You may be able to become eligible for Medicaid nursing home benefits!
You may have heard that many people are not eligible for Medicaid institutional care (nursing home) benefits because their income or their net worth is excessive. The law generally provides that you will not be eligible for these benefits if your monthly income exceeds $2,022 or if you have assets worth more than $2,000 in value (with certain exceptions and deductions). If you do not meet these financial requirements, you will be denied Medicaid benefits (and will often be forced to pay the nursing home costs yourself). Nonetheless, it is often possible to rearrange your affairs to qualify for Medicaid.
As an example, if your monthly income (from Social Security benefits, pension income and other items) exceeds $2,022, you could take advantage of a Medicaid Qualified Income Trust. These trusts allow you to divert a portion of your income directly to your nursing home, thereby qualifying you for benefits.
Similarly, if your total assets exceed $2,000 in value (which is often the case), you may be able to use a trust to become eligible for benefits. It may also be possible to reinvest your assets in ways that are Medicaid preferred.
Please call me with questions about how you can become eligible for Medicaid nursing home benefits. These efforts can often save you many thousands of dollars!
