Nursing home and medical expenses can become a severe financial burden, particularly for elderly individuals with limited resources. Medicaid is a government program designed to assist people without sufficient medical insurance with receiving the care they need. Due to the extensive eligibility requirements and state-specific rules, it is often helpful to prepare for Medicaid assistance in advance of applying for benefits. At Adler Law LLC, an elder law attorney can guide you through the Medicaid planning process with a thorough evaluation of your finances and health care needs. Indianapolis Medicaid planning attorney Michael J. Adler has 15 years of experience advising people who are preparing to apply for or currently need Medicaid. He can help you explore your options and address any concerns you may have regarding the process.Medicaid Planning Tools
Medicaid is a jointly funded state and federal government health care program that provides financial assistance for people who meet its asset and income guidelines and are at least 65 years old or permanently disabled. Unlike Medicare, its federal counterpart, Medicaid covers long-term medical care, rehabilitation, and other health care needs at home and in nursing homes for as long as it is required.
Medicaid is regulated by both state and federal laws, and eligibility can become complicated. Proper Medicaid planning involves careful examination of an individual’s health care needs and finances, as well as a thorough understanding of the relevant state and federal laws. Generally, four main criteria are used to determine eligibility: income and family size, age, resources and assets, and medical needs. In Indiana, there are several Medicaid programs, and the requirements vary depending on the program. In addition, the income eligibility requirements generally increase each year.
Although Medicaid requires beneficiaries to have little income and few assets, not all property is included in eligibility determinations. Therefore, it may be possible to restructure the ownership of one’s assets to establish eligibility for Medicaid coverage. For instance, some people may be able to maintain eligibility for Medicaid while preserving their assets by transferring their property into a certain type of irrevocable trust.
A Miller Trust, also known as a Qualified Income Trust or QIT, may be established to hold a specific amount of income in order for you to meet Medicaid income eligibility requirements. Similarly, a grantor’s assets may be transferred to a Medicaid Intentionally Defective Trust after the gifting ineligibility period. These types of trusts may be beneficial for people who are willing to pay income tax on the trust earnings and are able to take advantage of personal income tax deductions that would not be available to the trust. Due to the complicated rules surrounding this area of law, however, individuals who are considering a Miller or Medicaid Intentionally Defective Trust should consult with a qualified attorney in order to determine whether their health care needs and finances will benefit from such arrangements.Consult a Medicaid Planning Attorney in the Indianapolis Area
An Adler Law LLC attorney may be able to assist you in meeting Medicaid eligibility requirements by taking advantage of applicable state and federal laws. Indianapolis Medicaid planning lawyer Michael J. Adler has a comprehensive understanding of this program and can craft a strategy to help you pursue benefits when the time comes. With strong ties to the legal community in Indiana, Mr. Adler is a member of the Indianapolis Bar Association, Indiana Trial Lawyers Association and a Vigo County Trial Deputy Prosecutor. He advises individuals who need an estate planning attorney in Indianapolis, Westfield, Zionsville, Greenwood, Carmel, Fishers, and other communities in Boone, Marion, Hamilton, Johnson, and Vigo Counties. Call Adler Law LLC at 317-635-7880 or contact us online for a free consultation.