Medicaid & VA Planning

Medicaid planning isn’t just about meeting a checklist—it’s about strategically positioning your finances so that you qualify for essential long-term care benefits while preserving your assets. In Mississippi, for example, Medicaid eligibility is determined by strict income and asset limits, along with other requirements. Our Medicaid planning services help you understand these criteria and develop a customized strategy to maximize your options.

Income Limits:
For Medicaid long-term care benefits in Mississippi, eligibility often requires that your monthly income not exceed specific thresholds. For a single applicant, the income cap is typically around $2,901 per month, while a married couple filing jointly may have a combined income limit of $5,802 per month. (Note: These numbers can change annually and may vary slightly depending on the specific Medicaid program, such as Nursing Home Medicaid versus Home and Community-Based Services Waivers.)

If your income exceeds these limits, one strategy is to use a Qualified Income Trust (QIT), sometimes known as a Miller Trust, which allows excess income to be redirected in a manner that keeps you eligible.

Asset Limits:
Mississippi Medicaid also enforces strict asset limits. For a single applicant, countable assets must not exceed $4,000. For married couples where both spouses are applying, the combined asset limit is around $6,000; however, if only one spouse applies, the non-applicant may retain a significantly higher amount under the Community Spouse Resource Allowance (currently up to $157,920).

Certain assets are exempt from these limits. For instance, your primary residence is typically not counted as long as you continue living there and the equity does not exceed the state’s limit (currently around $730,000 in Mississippi). Other exemptions include one automobile, household goods, and personal items up to a specified value.

Our Medicaid planning process involves:

• Detailed Financial Review: We carefully evaluate your income sources (wages, pensions, Social Security, investment income, etc.) and assets (bank accounts, investments, property) to determine if you meet current Medicaid thresholds.
• Custom Strategies: If you exceed income or asset limits, we explore legal methods—such as setting up a Qualified Income Trust or a Medicaid Asset Protection Trust (MAPT)—to protect your resources while still allowing you to qualify for Medicaid. These strategies are especially critical if you anticipate needing long-term care soon.
• Timing is Everything: Due to the five-year Medicaid look-back period, it’s crucial to plan well in advance. We advise our clients not to apply for Medicaid until they are reasonably sure of their eligibility. Filing too early or too late can result in unnecessary penalty periods or lost benefits.
• Ongoing Support: Medicaid rules and limits can change. We stay up-to-date with state and federal changes to ensure that your plan remains effective, offering ongoing reviews and adjustments as needed.

• Expert Guidance: With years of experience in healthcare, Brad Williams knows both the cost and consequences of not being prepared when you need healthcare.  We provide clear, actionable advice tailored to your unique financial situation.
• Personalized Solutions: We understand that every client is different. Our strategies are customized to maximize your eligibility and preserve your assets.
• Comprehensive Support: From the initial consultation through implementation and periodic reviews, we’re by your side, ensuring that you always have the best options available.
• Peace of Mind: Our goal is to help you secure your future and safeguard your legacy, so you and your loved ones can focus on what truly matters.  Few people can really afford the cost of long term care.  Even if you saved all your life, long term care can wipe it out in just a few years but there is a better option.