Follow
Share
This question has been closed for answers. Ask a New Question.
Find Care & Housing
While there are some variations from state to state, the basic qualifications for Medicaid are determined under federal law. The most basic rule is that the person applying for Medicaid cannot have more than $2,000 in countable assets. This excludes the home, car, personal items, furniture, etc. There is also an income limit, but that is almost never an issue.
Because of the complications, you may wish to educate yourself not just on the rules, but on how you can plan to qualify for Medicaid so you do not waste your money through mistakes. That is exactly the reason I wrote my book How to Protect Your Family's Assets from Devastating Nursing Home Costs: Medicaid Secrets (www.MedicaidSecrets.com). The brand-new 2015 edition should be available in a few days. Good luck with everything!
Helpful Answer (0)
Report

I do not know what kind of expert that is above. Assets are no longer the principal determining factor for Medicaid qualification, but your income IS used to determine your eligibility, no matter what state you are in. Under Obamacare, the rules for Medicaid eligilbity have changed. You CAN still own your home outright and not have to lose it or sell it or use some other trick to transfer that asset into someone else's name to protect it. However, it has to be done properly, and you ABSOLUTELY need an attorney that is well versed and experience in protecting assets to handle this for you. That part has NOT changed -- an attorney can make sure it is done properly. There's too much old and inaccurate info out there for you to figure this out on your own.
Helpful Answer (2)
Report

The important point is that many more people covered by Medicare are now also eligible for Medicaid, and that assets NO LONGER AUTOMATICALLY DISQUALIFY from someone from Medicaid coverage, as the case used to be. Income can be (and always been) used to disqualify people that clearly can afford to pay for their own care. The goal of the changes was to address the problem with people having to disgorge themselves of all their assets to illegally (and unethically) obtain Medicaid coverage, as so many people have done over the years. No one ever or intended for people to lose their homes to get medical care in their old age - it just turned out that way. The recent changes are, of course, not enough, and there's still a long, long way to go. Because each state has it's own interpretation and implementation of the federally funded but state-managed Medicaid program, and the rules are still very tricky about certain assets, it's absolutely essential that people seek the advice of attorneys that do nothing but protect assets. These are specialists -- an estate planning attorney that tells you he or she can do this too, is probably justing boasting and won't necessarily get you the same results that an attorney who specializes in this can get for you. No one on this, or any of forum can accurately tell anyone what the requirements really will be, as each application is unique and there are now a lot more exceptions and ways to appeal denial determinations.
Helpful Answer (2)
Report

Ask Medicaid in your state as each state has its own requirements.
Helpful Answer (1)
Report

No one mentioned the 5 year look back. You can't just turn over assets to a family member or say I went to the racetrack and lost all my savings.

There is a detailed audit that would rival the IRS.

In cases where one spouse is trying to place another spouse in a NH and have Medicaid pay for it, the spouse is allowed to keep a certain amount of money(I believe it is around 110 K now), the house, the car. But you can't have more than that.
Helpful Answer (1)
Report

2015
SSI and Spousal Impoverishment Standards
Supplemental Security Income (SSI) Effective 1-1-15
SSI Federal Benefit SSI Resource Income Cap Earned Income Unearned Income
Benefit Rate (FBR) Standard Limit (300%) Break Even Point Break Even Point
Individual 733.00 2,000.00 2,199.00 1,551.00 753.00
Couple 1,100.00 3,000.00 N/A 2,285.00 1,120.00
Substantial Gainful Activity (SGA) Limit: 1,090.00 (Blind SGA: 1,820.00)
CPI Increase for 2015: 1.7%
CPI Increase, Since September 1988: 98.7%
Spousal Impoverishment Effective 1-1-15 Unless Otherwise Noted
Minimum Monthly Maintenance Needs Allowance (MMMNA): 1,966.25 All States (Except Alaska and Hawaii)
(Effective 7-1-14) 2,457.50 Alaska
2,261.25 Hawaii
Maximum Monthly Maintenance Needs Allowance: 2,980.50
Community Spouse Monthly Housing Allowance: 589.88 All States (Except Alaska and Hawaii)
(Effective 7-1-14) 737.25 Alaska
678.38 Hawaii
Community Spouse Resources:
Minimum Resource Standard: 23,844.00
Maximum Resource Standard 119,220.00
Home Equity Limits:
Minimum: 552,000.00
Maximum:828,000.00
Helpful Answer (1)
Report

Medicare can be very tricky. I do agree, check with your state as it varies. I got the help of a counselor from a home healthcare network, which knew the in's and out's that I was not aware of. My brother and I had to do a "Lady Bird" Deed with my mother's house so that she did not have too many assets. Once you get through all of the red tape it is definitely worth it.
Helpful Answer (0)
Report

What's a "lady Bird" deed?
Helpful Answer (0)
Report

A lady bird deed has to be drawn up by a lawyer. It deeds the house to whomever the house would be willed to but it stays in the possession of the owner until the time of their death. It takes the home away as an asset but it is not considered turning over an asset.It also removes it from their will and there are no inheritance taxes. I don't know to whom you are looking into this for or what is the mental state of that person, but as long as the lawyer who interviews them deems them capable it can be drawn up. My mother has Alzheimer's but we were still able to have this done. It really helps as far as assets go when it comes to qualifying for Medicare.
Helpful Answer (0)
Report

I am a dibetic and have a fixed income.with rent and food i need help. I will start medicare in Aug and that is going to take more from my fixed income is there some help for me?
Helpful Answer (0)
Report

See All Answers
This question has been closed for answers. Ask a New Question.