WHAT IS MEDICAID ESTATE PLANNING?
Medicaid is a needs-based government program for individuals who are blind, disabled or over the age of 65. Medicaid covers the expenses of long-term nursing care when an individual lacks income or assets to pay for care. Medicaid Estate Planning is the process of legally making a person eligible for Medicaid. In Ohio, the Medicaid program is administered by the Ohio Department of Job and Family Services. In determining financial eligibility for Medicaid, two factors are considered: assets and income. In general, an individual will have to use most of his/her assets before qualifying for the Medicaid program. However, a person is permitted some allowances, such as a monthly personal allowance, payments for medical insurance premiums, and payment of past medical expenses. If a spouse remains at home, he or she is permitted to keep the primary residence, a vehicle, household goods, and can maintain a minimum monthly needs allowance. Transfers of other assets or transfers to individuals o
