Bills You Can Pay to Qualify for Medicaid and Protect Your Life Savings

If what you own exceeds the Medicaid limits, $8,000 for an unmarried person and $128,900 for a married couple, then Medicaid allows you to spend the extra on certain items.  Let’s assume that you already did the following to protect your life savings:

a.  Transferred assets without violating the 5yr look back rule;

b.  Took advantage of the 10 exempt resources, including your $450,000 home, $50,000 car, and your spouse’s $350,000 retirement account that Medicaid doesn’t count when determining if your resources exceed the Medicaid limit.

c.  Transferred personal property and real estate to any of the exceptions to the 5yr look back rule that apply.

Now even though you did all of that, you still have $48,000 in resources, $40,000 over the $8,000 limit, too much which is preventing you from qualifying for Medicaid.  Assume it’s a bank account with $48,000 in it.

Medicaid will allow you to spend the extra $40,000 on certain items and still qualify for Medicaid.  Those “spend down” items are the following:

(1)        Medical or any other outstanding bills.

(2)        Paying off outstanding debt like credit cards.

(3)        Pre-paying outstanding mortgage or property taxes.

(4)        Clothing.

(5)        Travel.

(6)        Updating home furnishings.

(7)        Update kitchen and Bathrooms.

(8)        Converting a traditional IRA to a Roth and using extra money to pay the taxes.

If you didn’t take advantage of the “spend down” option, then you may have to spend that extra $40,000 on nursing home care.  And at average monthly cost of $9,793, it wouldn’t take long for the nursing home to completely wipe the extra $40,000 in life savings.

Want Peace of Mind and a Complete Evaluation of Your Case? 

 Call (610) 347-5035 NOW or Click HERE to Schedule a Consultation with Chester County Pennsylvania Nursing Home & Elder Law Attorney, Michaelangelo L. Dippolito.  Click HERE to see the attorney’s background.

Not Ready to Speak to an Attorney Yet?  No Problem.

Get this FREE Book and Consumer Protection Guide, Paying for Nursing Home Care in Pennsylvania, A Consumer Protection Guide on What You Need to Know to Protect Your Legal Rights.  Here’s Some of What’s in the FREE Book and Consumer Protection Guide:

  • What’s it Cost & Who’s Gonna Pay?
  • 10 Moves You Can Make to Qualify for Medicaid & Protect Your Life Savings
  • Critical 5 Step Process to Your Medicaid Claim for Nursing Home Care
  • What You Need to Know About Lawyer Fees
  • Arming Yourself with Knowledge is the First Step to a New Beginning
Click to get your Free Book

Still Not Ready and Want to Learn More Before You Move Forward?  No problem.

Click HERE for more information on Nursing Home & Elder Law in Pennsylvania, and remember, we’re just a phone call away at (610) 347-5035.

Michaelangelo Dippolito 

Chester County Pennsylvania Nursing Home & Elder Law Attorney with ThePeoplesLawFirm.com

CONNECT WITH ME

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I reached out to various lawyers looking forward immediate answers as I just lost my uncle. I received a call from Mike who was very patient and took the time to listen and offer his opinion and the law as it pertained to my unique situation. There’s was never an attempt to get me to come in, to pay any fees whatsoever, just professional, compassionate legal advice free of charge.

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I have known Mike Dippolito for 35 years; however, If he didn’t do an exceptional job representing me as a lawyer, I wouldn’t post this review. I hired Mike to represent me in a custody case. Mike clearly explained the steps he would take to prepare my case. As one step led to the next, Mike presented the scenarios we would encounter and he provided the legal basis for what were my best options. There was little emotional component to the decision-making. Mike presented the legal basis for my case and allowed me to make the final decision on how to proceed based on what the case law indicated the likely outcome would be. Ultimately, I never went to court, but the issue was resolved to my satisfaction. I highly recommend The Peoples Law Firm, and Mike Dippolito. The fee structure and methodology were agreed to in advance so there were no surprises. Given the stress of entering into a legal proceeding, I appreciated the lack of drama I had while dealing with my lawyer.

- Joe

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I have known Mike Dippolito for 35 years; however, If he didn't do an exceptional job representing me as a lawyer, I wouldn't post this review. I hired Mike to represent me in a custody case. Mike clearly explained the steps he would take to prepare my case. As one step led to the next, Mike presented the scenarios we would encounter and he provided the legal basis for what were my best options. There was little emotional component to the decision-making. Mike presented the legal basis for my case and allowed me to make the final decision on how to proceed based on what the case law indicated the likely outcome would be. Ultimately, I never went to court, but the issue was resolved to my satisfaction. I highly recommend The Peoples Law Firm, and Mike Dippolito. The fee structure and methodology were agreed to in advance so there were no surprises. Given the stress of entering into a legal proceeding, I appreciated the lack of drama I had while dealing with my lawyer.

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Very responsive to inquiries and innovative in use of eservices to keep all file documentation and file notes for secure and ready use by clients.

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Mike was great to work with! He was thorough and he made sure I knew he was there to answer any questions and concerns I had. He made the situation we were dealing with very easy and handled it in a very timely manner. I would highly recommend Mike to anyone.

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I’ve known Mike for many years and consulted with him on many legal matters. Most recently, I needed a power of attorney for my son who is in the military. Mike’s system is done all electronically and I was able to log on to a secure portal in his law firm and get the document. I would recommend Mike to anyone who is looking for a professional lawyer.

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