MEDICAID
News Letter Article 2
You Don’t Have to Spend All Your Money to Qualify for Community Medicaid Long- Term Care Services
Paying for long-term care can quickly drain the savings you’ve spent a lifetime building, especially if you become disabled and can’t take care of yourself. Depending on the type of care you need, long-term care costs can run over $100,000 a year! But here's the good news: You don’t have to spend everything you’ve saved. By doing some smart Elder Law Planning, you can protect your wealth. Medicaid, the only government program covering long-term care, lets you preserve your assets while qualifying for assistance.
So, what exactly is Medicaid?
Medicaid is a government program that provides health insurance for adults and children with limited income and resources. There are different ways to qualify, but in general, you must meet one of these criteria:
- Be 65 or older
- Have a permanent disability (as defined by the Social Security Administration)
- Be blind
- Be a pregnant woman
- Be a child or a parent/caretaker of a child
On top of that, you’ll need to meet other requirements, such as:
- Being a U.S. citizen or meeting specific immigration rules
- Living in the state where you’re applying
- Having a Social Security number
What about Community Medicaid with Long-Term Care in 2024?
Here’s a quick look at the eligibility rules for 2024:
Income:
- Married couple applying together: $2,351 per month
- Married couple applying (one spouse): $1,732 per month for the applicant
- Single applicant: $1,732 per month
Resources:
- Home care applicant: $31,175
- Married couple both applying: $42,312
Nursing home Medicaid:
- Single applicant: Assets must be under $30,182. (Other factors may affect eligibility too.)
Reading through these numbers, you might think qualifying for Medicaid is out of reach. But the truth is, with proper Elder Law Planning, you can qualify! Planning ahead lets you take full advantage of Medicaid's rules to protect your wealth. Without such planning, you may still qualify, but the wealth you can protect could be limited.
So, it’s worth planning ahead to ensure that you can benefit from Medicaid while still protecting your hard-earned assets.