Medicaid is not the same thing as Medicare, although they are often confused with one another. Medicaid is a medical assistance program for elderly or disabled people who have lower income. In some cases, it may also provide medical assistance for young people who receive welfare. Medicare offers the same medical benefits to all who are enrolled in the program regardless of their income, while Medicaid is managed by the state, and only includes those who meet state requirements.
For Ohio, children who are 19 and under, pregnant women, families with children who are younger than 19, people with disabilities, adults 65 years and older, those who meet Medicaid citizenship requirements, Ohio residents, people who possess a Social Security number, and certain women who are screened for breast and/or cervical cancer can qualify for Medicaid. If you need help creating a Medicaid plan, please contact me, the Canton, OH probate lawyer at Elizabeth A. Burick Co. L.P.A., today.
In regards to estate planning, Medicaid planning can help you meet the financial requirements and preserve some of your estate for your spouse or dependents if you are unable to pay for long-term care. Using legal options under the Medicaid requirements, a probate attorney may be able to ensure that your spouse or dependents are financially secure while using Medicaid in various ways. One of them is transferring assets. If you give away property to someone who’s not your spouse, you may temporarily not qualify for Medicaid.
When applying, you must disclose any transfers you have made within the last 36 months, and for some trusts, you must disclose any transfers you have made within 60 months. A probate lawyer may be able to transfer assets in a way that you may still be able to apply for Medicaid. Another way to help manage long-term care costs is by creating and using trusts. If created 60 months prior to applying for Medicaid, you may still qualify for Medicaid, and slow the financial depletion on your estate.
Creating a Medicaid plan without legal assistance may be challenging. Congress is frequently changing laws regarding Medicaid, and only an experienced attorney may know the current Medicaid regulations. There are often special rules that apply to those in need of Medicaid that are extremely complicated, as well. As a native Ohio resident, I know the current laws, and may be able to help those who wish to apply for Medicaid.