What CPAs need to know about Medicare and Medicaid planning

Written on Nov 26, 2019

By Jessica Salerno, OSCPA senior content manager

As the population in Ohio ages, the accounting profession must be prepared to adapt to its changing needs. That includes guidance on Medicare and Medicaid.

“It’s such a needed area for accountants to know,” said Erin Eurenius, CPA, Esq., attorney at West Side Elder Law.

Eurenius will present “Retirement Strategies: A Guide to Medicare and Medicaid,” at OSCPA’s Dec. 10 Mega Tax Conference in Columbus.

“One of the statistics out there right now is that 75% of individuals over the age of 65 will need some form of long-term care,” she said. “And a lot of times people don’t have the money to pay for these long-term care facilities.”

Many families said they had no idea there were strategies to best use Medicaid, Eurenius said, and tell her they wish they had known about this information sooner. That’s why it’s so vital CPAs share this information with their clients.

The planning aspect can mean having potentially uncomfortable conversations with clients, she said, but it’s necessary to best protect them in the future. She suggested CPAs be prepared to bring up Medicare and Medicaid with clients, even if the individual hasn’t considered it yet.

“So many people think Medicaid is a negative term,” Eurenius said. “And I hope that people realize the aging population and the type of long-term care Medicaid that I’ll be discussing is really one of the only solutions that so many people, especially here in Ohio, have to help cover the costs of long-term care.”

Eurenius will also present on Estate and Gift Tax Planning at the conference and said newer accountants might not be as familiar with trust documents and unsure where to start.

“I have a unique perspective from working as an attorney in trust and drafting trusts,” she said. “I can say here are the things you need to look for and the main points that will really give you good information to know when these trust rules apply and when they don’t.”

Both presentations mean CPAs will have to flex their skills to learn about topics that might not typically be in their wheelhouse but are essential to evolving as a trusted business adviser.

Learn more:

Mega Tax Conference

Dec. 9-10 | Columbus

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