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GermanLawGroup

Estate Planning & Medicaid Attorneys in Grand Forks , North Dakota

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Home » Resources » Frequently Asked Questions » Frequently Asked Questions – Medicaid Planning

Frequently Asked Questions – Medicaid Planning

    • What Is Medicaid Planning and Do I Need It Now?

    • Medicaid planning uses legal strategies and tools to protect your assets while ensuring that you will qualify for Medicaid benefits if you need them in the future. Incorporating Medicaid planning into your estate plan as early on as possible is the best way to make sure your assets are safe and you get the assistance you need with LTC expenses in the future.

    • Will my spouse be left with nothing if I need Medicaid?

    • Given the Medicaid spend-down requirements, you may be concerned that a community spouse will be left with no resources if you need to qualify for Medicaid. Fortunately, that is not the case thanks to the Medicaid spousal impoverishment rules. The spousal impoverishment rules allow a community spouse to keep some income and assets when the other spouse goes into long-term care.

    • What is the five-year “look-back” period?

    • To prevent the transfer of assets just to qualify for Medicaid, the five-year “look-back” rule is used. When you apply for Medicaid, your finances will be reviewed going back five years. Any asset transfers for less than fair market value will likely be discounted and the value of the asset imputed back into your estate.

    • What is Medicaid spend-down?

    • If your countable resources exceed the limit when you apply for Medicaid, the program will impose a waiting period during which time you will be expected to “spend-down” your assets. Basically, this means you will be expected to sell your non-exempt assets and rely on the profits to cover your LTC costs. When your assets drop below the $2,000 limit, Medicaid will start helping with your LTC expenses.

    • What are the eligibility requirements for Medicaid in North Dakota?

    • To qualify for Medicaid in North Dakota you must be a resident of the state and a U.S. citizen, or fit one of the other legal categories. In addition, your income and “countable resources” must be below the program limits. The income requirement will depend on where you live and your family size and will be tied to the Federal Poverty Level. Your “countable resources,” or non-exempt assets, cannot be valued at more than $2,000. It is this limit that causes most seniors who did not plan ahead to face challenges qualifying for Medicaid benefits.

    • Why would I need to qualify for Medicaid as a senior?

    • The need to qualify for Medicaid will most likely arise as a result of the need for LTC. When you enter your retirement years you will stand about a 50 percent chance of needing LTC at some point before the end of your life. With each passing year, that chance increases. The cost of that care may prompt you to turn to Medicaid. As of 2016, the average cost of a year in LTC across the United States was $80,000. In the State of North Dakota, the average cost for a year in LTC during the same time frame was $130,000. Most basic health insurance plans will not cover LTC expenses nor will Medicare. Unless you can afford to pay out of pocket, Medicaid may be the only option which is why about half of all seniors in LTC rely on Medicaid.

    • What is the difference between Medicaid and Medicare?

    • People often get Medicaid and Medicare confused, or use the two words interchangeably, though they are not the same program. Both Medicaid and Medicare are healthcare programs funded by the federal government; however, the similarities stop there. Medicare is an “entitlement” program, meaning that as long as you paid into the Medicare system during your working years, you will automatically be entitled to participate in the program when you reach retirement age, without regard to your income or assets. Medicaid, on the other hand, is a “needs based” program, meaning you must demonstrate a need for the benefits.

    • What is Medicaid?

    • Medicaid is a healthcare program that is predominantly funded by the United States federal government; however, the individual states have the option to supplement funding for the program. Although it is primarily funded by the federal government, Medicaid is administered by the individual states, meaning the eligibility guidelines and benefits offered will differ somewhat from one state to another. Medicaid for seniors will also cover LTC expenses as well as community based programs that are aimed at allowing seniors to remain in their homes longer instead of going into a LTC facility.


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August 24, 2020
    

Needed to come in to get specific advice for our needs. The attorney spoke to us in terms we could understand, coming to our level and did not make up feel uncomfortable. They were very considerate and caring. We didn’t feel rushed. We felt like they cared and knew what they were doing.

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August 24, 2020
    

We were wonderfully satisfied. Wayne did an outstanding job of explaining, diagramming and answering questions and concerns.

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They were courteous, efficient, knowledgeable, and trustworthy.

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Very helpful. Our children and us are are confident in your group.

-Anonymous, Fargo, North Dakota
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"Very professional, covered all, expertise, friendly, peace of mind now."

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August 24, 2020
    

So much of a client's high or low opinion of an organization depends on their welcomed feeling. I felt that every time I visited the office, every person I talked with listened and took action on my concern or questions! They were also very friendly.

~J.R., Grand Forks, ND
Client Review
August 24, 2020
    

From phone calls to signing the final documents I was treated with respect, kindness, and understanding by Wayne & Jenn. Every business that wants their business represented well should have someone like Jenn & Wayne. They both made me feel relaxed and assured I was at the right place at the right time at this time in my life. 

~ Deborah Rucinksi, North Dakota 
Client Review
August 24, 2020
    

All of the paperwork was completed in a timely matter. Wayne was very good in explaining the trust to us. 

~Anonymous
Client Review
August 24, 2020
    

Thank you for taking care of my finances after I am gone. I worried about probate once; hopefully this has been solved. Everyone was very polite and helpful. Thank you Katie for answering my questions, and also Jenn.

- Anonymous
Client Review
August 24, 2020
    

This Avvo rating is killer and so deserved! You are the best brother! The only thing is I think the 10 rating is too low, in my book you go to 11! Congratulations on the award, you should be very very proud. See you at your Holiday party, thx for the invite.

Anthony G., Los Angeles, CA
Client Review
August 24, 2020
    

Everyone at German Law was helpful and pleasant. I felt good about my decision, I thought I was doing the right thing for myself & my family. Wayne took his time and didn't rush, which is good because a lot of this can be over people's heads.

A.W., Red Lake Falls, MN
Client Review
April 15, 2021
    

Excellent

Very interesting, informative and valuable information and ideas.

Valuable information.

RP
Client Review
April 15, 2021
    

5 STARS! Thanks for allowing this to be on a webinar! Very interested in this topic.

Great Estate Planning Guide

SD
November 25, 2022
    

John provided very short turn-around time that we needed. He built an amortization schedule that really met our needs. He was responsive and very easy to work with! Quick and easy!

 

Cammy was also very helpful and professional!

November 25, 2022
    

Really Liked it.
Assisted by John Oelke

November 25, 2022
    

Excellent!

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