A single individual may not have more than $2,000 of "countable" assets in order to qualify for nursing home Medicaid. One car of any value is exempt, as is the home (up to a value of $560,000). All personal property, furniture, furnishings, pre-paid funeral/burial, is exempt, also. But all income (pension, Social Security, etc.) must go to the nursing home, and if you qualify for Medicaid, that program will pick up the difference in cost.
Medicaid will exempt your house and car as long as you are alive. They want you to spend down your savings and investments, down to $2,000. Then Medicaid looks at your income vs expenses. If you go in a nursing home, ALL of your income goes to that. Medicaid picks up the rest. You get a personal needs allowance that varies by state. Please understand you cannot give away anything as part of the spend down to $2000. Sell the car at fair market value. Sell the house at fair market value, do NOT give it or even part of it to anyone. Use that money to get into a nice facility. If you can pay for two years before you need Medicaid, you'll have your pick of facilities.
While there is a $2,000 limit on "countable assets," what are "countable assets" for purposes of applying, during the year between an eligibility determination and the first annual review, and after death vary from state to state. Monthly pension payments and Social Security deposits are generally assigned to the nursing home. The house and car are generally exempt while you are alive and, in some states, can be preserved for your heirs. The National Academy of Elder Law Attorneys (naela.org) has an interactive guide to local lawyers who advise on qualifying for Medicaid and related matters.
You asked: Will Medicaid take your pension, social security, car and savings account?
Answer is yes on pension, social security and savings (most of it anyway). The car, however, can be exempt if it's the only one. Check with your state to be sure of the exemption amount. If the SS and pension are more then the cost of nursing home care, then you won't need Medicaid and you'll be considered private pay. If it doesn't then Medicaid will pick up the difference once the checking account is depleted to the state's exemption amount.
Not if it's in a trust for those who are concerned about their assets. There are ways to protect your assets against devastating nursing home costs including filling out a transfer on death of your home to whoever you choose. You can also transfer it to whoever you choose while you're still alive, or you can sell it and pay for your funeral pre-need to get that out-of-the-way and off the backs of your family
It depends on the state you live in. In Missouri, you cannot have more than 999.00 in any checking or savings. If you have not lived in your home for six to nine months, they can take your home, or you are forced to sell it if you are living in nursing care facility, if you own a vehicle you may have to sell it if you are not using it.
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Please understand you cannot give away anything as part of the spend down to $2000. Sell the car at fair market value. Sell the house at fair market value, do NOT give it or even part of it to anyone. Use that money to get into a nice facility. If you can pay for two years before you need Medicaid, you'll have your pick of facilities.
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Answer is yes on pension, social security and savings (most of it anyway). The car, however, can be exempt if it's the only one. Check with your state to be sure of the exemption amount. If the SS and pension are more then the cost of nursing home care, then you won't need Medicaid and you'll be considered private pay. If it doesn't then Medicaid will pick up the difference once the checking account is depleted to the state's exemption amount.