Vote for Judge Janet Protasiewicz for the Wisconsin Supreme Court on April 4th, 2023, to ensure the protection of all elderly Wisconsinites. Learn more and register to vote here.
Medicaid is a joint federal and state health care program that has strict eligibility guidelines regarding an applicant’s income and assets; it is also one of the most common ways to pay for long-term care. If you need long-term care and you have too many assets to qualify for Medicaid, you may need to look for a way to reduce your countable assets for the purposes of Medicaid eligibility determinations without running afoul of the numerous Medicaid rules and regulations. In this situation, you will need to pay for long-term care in another manner without Medicaid coverage until you can reduce your resources below allowable levels, which is a total of $2,000, plus any assets that are exempt under Medical regulations. This is called “spending down” your assets to a level that will allow you to have Medicaid coverage.
If you need long-term care and have a spouse who will remain at home, who is referred to as the “community spouse,” you may want to use an annuity to help spend down resources for Medicaid purposes. An annuity changes an asset into monthly income for its owner or another designated person. In this situation, you could use an asset, such as a sum of money or a bank account, to purchase an annuity that is payable to your spouse, who is remaining at home. As long as the annuity meets certain requirements, it becomes the income of the community spouse, and therefore no longer interferes with your Medicaid eligibility.
In order to avoid any impact on your Medicaid eligibility, annuity payments must be completed within the community spouse’s life expectancy. The community spouse should purchase a single-premium immediate annuity (SPIA), which means that he or she uses a lump sum of money to pay a single premium, and the annuity immediately begins paying back the annuity premium to him or her. This type of annuity does not violate Medicaid regulations because the assets in question were exchanged for the annuity, which is equal to the value of the assets.
Medicaid rules and regulations are extremely complex and ever-changing, which means that you will need to consult with an experienced Medicaid planning attorney in order to ensure that you will be able to pay for the costs of long-term care. Aside from paying for long-term care, there are countless situations that can lead to abuse or neglect by caregivers. If you or a loved one is injured in any way as a result of elder abuse, or your family has suffered the loss of a loved one due to negligence by a nursing home or assisted living facility staff, you may be entitled to compensation. This inquiry involves determining which party or entity was at fault for the accident, acted negligently, or otherwise caused the incident that led to your injuries or your loved one’s death. At Boller & Vaughan, our Madison assisted living facility and nursing home elder abuse lawyers can help you with these determinations, and support you through any personal injury or wrongful death claims that you may have. Please contact us today for your free consultation.
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There are a variety of different options for long-term care, which differ primarily according to the level of skilled nursing care that you or your loved one needs, if any. Long-term care facilities can range […]
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We live in Friendship, Wisconsin, and Boller & Vaughan came to our doorstep to discuss our mother’s wrongful death claim on a Saturday morning. Not only were we pleased with the large recovery, we were so thankful to have lawyers who were willing to explain to us every twist and turn along the way. It is great to know there is a law firm that will fight for the rights of elderly people all over Wisconsin.
Mr. Boller and Ms. Vaughan were incredible in working on my case and my daughter’s case. I was out of work and in the hospital with a new baby. Mr. Boller and Ms. Vaughan protected our rights and it was a pleasure to work with them. I hope never to be in another motor vehicle accident, however, if I am and I am injured, I will contact Boller & Vaughan immediately.
I was referred to Michelle through a friend. I have never had a better experience. It took a little over a year to get my settlement but the staff there stayed in constant contact and kept me in the loop. Oh, and Michelle actually got me MORE money than we discussed. I will refer anyone to this firm. Words cannot do justice the thanks that I have for Michelle and her staff (Mary especially) thank you guys so much!
After my husband died as a result of a motor vehicle accident, Boller & Vaughan spent countless hours talking with me, meeting with me in person, and making sure that I was okay. The drunk driver who hit us did not have any insurance, and we had to make a claim through our own insurance. Boller & Vaughan was fantastic at explaining the law to me and the handling of our claims.
After my son was injured in a daycare setting, Ms. Vaughan took the time to thoroughly investigate our case and my son’s injuries. Michele was approachable and had answers to our questions. Talking with her helped to relieve many of our anxieties.