SAFEGUARD YOUR ASSETS WHEN NEEDING LONG-TERM CARE How to Avoid Medicaid Penalties and Fines
There are tons of benefits within Medicaid. It can provide coverage for long-term care and help you perform daily tasks you may have difficulty completing. This coverage aims to help those who have minimal financial resources. To qualify, you must meet means-testing requirements. While these vary depending on your state, the recipient generally can have no more than $2,000 in assets and income that is no more than twice the federal poverty level. If you have larger assets, you may need to take additional steps to protect your funds against Medicaid fines and penalties so you can receive the care you deserve. To take advantage of these benefits, it’s vital that you take preventive measures before you or a relative needs them. While you can pay for long-term care with your
own assets, purchase long-term care insurance, and use Medicare in some instances instead of using Medicaid, there are other avenues you can consider. HOW CAN YOU PROTECT YOUR ASSETS FROM MEDICAID? For starters, you can create a Medicaid asset protection trust! Once you set up an irrevocable trust, you can transfer assets exceeding the Medicaid financial limits. Doing this will shield them from Medicaid’s fines and penalties. Alternatively, you can establish a life estate , which allows you to create a joint estate with your spouse or another loved one. All assets in a life estate will help you meet Medicaid’s long-term care requirements. But you don’t want to wait to take action! Medicaid has a five-year look-back rule. If you need long-term care and placed your
assets in the life estate less than five years ago, you could be penalized for not meeting Medicaid requirements. Whenever you cross the rainbow bridge, these assets will be passed to your relatives upon death. You could also look into Medicaid annuity , designed to comply with Medicaid means-testing rules. If you need long-term care, a Medicaid annuity allows you to transfer assets to a relative and use the remainder of your assets to cover care expenses until the penalty period expires. If you or someone you know needs assistance complying with Medicaid rules, please consider working with The Retirement Authority! To book an appointment with Scott Mizenko, please go to BookWithScott.com . You can also email him at Scott@ScottMizenko.com or call 1-800-570-1396 .
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THE BEST CHOCOLATE CHIP COOKIES
These ultra-soft and chewy chocolate chip cookies will melt in your mouth!
INGREDIENTS
• • • • •
2 1/4 cups all-purpose flour
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3/4 cup packed brown sugar
1 teaspoon baking soda
1 teaspoon vanilla extract
1 teaspoon salt
2 large eggs
1 cup (2 sticks) butter, softened
2 cups (12-oz package) semi-sweet chocolate chips
3/4 cup granulated sugar
1. Preheat oven to 375 F. 2. Combine flour, baking soda, and salt in a small bowl. 3. Beat butter, granulated sugar, brown sugar, and vanilla extract in a large bowl until creamy. 4. Add eggs, one at a time, beating until blended. 5. Gradually beat in flour mixture. 6. Stir in chocolate chips. 7. Arrange dough in rounded teaspoonfuls on ungreased baking sheets. 8. Bake 8–10 minutes or until golden brown. Cool on baking sheets for 2 minutes; move to wire racks to cool completely. DIRECTIONS
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