What Part Of My Finances Are Considered For Medicaid Eligibility?
Many people wonder what kind of income they have to have to be considered for Medicaid eligibility. The answer is not easy but maybe we can help.
One of the first questions people have when they are wondering whether thay are Medicaid eligible is whether or not they make too much to be eligible. Trying to determine whether you qualify for medical benefits is a little difficult. In reality it depends on the state you live in, and the guidelines that state follows.
Income Needs to Be At Poverty Level to Qualify for Medicaid
Generally speaking if your income is at or below the poverty line and, or you receive income assistance, you qualify for Medicaid no matter where you live. However it gets a little more complicated when it comes to medicare eligibility based on your contributions to Social Security.
Each State Has Its Own Rules When It comes to Medicaid
Again every state is different and has different policies so you need to go to the state offices and find out what the Medicaid eligibility is there. You must remember that Medicaid and Medicare are different programs although they are often confused, so you need to see which program you qualify for.
Can Income be Transferred?
Once retired many people want to know if they can transfer their income and assets to their loved ones and then apply to Medicaid and go into a nursing home. The answer to this question is No. Medicaid has a 60 month look back rule. This means that they can look and see if any of your assets were transferred within any time frame 60 months prior to your application. So if you were to gift your children up to five years previous of applying for Medicaid and going into a nursing home , you would be denied coverage until the money were returned.
Other Ways to Protect Income
Another way to protect your assets is to create an irrevocable trust, or to spend your assets. There are of course, other ways to protect your assets and you should consult with an expert when it comes to finding out what part of your finances are considered for Medicaid eligibility.
Find an Expert to Help
Where can you find an expert in medicaid eligibility? You want to find an attorney who practices elder care. These lawyers are experts when it comes to Medicaid eligibility and how to divest yourself safely of the assets that will count against you when it comes to such eligibility.
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- What Part Of My Finances Are Considered For Medicaid Eligibility?
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- How Do I Check My Medicaid Eligibility?
- How Does The Eligibility Worker Decide If I Qualify For Medicaid?
- How Do I Check Medicaid Eligibility?
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