Penny, Botticello & O'Brien
P.C. Manchester, CT
202 West Center Street - Manchester,
CT 06040
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Protecting Your Most Valuable Assets
Your Title 19 Medicaid Rights
Answers To Questions
That Are Hard To Ask
What if I am married?
Question #
4 |
What assets are considered?
Question #
5 |
Must all of my assets be spent
on a convalescent home in order to qualify for Medicaid?
Question # 6 |
What about gifts that I have
made prior to the Medicaid application?
Question #
7 |
What happens to my home?
Question #
8 |
Is it too late to plan if a patient
is already in a convalescent home?
Question
# 9 |
What is Medicaid or "Title
19"?
|
Medicaid, also commonly referred to as Title
19, is a government program which pays for convalescent and medical
care for those who meet certain minimal asset and income levels. |
In order to qualify,
what can I own?
|
A person may keep the following assets and still
qualify for Medicaid: Up to $1,600, a prepaid funeral
and a burial plot, cash surrender value of life insurance, provided
the face value does not exceed $1,500; and most personal property,
including clothing, furniture, furnishings, etc. |
What if I own more than
what's allowed?
|
Assets will have to be reduced to appropriate
levels to qualify for Medicaid. However, with proper planning
a person may legally see to it that their spouse, children, and
grandchildren receive the benefit of their life's work and savings.
The sooner planning begins, the more wealth can be preserved. |
What if I am married?
|
It is possible to protect a spouse. A patient's
spouse who is still living in the community is entitled to keep
a home, a car, and the couple's personal property.
The 'community spouse' may also keep 50% of
the couple's assets which existed on the date the patient spouse
was admitted to a convalescent home, up to a maximum of approximately
$104,400.00 |
What assets are considered?
|
All available assets owned by either the
applicant or spouse are considered, including real estate, vacation
homes, timeshare units, life uses, annuities, life insurance
policies, bank accounts, certificates of deposit, living trust
accounts, retirement accounts such as a 401(k) or an IRA, credit
union accounts, joint accounts with others, stocks, bonds, brokerage
accounts, and the like. However, some assets may be exempt. |
Must all of my assets
be spent on a convalescent
home in order to qualify for Medicaid?
|
No. With proper planning, assets can be
redistributed, reinvested into exempt assets, or used to buy
other things. |
What about gifts that
I have made prior to
the Medicaid application?
|
All gifts made within five years prior to
applying for Medicaid are examined. If gifts have been made during
this period, then a penalty is determined and the person will
not be eligible to receive Medicaid benefits for a period of
time, based on the value of the gifts.
Although gifts are looked at closely and are
a prime area of disqualification, this does not mean that gifts
made within five years will automatically disqualify an applicant. |
What happens to my home?
|
For a person to qualify for Medicaid,
their house must be sold unless:
A. Their spouse or another eligible
relative lives in the house, or
B.
The house is transferred to their spouse or to another eligible
relative.
Sometimes a house can be transferred without
penalty to others. |
Is it too late to plan
if a patient is already
in a convalescent home?
|
No! Surprisingly, assets may still be preserved
even after a patient has entered a convalescent home. |
What happens to my income?
|
Once a person qualifies for Medicaid, they
may keep a minimal portion of their income each month, and the
balance is paid to the convalescent home. However, if there is
a spouse, some or all of the patient's income may be diverted
to that spouse to provide a minimum monthly income, approximately
$1,711.25 at present. It may be possible
to divert even more income to a spouse if certain needs are shown. |
Who fills out the Medicaid
application?
|
The patient or the patient's family is responsible
for completing the Medicaid application. Although a convalescent
home staff member may offer to assist with the application, hiring
an elder law attorney is often crucial to further protect the
family's income and assets. |
Who do I talk to if I need more information?
|
The law and the rules are constantly
changing. Consultation with an elder law attorney can often lead
to a savings of thousands of dollars for the patient and his
or her family.
We know that this is a difficult subject to
talk about. Attorney Thomas Robinson of our firm practices in
the area of Elder Law and is experienced with helping families
deal with the Medicaid process. If you have any questions, please
call 860-646-3500 to talk to Attorney Thomas Robinson or to make
an appointment.
You will not be obligated for any
legal fees unless you are comfortable that we can help. |
202 West Center Street
Manchester, Connecticut 06040-4855
Ph: 860 / 646 / 3500
Fax: 860 / 643 / 6292
Office Hours: Mon. - Fri. 8am - 5 pm
(other times available by appointment).
Copyright © 2000-2008: Penny,
Botticello & O'Brien P.C.
All Rights Reserved.
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