How does Medicaid Work Regarding the Home and Assets?
To be eligible for Medicaid you must meet certain preset income requirements. Each state has their own eligibility requirements when it comes to Medicaid so you will need to speak with a representative regarding your particular circumstances. Medicaid is a government program designed to help low-income families, pregnant women, children and blind and disabled people who would otherwise not be able to afford medical services. But how does Medicaid work regarding the home and assets?
Medicaid and Your Overall Financial Picture
Often the Medicaid program only allows for a certain amount of income per family or individual who needs assistance. The family or individual may be required to spend-down some of their assets before they qualify for Medicaid. Each state will vary on the amounts required for eligibility and how Medicaid works regarding the home and assets.
Medicaid is a program for people with limited assets, if you do own a home prior to applying for Medicaid you may still be able to keep your home, however other assets such as stocks, bonds, and other financial instruments must be spent-down in order to become eligible financially to receive benefits. Medicaid looks at your overall financial picture and if you have too many assets they see this as an ability to pay for your own medical care.
Seek Legal Help for Medicaid Questions
Before you apply or if you are thinking of applying for Medicaid, check with a legal professional regarding your finances and circumstances. They may be able to help you in regards to qualifying for Medicaid coverage depending on your individual situation. These professionals know the law in regards to receiving benefits and may find some laws that work in your favor regarding how Medicaid works regarding the home and assets. You want to make sure that you meet all the eligibility requirements before you apply for Medicaid. It is a process and requires some patience and diligence before you get approved.