Medicaid Planning Attorneys
Overland Park Estate Planning Firm Helps Families Secure Needed Benefits
In the United States, it is expected that 70% of people who are age 65 and older will eventually need some form of long-term care. The cost of long-term care is astronomical, and only continues to climb. Many Americans expect that existing government programs will cover all or part of their long-term care costs. Unfortunately, that is not the case. At Stockton & Stern, LLC , in Overland Park, we understand how government programs work, the benefits they provide, and how to incorporate these into an overall estate plan to plan for your future.
Medicare and Medicaid: what’s the difference?
Medicare and Medicaid are two separate health insurance programs administered by the government. Medicare, a federal program, provides health insurance benefits for individuals age 65 and older or those individuals with a severe disability, regardless of income level. Medicaid, a state and federal program, provides health insurance benefits for individuals of very low income. Individuals may be eligible for both Medicare and Medicaid, and the two programs will work in tandem to provide health coverage at minimal cost.
Medicaid and long-term care
Medicaid covers many types of long-term care costs – such as nursing homes, in-home care, and assisted living facilities -- for individuals over the age of 65. Medicaid currently pays for more than half of the long-term care in the United States. However, the majority of people do not qualify for Medicaid benefits because the level of their income or assets is too high. Many seniors who look towards the future do not want to deplete their assets in order to receive some assistance from Medicaid to help pay for the high cost of long-term care. Rules prohibit the transfer of assets to others in order to qualify for Medicaid long-term care. However, there are exceptions in federal and state Medicaid laws regarding making gifts within five years of applying for Medicaid long-term care. The experienced Medicaid planning attorneys at Stockton & Stern, LLC effectively implement strategies for long-term care as part of your overall estate plan.
To qualify for Kansas Medicaid, individuals must meet certain requirements, including an annual household income – before taxes – that is below the following amounts:
Size of household Maximum annual income
Individuals must also be either a parent or relative caretaker of dependent children under the age of 19, pregnant, blind, disabled, have a household family member who is disabled, or be over the age of 65 years.
Our skilled Medicaid planning attorneys provide solutions you can count on
The experienced estate planning attorneys at Stockton & Stern, LLC in Overland Park are knowledgeable in all aspects of Medicaid benefits, effectively incorporating strategies into your estate plan to maximize the benefits for long-term care. Arrange for a consultation with a member of our team to discuss your needs, contact our office at 913-856-2828 or online. Wre have four offices to serve you and evening appointments are available for your convenience.