her in bed. Next day she was off to Nursing home @ $2000/ month it’s a home with 8-9 other and she has a roommate. Ma has dementia last couple of years too and now she’s a mostly incoherent.
Mother receives $2400/ month from SS and pensions and house is paid off and worth $200000, looks like she qualifies for medicare to pay the $2000.
Medicare has shown me it’s a very good healthcare system for US they put patients in a hospice program after all the Medical care.
Congratulations on LSU win I like them too. 🏈
What if you were living with an adult child who was disabled themselves but took care of you for a couple of years Can you leave anything to them if there only receiving Social Security themselves
Will life insurance policy affect the Medicaid qualification? Thanks.
If one spouse is the community spouse but the other is in an assisted living facility, will he still be considered an institutionalized spouse? Wondering if it makes a difference if your in a Nursing Home or Assisted Living Facility.
First of all, thank you for these videos. ☺️ I do often wonder though, if for some reason the state decides that you don't qualify for Medicaid. What happens then? They're in the nursing home, they've run out of money, Medicaid denies them coverage, so then what? Is Medicaid just going to set them out on the curb and leave them out there to die?
I wonder about this because 40 years ago my dad made the idiot decision to buy a completely useless piece of land. So they own this piece of land 40 miles out of town that's completely useless. No one will buy it and my parents have just been paying taxes on it for 40 years for no good reason. Now, they're both in facilities and toward the end of their lives. But it seems to me they're probably going to outlive their money. So I feel like, if they apply for Medicaid, they're going to be denied because they own this piece of land. So then what? We can't sell the land, and from what I understand if we give it away or sell it at a very cheap price, then when Medicaid looks back on that they deny them, correct? So there they'd be, out of money with a ratty old house and all the crap that's inside of it and their beat-up old car. And then what?
Informative to a degree. However, he NEVER Addresses How Irrevocable Trusts Are Presently One of THE MOST COMMON "LEGAL TOOLS" (Most Violate State and CMS Laws) TO COMMIT FINANCIAL ELDER ABUSE. Many Abuse Various Forms of Irrevocable Trusts- as “partners”, "spouses" (But not legally married) and "Caretakers"- to CRIMINALLY TAKE ADVANTAGE, Especially From Others with Mental Incapacity. Some States, Namely, Florida (Seems Not To Enforce Its Own Laws) and Several Others- Allow Criminals TO BLATANTLY STEAL FROM (The Elderly, The Mentally Incapacitated, The Terminally Sick) the Original Trustor (Settlor if incapacitated) & All Beneficiaries as well as Steal From ALL US TAX-PAYERS. BY USING Irrevocable Trusts- Lady Bird Deeds (Florida), QIT’s, etc- To Qualify for MEDICAID (LONG TERM CARE BENEFITS) while NOT QUALIFIED by Other Requirements, Specifically MAXIMUM INCOME or Transferring Real Estate to “Self-Dealing” Irrevocable Trusts (Trustor is the same as the Beneficiary). AGAIN THIS IS ONE OF THE MOST COMMON FRAUDULENT FINANCIAL ELDER ABUSE SCAMS IN THE COUNTRY. PLEASE LOOK NO FURTHER TO ANY LOCAL NEWSPAPER IN SARASOTA COUNTY FLORIDIA, ORANGE COUNTY FLORIDA OR SEVERAL OTHERS- ALL ADVERTISEMENTS ARE FROM "TRUST & ESTATE PLANNING ATTORNEYS" MEDICAID TRUST ATTORNEYS’.
#FLORIA#1MEDICAIDFRAUD
Can you make some videos for us in California
If an institutionalized person passes the home equity limit test and the income test, the Medicaid pay for the cost of nursing home, does the Medicaid put a lien on his/her home?
you are teriffic. Easy to understand even better than my Eldercare attorney. you have a new fan . how do I reach you for advice?
Great video. Can you confirm my understanding of these 2 additional scenarios: #1) If the Institutionalized person (Wife) receives $2500/month from social security and the Community person (Husband) receives $5000, then NONE of the money would be taken by Medicaid because $2500 is under the approx $3,600 limit and the Community Person never pays. #2) If the institionalized person receives $5,000/month from social security the about $1,400 would have to be paid to Medicaid and the Community person still doesn't pay from whatever they receive, regardless of the amount... Is that correct? Thanks a lot!
l huang No, the community person gets to keep $3,600 from the combined (institutional spouse and community souse) incomes if the community spouse own income is less than $3,600. If the community spouse’s own income ( incomes paid to him/her in his/her name) is more than $3,600, he/she may keep all of it. Meaning, none of his/her income will be counted to determine the institutional spouse’s eligibility. For example, if both have equal amount of monthly income of $5,000 each, the community spouse can keep his own income of $5,000 but Medicaid will keep the $5,000 from the institutional spouse, provided they meet the property and asset requirements.
As John Wayne said he sure likes to take the long way around the barn
Do retirement accounts count as assets???
My mother is a US senior citizen and has Medicaid. She plans to buy a house outside the country. Does this affect her illegibility? Do you think she will lose her medicaid benefits?
Hello! My mom is in a nursing home right now but will be coming to live with me in a week or so. My mom is on medicaid. Her mother, my grandma ,passed . My grandma's job gave a 10,000 insurance payout.
My mom is the beneficiary . How do we keep this money?? We really need it, and I don't want the government or nursing home to take it.
Thank you! I appreciate your time!
How can I find someone like you in WI?
Can you give an example of what happens if the community spouse has some income and the institutionalized also has income.
John R. Clarkson, J.D. he did in the video.
how about a single person? thanks
Didn’t get my food money for 2 months please let me know why
Sorry. It appears that Alabama is the College Footbal GOAT.
If i move back in with my ex husband...will i loose my medicaid?
I always question why am i spending money each month on long term when there’s Medicaid//?
To be in a nicer place, or have care at home.
Why is Social Security called "Security" when it is not enough to give "security?"
I know a couple who isn't married..shes on disability..for years she has been on it..she came into some money when her grandfather passed..she bought a mobile home..her boyfriend had his name added on it..so they both own it..what happens if some thing happens to her..beings they r not married..
How to life insurance policies of institutional and community spouses affect eligibility?
This guy don't even answer his viewers and those who leave comments.. what the heck? Why ? Most all videos we watch . The utuber answers questions .. I was going to Ask but what's the use , no answer anyways
Talk, talk, talk, talk, talk. He doesn't provide any backup documentation of what the law says. That's why I distrust financial advisors who try to drum up business.
please don't repeat yourself.
Ok I won’t. Ok I won’t.
Some of us need that repetition to “catch on”.
Thanks Paul, that was one of the best and I've saved a lot of your videos. Your examples were easy to understand. Keep enjoying life!