A lot of people wonder how to qualify for Medicaid and may even mistakenly file a Medicaid application before they are qualified and then get denied. In order to qualify for Medicaid, the individual applying needs to have less than $2,000 in assets. If the individual is married, then the spouse is only entitled to keep up to $148,620 in 2023, but this amount could actually be less since this is the “cap” or ceiling. Not only do you have to qualify based on your assets, but your income will also be looked at in order to qualify. Fortunately, some assets are considered an “exempt” asset for qualifying for Medicaid, such as a home, car or funeral. Many people have heard of the Medicaid spend down or nursing home spend down so believe they just need to spend all their life savings down and then they will qualify for Medicaid because they are now below the Medicaid limit. It’s important to know all of your options when it comes to Medicaid planning. More and more families are choosing to do asset protection planning so they don’t end up going broke in a nursing home.
An elder law attorney understands the tools and techniques that can be used for Medicaid planning and asset protection planning. Depending on timing and health, a Medicaid asset protection trust that is designed to meet Medicaid laws can be used if done before the five-year look-back period. Other tools and techniques may be used if someone doesn’t have five years. Even if someone is already in a nursing home, it’s not too late to do asset protection planning.
Planning ahead for long-term care is important to make sure you receive the care you want, when you need it, and without going broke. Don’t wait to visit with a qualified and experienced elder law attorney!