Many individuals are faced with the prospect of having to go into a nursing home without sufficient resources to pay for such services. An individual’s financial affairs have to be carefully in order to qualify for federal Medicaid benefits wherein Medicaid will pay both the nursing home and all medical bills on an ongoing basis. There are limitations on how much income and how much assets of a non-exempt nature an individual may possess.
Certain assets such as a home, automobile, and burial polices are exempt from the calculation. We can help assist with all the calculations to ensure your assets are protected.
If there is a surviving spouse there is an exemption that the surviving spouse can have funds in a separate account in their name solely which would allow an individual to qualify for Medicaid
Donations made within sixty months of applying for Medicaid can result in a partial or total disqualification of benefits as proper planning for individuals in these situations is critical.
Ted W. Hoyt practices in Medicaid Planning.