You or your parent may want to live at home as long as possible. But, that sometimes isn’t financially feasible due to the cost of in-home care. Fortunately, there’s a planning option in situations like these. It’s called a “reverse mortgage.” It’s essentially when a loan is taken out against the equity in the home …
Medicaid and Reverse Mortgages: The Good, the Bad, and the Ugly Read More »
The options for protecting assets from Medicaid and the cost of long-term care differs depending on if you’re single (i.e. not married or have survived your spouse) or are married. Also, the planning differs depending on when you need care. In other words, if you can live independently for five years, there are certain planning …
If you have a spouse, parent, or other family member who is on Medicaid, that person hasn’t had to meet the financial eligibility rules since June 1, 2020. At that time, the State of Michigan changed its policy so that people can remain on Medicaid even though they have too many assets. As part of …
Don’t Lose Your Medicaid Eligibility When Redetermination Is Restarted Read More »
In response to COVID-19 and the federal Public Health Emergency, the Michigan Department of Health & Human Services (MDHHS) suspended all Medicaid redeterminations. Since June 1, 2020, benefits have continued without the MDHHS confirming that a Medicaid recipient is still eligible for benefits based on assets and income. The federal Public Health Emergency will end …
Medicaid Redetermination Process Resumes on May 11, 2023 Read More »
There is great freedom in grabbing your keys, jumping into your car, and driving wherever you want to go. Nobody wants to think of a day when we might lose that freedom. But as we age, a time can come to give up those precious keys and rely on others to drive us where we …
During your working years you and perhaps your employer made contributions to your retirement account. You learned the benefit of putting your employment income into a 401k so that you would not pay income tax on it while you had earnings from employment. Rather, when you retired, you would then draw on those funds and …
Please join us for a Zoom seminar to discuss Medicaid planning and Asset Protection The seminar is on Wednesday, May 27 at 5:15 pm via Zoom. Please click the below link for details and instructions on how to RSVP. May Zoom Medicaid Seminar
There are many Medicaid programs but we most commonly assist those who are on the MI Choice Waiver program for in-home care and assisted living and the Medicaid program that pays for benefits in a skilled nursing facility. Persons who are receiving Medicaid benefits must keep their bank account balances under $2,000 at least one …
I find that most people are already aware of the five year look back period that impacts Medicaid benefits to cover expenses for in-home care, assisted living, or nursing home care. The Department of Health and Human Services (“DHHS”) must be told about all transfers within five years of applying for benefits that were for …
Medicaid Policy: What you Need to Know about Hiring Individuals to Provide Care Read More »
The Department of Health and Human Services (“DHHS”) that processes applications for those who need assistance paying for assisted living or nursing home care has changed the treatment of promissory notes. Formerly, Medicaid-compliant promissory notes were non-countable assets that did not really impact eligibility for benefits. But now, promissory notes are always going to be: …
Promissory Notes Losing Value in Medicaid Planning Read More »
Fill in the form below to reserve your spot today for each person attending. If you have any questions, please call the office at 616.392.1821.
