Federal law allows Medicaid applicants numerous ways to protect assets. However, few people know about these optons, and advice abounds to simply “spend down all” of the applicants assets in order to qualify for Medicaid Long-Term Care assistance. Following the wrong advice can cost you thousands, if not hundreds of thousands of dollars, that you could otherwise…
Medicaid, the single largest source of health coverage in the United States, provides health coverage to almost 75 million Americans, including children, pregnant women, parents, seniors and individuals with disabilities. Medicaid is a federal program, but it is administered by the states. To participate in Medicaid, federal law requires states to cover certain groups of…
Many families hire friends or family members to provide caregiving to loved ones in times of need. After months or years of paying a caregiver and then turning to a government benefit like Medicaid for Long-Term Care coverage, these families learn that the caregiver payments are counted as gifts and are penalized for them. When hiring a…
Although their names are confusingly alike, Medicaid and Medicare are quite different programs. Both programs provide health coverage, but Medicare is an “entitlement” program, meaning that everyone who reaches age 65 and is entitled to receive Social Security benefits also receives Medicare. (Medicare also covers people of any age who are permanently disabled or who have end-stage…
1. Myth: Medicare and Private Insurance will cover the cost of long term care Medicare only pays for limited coverage in a nursing home and only after a hospital stay of at least 3 days. The care must be “skilled care” and the program only pays the full cost for the first 20 days. Days…
In order to be eligible for Medicaid, applicants must have no more than $2,000 (as of 2016) in “countable” assets (the dollar figure may be slightly more, depending on the state). Assets, as distinct from income, for Medicaid purposes are checking and savings accounts, CDs, Stocks, Bonds, personal property, vehicles, real estate, business, etc. Medicaid does exclude…