The Medicaid program is the solution for most elders who require living assistance. This need-based government health insurance program does pay for custodial care. However, since it is a need-based program, there is a $2000 limit on countable assets. Your eligibility can be delayed if you give away assets within five years of submitting your application. To explain by way of example, if you give away enough money pay for 18 months of nursing home care, your eligibility would be delayed by … [Read more...] about What should I know about the Medicaid Look-Back Period?
A revocable living trust can be a good estate planning choice for many people, and you do not have to be extraordinarily wealthy to realize the benefits. However, a living trust will not satisfy all objectives. Many people seek eligibility for Medicaid late in their lives because this government-run health insurance program pays for long-term care. The majority of elders will someday need help with their activities of daily living, and Medicare does not pay for this type of assistance. If you … [Read more...] about Does Medicaid count assets in a living trust?
Now that you have the necessary background information, we can look at the Medicaid waiver. Many people can receive the living assistance that they need in their own homes. In-home caregivers are not free by any means, but in-home care can be much less expensive than full-time residence in a long-term care facility. The government would like to see people receive help in their homes if it is at all possible because it is less expensive. To facilitate this, the Medicaid Home and … [Read more...] about What is a Medicaid Waiver?
There is a $2000 limit on countable assets for an individual, but some things are not countable, including your home (with an equity limit of $585,000 in 2019). Plus, if you are married and you apply for Medicaid while your spouse is still capable of independent living, your spouse could keep half of the assets that are considered to be countable. This is called the Community Spouse Resource Allowance. The maximum Community Spouse Resource Allowance in North Carolina and Kentucky for 2019 is … [Read more...] about What are Medicaid countable assets and resource allowances?
The Medicaid program provides long-term care coverage for those who need help meeting the high cost of nursing home care. Since its creation, the program has expanded its coverage to the point where it now serves as the single most important payment source for the country’s nursing homes. Without it, millions of American seniors would be unable to afford the cost of care and would find themselves struggling to cope with their health care and daily living needs. … [Read more...] about Does Medicaid provide Long-Term Care Coverage?
Now, some might wonder why there would be any need for planning if Medicaid can cover those costs. After all, the program was designed to help low-income Americans get health care coverage, right? The problem is that the Medicaid program’s eligibility standards include limits on both assets and income – and many seniors often struggle to meet those limits. Seniors in Kentucky can deal with the income limits by establishing a Qualified Income Trust that applies excess monthly income to the … [Read more...] about Why do I need Medicaid planning?
Medicaid is a program that is theoretically intended to provide medical care for people who don't have the financial resources to pay for their care. As a result, there is a $2000 asset limit that must be met if you are going to qualify for Medicaid. This can automatically seem like it will preclude you from eligibility, but the fact is that not all of your assets count toward this limit. Your vehicle, your place of residence, and many of your personal possessions are not countable in a … [Read more...] about What is Medicaid?