Asset Limits -

Asset Limits

People who qualify for Medicaid under the income rule are subject to an asset limit, varying by state, but usually in the amount of $2000.
  • Qualifying for Medicaid is a complex process that many seniors and their caregivers have difficulty with. Each state's program rules differ, but "income cap" states allow applicants to use a specific trust to help them meet eligibility guidelines.
  • Medicaid is a complicated program with state-specific rules that can help pay for long-term care services for seniors with low income and limited resources. Explore New York State's rules for income, assets and coverage.
  • Medicaid forces the couple to divest themselves of a lifelong accumulation of assets that they had planned to use for their final years or even pass on to their children or grandchildren.
  • There are countless facets involved in determining if a person if eligible for Medicaid, but relationship status does have an impact. If you think you or your loved one may eventually need Medicaid, be sure to take your marital status into consideration.
  • Inheritance and bequests are usually wonderful gifts, but for a beneficiary on Medicaid, these funds can jeopardize their eligibility for benefits. There are ways to receive this money and not be penalized, but they require plenty of careful preplanning.
  • Upon the death of a Medicaid recipient in a nursing home, the state will seek reimbursement for every dime it paid to the nursing home on behalf of the patient. One possibility to avoid the probate process or continue the asset examption is by signing a deed transferring the home to a child or children while retaining a life estate. As an advance planning technique, this will retain the parents’ full ownership of, control and access to their most important asset, their home.
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