Medicaid Planning Pros & Cons.pptx
This document discusses Medicaid planning and outlines who is eligible for Wisconsin Medicaid. It notes that Medicaid planning involves using trusts, asset transfers, and converting countable assets to exempt assets to ensure eligibility and protect family resources, though it means losing control over transferred assets. It recommends consulting a professional attorney for Medicaid planning due to their experience saving expenses, avoiding conflicts of interest, establishing trusts, and having valid qualifications. The document also provides information on who qualifies for Wisconsin Medicaid, including pregnant women, people with disabilities, families with children under 18, those over 65, and the blind, and outlines asset limits and which assets are counted.
Recommended
More Related Content
Similar to Medicaid Planning Pros & Cons.pptx
Similar to Medicaid Planning Pros & Cons.pptx (20)
More from Elder Law Center Of Wisconsin
More from Elder Law Center Of Wisconsin (20)
Recently uploaded
Recently uploaded (20)
Medicaid Planning Pros & Cons.pptx
- 1. MEDICAID PLANNING: PROS & CONS
- 2. PROS They create trusts, manage asset transfers, and convert countable assets into exempt assets to ensure eligibility and preserve a family's resources. They can also protect a family home from Medicaid recovery. The main disadvantage is that once your assets have been transferred into the trust you no longer have any control over them. CONS
- 3. WHY COUNT ON A PROFESSIONAL ATTORNEY • Save Expenses • No Conflict of Interest • Gain Trust • Valid Qualifications & Experience
- 4. 01 Pregnant women 02 A person must have a disability or a family member in the household with a disability 03 Responsible for a child 18 years of age or even younger 04 In case the person is 65 years of age or older 05 If the person is blind WHO IS THE RIGHT PERSON ELIGIBLE FOR WISCONSIN MEDICAID?
- 5. SOME POINTS WHICH YOU MUST KNOW ABOUT MEDICAID PLANNING IN WISCONSIN IF YOU WANT TO QUALIFY FOR MEDICAID, THEN YOU MAY ONLY HAVE $2,000 OF COUNTABLE ASSETS. THE COUNTABLE ASSETS INCLUDE EVERYTHING EXCEPT THE FOLLOWING • The home you live in • One car if a married couple • A funeral arrangement • Household goods & furnishings
- 6. Medicaid planning entails too many dangers, you should not make this decision on your own; instead, you should consult a skilled Wisconsin Medicaid Planning.