Goodall & Yurchak, PC Long Term Care Planning – Considerations and Concerns H. Amos Goodall, Jr., CELA, FACTEC Goodall & Yurchak, PC 328 South Atherton.

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Presentation transcript:

Goodall & Yurchak, PC Long Term Care Planning – Considerations and Concerns H. Amos Goodall, Jr., CELA, FACTEC Goodall & Yurchak, PC 328 South Atherton Street State College, PA Centre Region Estate Planning Council March 22, 2012

Goodall & Yurchak, PC TOPICS Long Term care insurance, Continuing care retirement communities Medicare, Medicaid, Asset Protection and tax implications in the LTC planning process

SSISSSSDI Supplemental Security IncomeSocial SecuritySocial Security Disability Income DisabilityRetirementDisability Cash + MedicaidCashCash + Medicare (After 2 years) No work historyWork History Income Cap - $695/month in 2009 Income Cap - $14,160/yr in 2009, if under age 65 Income Cap - $980/month in 2009 Earned & unearned incomeEarned income Resource cap - $ No resource cap Minimum cash benefitInsurance Food, shelterUnrestricted State supplementsUniform in all states US citizens onlyAll workers May also have SSDIMay not have SSI or SSDIMay also have SSI No dependent coverageCovers dependents

MedicaidMedicare Program:HealthCareHealth Insurance Administered by:StatesFederal Eligibility:Must QualifyEntitlement Qualifications:Financial & DisabilityAge or Disability Covers: Skilled nursing care; Intermediate nursing care; Long Term care; Prescriptions Hospitalization; 100 days maximum rehabilitation; Prescriptions (Donut Hole) Contribution:Reimbursement requiredPremiums and co-pay Estate Recovery:YesNo

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