The best way to determine if you are eligible for Medicaid is to set an appointment with a Medicaid Attorney to access your income and Estate. There are many steps that occur with becoming Medicaid eligible and to ensure your eligibility it is always beneficial to have an Attorney assist you with the process. Elder Medicaid is commonly confused with Medicare and the vase difference is that Medicaid pays for long-term care whereas Medicare only pays up to 20 days in a nursing home and partially up to 100 days of care. The hard truth is that only 5% of Americans have long-term care insurance. When you are suddenly presented with the reality of needing a round the clock skilled nursing facility, you will come to find that your options can be very limited.
In addition to the aged, blind or disabled, adults with dependent children depending upon qualified income are eligible for Medicaid. There are several steps to qualifying and income is the biggest portion of this hurdle. For persons that are single, the monthly income is not to exceed over $2,199.99 monthly and not to exceed $3,000.00 for a couple. As for assets, the general rule is that a couple’s assets are to split in half and the person going into the nursing home has to spend down their half before a Medicaid application can be approved. Some asset resources such as your home, a vehicle, and burial policies do not count against you. Whereas mineral interest in property, retirement funds, and your savings accounts can in fact hinder you from qualifying.
The process of understanding what spending down your assets incurs is a very tedious one. The fear of spending down all your savings just to qualify for benefits is one that many elderly people face. Majority of elderly people have utilized their savings as a safety net and when that net is gone; they feel overwhelmed, lost and often need guidance.
If you seek the advice of a Medicaid Attorney, they can ultimately get you qualified with preserving the majority of your assets. You are able to place your savings and assets into a Miller Trust, Irrevocable Trust or even Qualified Income Trust when consulting with an attorney and not have to worry about spending down your assets. There are qualifications and the amount of your assets needs to be discussed with an Attorney, like lawyer Arlington TX trusts, to decipher what is the best planning tool for you.
There are regulations whereas if you are a spouse wishing to remain at home, you may be eligible for not having to spend down any monthly assets so that you may afford to pay your bills while caring for your spouse at a nursing home facility. Therefore, if you are the age 60 or older, disabled, or disabled and on a Medicare plan, please contact our Firm so that we may schedule you a consult to access your Estate and determine if you are Medicaid elgible.
Thanks to our friends and contributors from Brandy Austin Law Firm, PLLC for their insight into eligibility for medicaid.