The Ohio Department of Medicaid has now approved a Medicaid Qualified Annuity as a spend-down for a husband or wife, even if his or her spouse is in (or is heading to) a nursing home. As a result, people can immediately qualify for Medicaid to help pay for nursing home costs that run as high as $10,000 per month instead of having to needlessly spend money (such as buying an unwanted car or doing home repairs not called for) as ways to meet Medicaid spend-down requirements.
In the past, utilizing an annuity for a Medicaid spend-down was prohibited, and attempting to do so could get you sued by the federal government! As a result of this recent ruling, Medicaid eligibility for the nursing home spouse is no longer threatened.
Indeed there is much more to explain regarding this late-breaking positive development for your financial future! Elder law and estate planning attorney Paul Stano who’s been researching what this means for you, is ready to provide full details to maximize your financial options. Please take advantage of the resources available on this page- Paul’s free consumer guides; his complimentary Asset Protection book for Senior Wealth Builders; and/or attendance at one of his free exclusive seminars!