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Are Your Records in Order? Medicaid Wants to Know

Applying for Medicaid is a difficult process.  Since the application process requires a detailed accounting of all of financial information you have over a certain period of time, you are going to need to have records of all financial transactions.  A lifetime of saving typically yields a complex mix of bank, retirement, pension and savings [...]

By |2016-02-01T15:53:17-05:00February 10th, 2016|Ohio Medicaid|0 Comments

Medicaid Transfer Penalty Exceptions

If you are looking to give away assets or money to your friends or family, you should be aware that those transfers can affect your Medicaid availability. Medicaid will look back five years to see what assets have been transferred to others. Depending on the amounts, this could lengthen the amount of time that you [...]

By |2015-11-19T16:38:09-05:00December 9th, 2015|Ohio Medicaid|0 Comments

Does Medicaid Count my IRA

If you or an elderly loved one has an IRA you might be wondering if the amount in the IRA counts as an asset when considering eligibility for Medicaid. The answer can depend on a few factors, as well as what state you reside in. […]

By |2018-05-10T21:26:46-05:00June 23rd, 2015|Ohio Medicaid|0 Comments

Medicaid Application Strategies

The costs of long term care can be overwhelming. Nursing homes can cost many thousands of dollars a month which can deplete an elderly person’s resources very quickly. One source of help can be Medicaid. In order qualify for Medicaid a certain income threshold must be met. Here are some ways to meet the asset [...]

By |2017-02-25T17:08:17-05:00May 2nd, 2015|Ohio Medicaid|0 Comments

Health Savings Accounts

While a relatively new program, health savings accounts have been around for 10 years now. If you are not yet retired and are still working, you may want to take advantage of a HSA if your employer offers one. Here are some reasons why a health savings account is important. Tax Breaks All of the [...]

By |2018-05-10T21:39:38-05:00March 19th, 2015|Ohio Medicaid, Ohio Medicare|0 Comments

Prescription Drug Formularies

No matter where you get your prescription drug coverage, you need to be aware of your plan’s prescription drug formulary. The formulary is a detailed list of drugs that are covered by your plan. If you aren’t familiar with the formulary you may be surprised at the amount of copays that you are responsible for [...]

The Medicaid Gift Penalty

Something to be aware of when you or a loved one is applying for Medicaid is the Medicaid gift penalty. If you or your loved one has given a substantial gift to someone in what is called the lookback period they can be subject to a penalty that will suspend their Medicaid benefits for a [...]

By |2015-01-28T14:47:08-05:00January 11th, 2015|Ohio Medicaid|0 Comments