MEDICAID PLANNING FOR SINGLES
Preserving your Resources
It is important for you to understand your State’s rules on income and asset limits for Medicaid applicants. For example, in Pennsylvania, a single applicant for Medicaid is allowed to keep a maximum of $2,400 or $8,000 in resources, depending on the amount of income he or she receives monthly. In Ohio, the maximum resource amount for a single applicant is $2,000, regardless of income. Resources would include checking, savings, money markets, CDs, investments, cash value life insurance, savings bonds, retirement accounts, business interests, real estate other than your primary residence, multiple vehicles - essentially, anything you own that that is convertible to cash is considered a resource.
Contrary to popular belief, there are many planning strategies that can be explored to expedite your Medicaid eligibility, and even preserve as many of your hard-earned assets as possible. We are experienced with the rules of Medicaid, as well as certain exceptions to Medicaid's rules that may be available in specific instances.
Let Us Help
A Medicaid crisis is overwhelming. The burden and stress of these crises cause some families to ignore the planning opportunities available to them. Without an experienced Elder Law attorney, it would be difficult to get a complete understanding of all the Medicaid rules because you have no one working for you. Let Snyder Elder Law & Estate Planning help take some of the weight off your shoulders and give you a comprehensive look at how the process works.