Medicare and health insurance plans generally provide coverage for hospital, physician and rehabilitative services for a limit number of days. These plans do not provide coverage for LTC services that many 65+ or disabled individuals need. LTC Medicaid programs administered by the state do provide coverage for such services to those who qualify.
While there are defined limits of both income and assets in qualifying for Medicaid, spend-down is not mandatory. Other options are available such as the purchase of certain assets that are exempt as well as structured transfers that can provide a means of asset protection from spend-down.
Yes, spouses who are not applying for benefits are entitled to a minimum resource allowance in addition to a minimum monthly income allowance that provides for basic housing and living expenses. Also, transfer of assets between spouses are exempt under the “60 month look back” rule. Transfers for the sole benefit of a disabled individual are also eligible for exemption.
The home of a Medicaid applicant is exempt up to $552,000 in equity during the eligibility process. Only once a Medicaid recipient passes may the state seek recovery of monies paid for LTC services. However, proper planning can protect a home and other assets from a Medicaid claim.
Proper Medicaid planning is legal, ethical and it works to insure that all rules and regulations are followed. Medicaid planning seeks out effect methods of securing eligibility while preserving assets for the future benefit of the applicant and applicants loved ones.
A common misconception is that a person must move into an assisted living or skilled nursing facility if they are on Medicaid. Fortunately, Medicaid can help cover the cost of in-home care.
The best way to figure out if Medicaid Consultant Group can help you get qualified for Medicaid is to schedule an initial consultation. During that time, we'll review and evaluate your assets to determine if we can help you qualify.