Senior Planning Services Resources

Will Mom have to sell our family home to qualify for Medicaid?

Post author By sps
Post date March 5, 2021

As David’s mother Betty aged, her health rapidly declined and David was faced with a slew of new responsibilities. As her primary caregiver, he needed to stay on top of her medical and financial needs. Throughout all these new challenges, one hurdle scared him most — would Mom need to sell her home to qualify for Medicaid?

If Mom won’t be moving to a facility for the next five years, there are asset preservation steps you can take to ensure that her home will be protected. Seek legal advice to determine your options.

Medicaid New Jersey

What are Qualified Income Trusts in the State of NJ? And How Can They Help with Medicaid Eligibility?*

Post author By sps
Post date March 1, 2021

Are you running into an issue where Mom or Dad has an income that is higher than the Medicaid income limit yet insufficient to cover their skilled nursing facility bill? Three letters, Q-I-T may be the answer to this problem.

A QIT otherwise known as a Qualified Income Trust or Miller Trust is a program that allows for Medicaid eligibility specifically for seniors with a high income. It is a trust funded solely for the purpose of Medicaid eligibility with income above the institutional limit- $2,523 in 2022 and fluctuating yearly depending on any federal cost of living adjustments (COLA). Read on to discover QIT requirements and how to set one up in this QIT guide from the experts at Senior Planning.

Medicaid Connecticut Medicaid Massachusetts Medicaid New Jersey Medicaid New York Medicaid Pennsylvania Medicaid Rhode Island

Medicaid 101: An Dictionary of Common Medicaid Terms

Post author By sps
Post date February 22, 2021

Does a simple Google search for Medicaid guidance feel like gibberish? That is a common sentiment echoed by people like you who are looking for a clear understanding of Medicaid.

The following article provides a brief explanation of various Medicaid terms without going into the finer details. These explanations should be used as a basic reference; they are in no way intended as financial or legal advice. Senior Planning Services can assist you with a more in-depth understanding.

Medicaid Connecticut Medicaid Massachusetts Medicaid New Jersey Medicaid New York Medicaid Pennsylvania Medicaid Rhode Island

Prepaid Funerals & Medicaid: All You Need to Know

Post author By sps
Post date February 12, 2021

Funeral planning is never on the top of anyone’s to-do list; however, many seniors are unaware that prepaying for their funeral arrangements is one of the expenses that Medicaid allows as part of spend-down. The Department of Human Services recognizes that Medicaid asset requirements ($2,000 in many states) don’t leave beneficiaries with the available funds to have their end-of-life wishes honored without becoming a burden to others. Setting up a prepaid funeral also has the added benefit of locking into current rates even if the price goes up.

Caregiving Health and Wellness

Dealing with Dementia

Post author By sps
Post date November 27, 2020

Alzheimer’s and other forms of dementia can be challenging for patients and caregivers alike. Learn the top strategies for dealing with dementia that can benefit both you and your loved one.

Ask Yes-or-No Questions

Instead of asking, “What would you like for lunch today?”, simplify the question into one that can be answered with a “yes” or a “no.” A question such as, “Would you like chicken and rice for lunch?” is much easier for someone with dementia to answer without becoming anxious.

Gifting

Medicaid and Gifting

Post author By sps
Post date November 19, 2020

Understanding the guidelines: IRS vs Medicaid on Gifting

Isn’t it frustrating when we make a mistake simply because we were misinformed? Remember the time that you missed the bus because the receptionist on the phone told you the incorrect time? Or you missed a business meeting because you were given the wrong directions? It certainly is frustrating when mistakes happen that could have been prevented.

While working at Senior Planning Services assisting people with their Medicaid Applications, we often come across people telling us, “I wish I would have spoken to you earlier. I wish I would have known all this five years ago.” The Medicaid guideline of gifting is an area in which there is a lot of confusion and many are misinformed.

resources

Ask Yes-or-No Questions

Understanding the guidelines: IRS vs Medicaid on Gifting