Attorney Jason Neufeld discusses personal services contracts and how they can help qualify for Medicaid. Learn more about personal services contracts 👇
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Transcript:

Today I'm talking about personal services contracts in a Florida Medicaid planning context. What are they? When do we use them? So you may have already heard of a Medicaid spend-down, and I'm going to link to another video I shot that further explains what that is. But essentially, the idea is that if you are in need of Home Health Care Services, helping you pay for prescriptions, helping to pay for an assisted living facility or nursing home, you have to have no more than $2,000 to your name. So the spend down refers to how to get money out of your name. And you can do that in a natural way, right? If you only have a couple extra thousand dollars, there are things you can find too buy - paying off your debt, pre-paying for funerals, and you know, buying a car or paying off your car, things like that. But when we get beyond the point of finding things to buy, because we don't want to be wasteful, then we're now referring to a set of strategies where we can legally and ethically get money out of my client’s name, who is who does not yet have eligibility for Medicaid, but is seeking eligibility, in a way that will not trigger any penalties.

And one such Medicaid planning, Medicaid spend-down device, is a personal services contract. This is a legally binding agreement that my Medicaid applicant client signs with a caregiver. And that caregiver can be anyone that they know it can be a friend, it can be a family member, although it cannot be a spouse, it can be a child, it could be a grandchild, it can be a neighbor. And the idea is that these people are probably already doing work for my client, right? Children are very often helping their parents pay bills, they're taking care of them, they may be coming to visit them, they're dealing with the professionals, they're dealing with that facility administrators, if they're in an assisted living facility, or they're dealing with the home healthcare age, right, they're managing their parent’s lives. And they're doing it for free, because they love their parents and they don't expect to get paid for it. But using a personal services contract allows us to take advantage of the fact that these caregivers, often family members, don't have to provide these services for free. And so after we put together this contract, we can then pay our caregivers in a lump sum. And if it meets the DCF criteria, then it will not be treated as a gift because you're not giving the money away. You're paying fair market value for services and how we arrive at that fair market value is really more the subject for a consultation.

Personal services contracts importantly, are not only used in a Florida Medicaid planning context, they're also used for those in Florida who are receiving SSI benefits, and maybe they're receiving an inheritance or a personal injury settlement or something like that. And they also need to get more than anything over $2,000 out of their name. These contracts work a little bit differently depending on the context. But if you are someone who's receiving SSI and you're afraid of losing it or you want to obtain Medicaid eligibility to help pay for home health care, assisted living facility care, nursing home care, prescription costs, give us a call and set up a consultation. We'll talk about the personal services contract as one of many Medicaid planning strategies. Give us a call today. Thank you.

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