Asset Limits Articles - AgingCare.com

Asset Limits Articles

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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.

Proposed changes that will impact veterans and their caregivers on the rules for Aid & Attendance pension eligibility.

What happens if you or your family member must move from one state to another and then apply for Medicaid? How does moving to a new state affect Medicaid eligibility?

This path of inheritance is the normal distribution under many states' "intestacy statute" (the law setting forth the distribution of the property of a decedent with no will).

For an aging adult with a small house—or no house at all—and too much in excess assets to qualify for Medicaid, one possible solution is to purchase a new house together with one of their children.

It might not be a good idea for a senior to live on their own as they age. A better solution may be to move in with an adult child who owns their own home and purchase a "life estate" in their house.

Jointly held bank accounts, property and other assets can affect Medicaid eligibility in a variety of ways.

You need to recognize what the lookback period, penalty period and gift rules are when helping someone qualify for Medicaid.

Money paid for advance funeral planning can be an exempt expense under Medicaid rules. Learn more about how preplanning a funeral can help you qualify for Medicaid.

Sometimes couples are willing to take the big step of obtaining a divorce in order to protect their assets, so that the ill spouse can qualify for Medicaid without impoverishing the well spouse.

Some life insurance policies can affect Medicaid eligibility. In order for a nursing home stay to qualify for Medicaid coverage, an elder's assets cannot exceed $2,000 for a single person, or $109,560 for married couples.

Can Medicaid or a nursing home take your house to pay the nursing home costs? Learn the rules and requirements regarding whether or not Medicaid can take a house to pay the nursing home.

What assets can you have and still qualify for Medicaid? Can your parents keep their house? Their car? Here are asset limits and guidelines for people who are applying for Medicaid and aren't sure what they qualify for.

If the bonds are jointly owned, 50% belongs to the individual applying for assistance and that is what is counted and looked at by Medicaid.

Find out how annuities play into Medicaid planning for your elderly parents. It may seem hard to believe that annuities can help the elderly qualify for Medicaid - yes, Medicaid. This is sometimes called the "Half-A-Loaf" approach, and in certain cases, it can be a lifesaver for those who need the help the most.