Do you know the three things that qualify you for Medicaid?
● Medical necessity—What are the needs of the individual?
● Income ($2,523.00 for 2022) How much monthly income do they make?
● Resource Limit ($2,000.00 AS OF 2022 for Single applicant and $3,000 for Married applicants) What does this mean?
Understand Medicaid can be challenging and can vary from state to state. So many people look at the list above and think there is no way I can qualify. So what do I do if I need help and the qualifying? Is one of the reasons you are concerned fit into the common myth?
Common Myths About Medicaid Are:
- If I need nursing home care, then Medicaid will take my house.
- I have to give away all of my assets to qualify for Medicaid.
- I can’t own a house and car if I want to be eligible for Medicaid.
- If my spouse needs Medicaid, I will have to spend all my money to pay for their care.
- If my loved one goes to a nursing home and owns a home, we will have to sell the home to a third party.
- Medicare will pay for my long-term care.
- I must be poor to qualify for Medicaid.
- I do not need a lawyer to do Medicaid planning.
- Medicaid eligibility is for the elder.
- Medicaid planning is required after you retire.
There are lots of misconceptions about Medicaid. The process can be frustrating if you do not plan and know the regulations. Helping families navigate through this process is my passion. Contact me if you have questions about Medicaid qualify and need it in your estate planning process.