Medicaid Planning and Funding for Long-Term Care: Eligibility Rules, Asset Protection Strategies, LTC Insurance

One of the top priorities when considering options for funding long-term care is obtaining Medicaid eligibility. Elder law attorneys must understand the resource and income eligibility standards for Medicaid, how assets are classified, the impact of annuity rules for married couples and single individuals, asset transfer rules, long-term care insurance, and other key issues for Medicaid and long-term care planning. For some clients, Veterans Aid and Attendance can also be an important benefit that requires careful planning.

When it comes to Medicaid eligibility, not all assets are treated the same, and many people don’t know the difference between assets, resources, and income. Making it even more confusing is the fact that the rules for married couples are completely different than rules for unmarried individuals, and all the rules are extremely complex. In fact, many say that Medicaid is the most complex area of law, given that the United States Supreme Court has called the Medicaid laws “an aggravated assault on the English language, resistant to attempts to understand it.” Schweiker v. Gray Panthers, 453 U.S. 34, 43 (1981). Qualifying for Medicaid and Veterans Aid and Attendance requires careful attention to detail and advanced knowledge of the requirements and limitations involved.

Elder law attorneys must be familiar with Medicaid asset protection trusts and be familiar with applicable Medicaid rules, including asset limits, asset transfer requirements, methods to convert assets to non countable assets, utilizing long-term care insurance, estate recovery issues, and more.

Listen as Evan H. Farr, CELA, Partner at Farr Law Firm, discusses resource and income eligibility, issues regarding IRAs and annuities, determining the best methods for transfers and limitations, long-term care insurance, and other critical items and planning techniques for elder law attorneys.