MEDICAID ADVISOR
The Medicaid Quiz BY COLIN SANDLER Stop. Before reading on, take the true/ false quiz to the right to learn what you know (or don't know) about Medicaid coverage for long-term care needs. Then compare your responses to the answers below:
TRUE or FALSE? 1. I can own my home and still qualify for Medicaid at-home care.
minimum distribution (RMD) to shelter the asset (even if it is a Roth IRA). Note: Most of NY State uses a di-•erent life - expec tancy table than the IRS to determine RMDs. So you may have to take significantly more income from your account than what the IRS tells you; only Westchester, Putnam and NY City use the IRS life expectancy table. #6: FALSE. There is a strategy called Gift/Note that, typically, can protect about 40 to 60 percent of the assets at risk at the time of placement in a nursing home - even if you didn't do any planning or the planning you did was still within the five-yearlookbackperiod. #7: FALSE. Medicaid does not follow the same rules as the IRS. If you gifted any money, Medicaid can penalize you for the transfer. A penalty means Medicaid denies coverage for a period of time consistent with the value of the gift.
2. I cannot qualify for Medicaid because I have #1: TRUE. For in-home care, you income (a pension or retirement distributions). can own your home if it’s your primary residence. If you own other 3. Medicaid will pay for at-home care provided properties and they pass through by my daughter and her friend. your estate, Medicaid will recoup the cost of your care from your estate. 4. Once I get Medicaid, they will provide all the #2: FALSE. For in-home care, a care I need to stay at home. pooled income trust can be used to shelter all income over the Medic5. Medicaid cannot make me cash out my IRA aid limit. The 2022 limit is $954 per month (gross income). If you are in or Retirement account(s) to pay for care. a nursing home, 100% of your gross income goes to the facility unless 6. My Mom is now in a nursing home - which you are married, in which case your we did not plan for - so I guess I will have to spouse “might” be entitled to keep spend down all her money. some of the combined income. #3: TRUE. You can choose your 7. Dad is going to a nursing home. He gifted caregiver via the Consumer Directeach of us $15,000 last year, according to IRS ed Personal Care Program (CDrules, so those transfers are safe. PAP), which allows you to hire any one of your choice to be your careHow did you do with this Medicaid giver. The exceptions: You cannot qualification test? If you had any ance here will ensure you get the best appoint your spouse or the person acting wrong answers, you may want to consult possible amount of care. as your primary Power of Attorney. Also, a professional to protect as much of your #5: TRUE. Medicaid will exempt the the person must be legal to work in the assets as possible. principal of your retirement account or U.S. and willing to be on payroll. any annuity if you are taking a monthly n n n #4: FALSE. Once you are approved for distribution. You must take the required Colin Sandler, LCSW, CCM, is Medicaid, they will assess you for your the owner of Medicaid Solutions care needs. If you do not present your and has been providing advice on Colino-•ersFREEweeklyseminars needs adequately or use the “wrong lanaging to seniors and their families on Community Medicaid and Nursing guage,” you will get less care than you for over 20 years. Call 914-924Home Medicaid via Zoom. Please may want or need. There are programs 2566 or email Colin@Medicaidsolutions.com; check MedicaidSolutions.com for which assess di-•erently, so having - guid 2127 Crompond Rd, Cortlandt Manor, NY. information and registration.
spring 2022
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