Tag: senior Medicaid planning

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Medicaid

Is Medicaid Income Or Asset Based?

Is Medicaid Income or Asset Based?

Medicaid eligibility is based on both income and assets. Individuals must meet specific income limits and have limited assets to qualify for Medicaid. However, most people don’t know that they can qualify regardless through the implementation of Medicaid compliant financial planning strategies. Utah Senior Planning specializes in financial planning specific to Medicaid preparation. We will help you determine current eligibility and how to become eligible if you otherwise aren’t currently.

INCOME

Income includes various sources such as wages, self-employment income, Social Security benefits, and pensions. The limits for income really just depend on the private pay rate for the facility that the individual applying for Medicaid is in. 

The average private pay rate per month for nursing facilities in Utah is $6,938 with some facilities charging upwards of $10,000+ a month for care. 

If you are married and your combined income is above the private pay rate of the facility, you still may qualify. We will help you determine eligibility and implement the appropriate financial planning strategies so that you may still qualify. 

ASSETS

Assets include savings, investments, real estate, vehicles, and valuable possessions. However, there are certain caveats to these asset limits. Some assets are exempt and excluded from Medicaid’s asset limit. Utah Senior Planning helps clients understand and navigate the Medicaid application process by helping clients gather all the necessary documentation, implement Medicaid compliant asset spend down strategies, asset protection strategies, applying for Medicaid, etc.

Normally, Medicaid’s asset limit is $2000, which is why it is very important to have experts available who understand how to navigate the system in order to preserve assets and save money long term.

Utah Senior Planning provides comprehensive support in navigating these complexities, from determining eligibility to applying for Medicaid, ensuring that clients can secure the necessary care without undue financial burden.

Categories
Medicaid

How Soon Do I Need To Report Any Changes Of Income Or Assets To Medicaid?

The Critical Importance of Promptly Reporting Changes to Medicaid

When you’re a beneficiary of Medicaid, staying compliant with the program’s guidelines is paramount, especially regarding changes in your income or assets. Here’s what you need to know about reporting such changes to ensure your benefits remain uninterrupted and you stay on the right side of the law.

REPORTING TIMELINES: THE 10-DAY RULE

Medicaid requires recipients to report any changes in income or assets within 10 days from the occurrence of the change. This includes adjustments in earnings, inheritance, sale or acquisition of assets, or any financial modifications.

WHY IT MATTERS
Maintaining Eligibility

Accurate and timely reporting is essential to preserve your Medicaid eligibility.

Avoiding Penalties

Failure to report within the stipulated time frame can lead to fines, repayment of overpaid benefits, and even loss of coverage.

HOW TO REPORT CHANGES

While the specific process can vary by state, changes are typically reported through your local Department of Social Services or directly to the Medicaid program. Many states also offer online reporting through their Medicaid websites.

CONSEQUENCES OF NON-COMPLIANCE

Not reporting changes can lead to serious repercussions, including the possibility of being held liable for any benefits paid out based on inaccurate information.

EXPERT GUIDANCE CAN HELP

Navigating Medicaid’s complexities can be challenging. Consulting with experts, like those at Utah Senior Planning, can provide invaluable assistance in understanding the rules, reporting changes correctly, and ensuring your benefits are protected.

Remember, keeping your Medicaid information up-to-date is crucial for your financial health and compliance with the program’s requirements. Always report any changes as swiftly as possible to avoid unnecessary complications.