Medicaid planning, while federally regulated, varies state to state. Richard A. Myers, Jr. & Associates, LLC predominantly focuses on Lorain, Medina and Cuyahoga Counties; however, they serve outlying counties in Ohio as well. A big misconception with Medicaid is that an applicant must spend their life savings down to $2,000 before any assistance can be sought from Medicaid. At Richard A. Myers, Jr. & Associates, LLC, we work hard to save 50% to 60% on average of your life savings as part of the application process. Medicaid can limit an applicant to $2,000 in personal holdings but they cannot limit what someone holds on behalf of the applicant. The funds are available to meet the supplemental needs of the applicant in any care setting. Pre-planning your Medicaid assistance is key in providing for the individual in need as well as their family.
Medicaid allows you to retitle assets to the control of a family member or other trusted individual (for family, funeral planning, and similar needs). This may result in a waiting period for benefits. This is called the Restricted Medicaid Coverage Period, or a penalty period. Our office utilizes a formula that determines the maximum amount an individual can give away while retaining just enough to pay for care needs during the waiting period.
This ensures the individual does not lose necessary income while waiting to distribute assets for other planning needs.
There is rarely a clear path to follow during a medical crisis. It is a difficult time that merges emotions and family-bonds with business affairs and wealth planning. If a loved one has the need to enter a long-term care facility (nursing home) or an assisted living, or just needs care within their home, then Medicaid Planning needs to be on your radar.
The nursing home or facility may offer a free Medicaid Plan and while this is alluring for obvious reasons, it’s not the best option. Medicaid allows you to keep $2,000 if you are a single individual. These free Medicaid plans typically have you spend all the way down to $2,000 and funds become exhausted on care (and maybe funeral planning).
At Richard A. Myers, Jr. & Associates, LLC, we care about our client’s quality of life and their priorities when we approach Medicaid Planning with our clients and that eliminates potential gaps in the plan.
Richard A. Myers, Jr. & Associates, LLC continues to innovate and lead the Estate and Medicaid Planning Community by using convenient, client-based technology. We actively work to accommodate clients with busy lives by giving them the option to upload necessary documents to the encrypted portal, rather than delivering the documents to our location. This portal allows the client to give and receive secure messages with the attorneys and our staff.
The meaning of “quality of life” is simple to us; this means ensuring that we have established a fund that will be available to pay for an individual’s well-rounded care. Because Medicaid only allows a $50 monthly allowance from your income for non-medical needs and $2,000 in assets, seniors who do qualify for Medicaid will have a $3/day allowance for the remainder of their nursing home stay.
We think that is a gross inequity to our seniors and this is why quality of life is a key pillar for our company. We want the families and friends to understand that this is our number one goal. Whether this means ensuring a single room for healthy sleep (vital to recovery) or making sure the individual has enough money to get a haircut. It can be easy to feel like a number in healing facilities, Richard A. Myers, Jr. & Associates, LLC offers more than the standard or basics, we strive to go deeper to meet your individual needs.
Plan for Medicaid with Richard A. Myers, Jr. & Associates, LLC. to avoid losing out on money that’s necessary for proper care.