We are joined by guest Larae Schraeder, an attorney specializing in elder law and Medicaid eligibility and planning. Schraeder shares her expertise and personal experiences while discussing the intricacies of Medicaid and the importance of proper planning for long-term care.
The discussion begins with Larae recounting an example of a family she assisted. The family-owned an extra parcel of land adjacent to their home. This caused them to be deemed ineligible for Medicaid assistance by the local job and family services office. However, Schraeder intervened on their behalf. She advocated for a change in the decision, ultimately preventing the family from having to sell the land.
Medicaid Strategic Planning
Larae emphasizes the need for strategic preparation when it comes to potential long-term care or assisted living needs. She advises individuals to gather and retain financial documents, such as bank statements, during hospital stays. Also, consult and receive advice on preserving assets.
The topic of spending down to the $2000 asset limit for Medicaid is discussed. Larae highlights that it may not always be necessary but steps can be taken to meet the criteria. She explains that many families wait too long to plan for Medicaid and end up running out of assets to pay for professional help. Starting the Medicaid application process early is crucial. It can take several months and securing a bed in a preferred facility becomes more challenging as funds deplete.
Don’t Hide Anything When It Comes To Medicaid Eligibility
Larae discusses the importance of transparency when filling out Medicaid information, particularly regarding financial gifts. There can be debates over eligibility, especially when it comes to defining what constitutes a gift. Gray areas arise when individuals make large gifts before needing care, suggesting they may have had prior knowledge of their situation.
Medicaid, a program that includes federal funding and is administered by individual states, is then explored. She explains the various benefits covered, including the SNAP program, health insurance for children, assistance with Medicare premiums for older adults, and long-term care for adults who meet certain criteria.
We cover the parameters for qualifying for long-term care benefits in Ohio, including residency, meeting income limits, and having restricted assets. Larae also highlights the importance of strategic asset planning to prevent impoverishment for families stuck in the middle, who have too much to qualify for Medicaid but too little to afford necessary care.
Challenges That Facilities Face
The discussion then shifts to the challenges faced by facilities and the limitations they may have in providing legal advice regarding preserving assets. She cautions that qualifying for Medicaid does not guarantee the ability to keep assets and leave them to chosen individuals after death. The state has the opportunity to recover assets that were allowed to be kept while the person was alive and receiving benefits.
Larae explains the Medicaid estate recovery program in Ohio. The recovery of assets is not immediate and depends on factors such as whether the spouse is still alive or if there is a special needs child. Estate recovery constitutes a small portion of the budget spent on Medicaid programs and is not a significant source of revenue.
Keeping Your Dignity
The importance of maintaining dignity and personal funds for supplemental care is crucial. Like haircare and dental care. She stresses the need for planning to ensure that elderly individuals can maintain their pride and receive the care they need.
This episode explores the complexities of Medicaid and the importance of proper planning for long-term care. Schraeder shares her expertise, personal anecdotes, and valuable insights, highlighting the challenges faced by families, the role of facilities, and the necessity of advocacy. Listeners gain a comprehensive understanding of Medicaid eligibility, asset preservation, and the need for strategic preparation to ensure the dignity and well-being of older individuals.
Here are the resources we mention in this episode.
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Recorded in Studio C at 511 Studios. A production of Circle270Media Podcast Consultants.
Copyright 2023 Carol Ventresca and Brett Johnson
