Medicaid Benefits
Medicaid benefits can be confusing and difficult to understand as you or your loved one requires increased care. Here are a few frequently asked questions about Medicaid Benefits and planning for your health care needs that you may find helpful:
Does Medicare pay for all my assisted living and nursing home costs?
If Medicaid pays my nursing home bill, can the State take my home?
If my spouse goes into a nursing home and qualifies for Medicaid benefits, do I have to spend down all of our joint assets?
Can I transfer money to family members before entering a nursing home to speed up eligibility?
Will a Revocable Trust protect my assets from Medicaid spend down?
Do I have to wait until I am in a nursing home before I can begin to protect my assets from spend down?
Do I have to be poor to be eligible for Medicaid benefits?
Do I need a Benefit Specialist or Attorney to assist me when applying for Medicaid benefits?
Can I qualify for benefits if my assets and /or income are over the allowable limits according to Medicaid guidelines?
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Does Medicare pay for all my assisted living and nursing home costs?
(A) Medicare is designed to pay for the majority of your hospital and doctor costs, but not assisted living or nursing home care. Nursing home costs can be paid for a short period of time if certain qualifications are met.
If Medicaid pays my nursing home bill, can the State take my home?
(A) The State cannot take a home if there is a spouse living in the home. It also depends in what State you reside in. When you receive Medicaid Care the State has a right to recover costs after you die. In Florida and some other states they can not touch your home if it is considered "homestead".
If my spouse goes into a nursing home and qualifies for Medicaid benefits, do I have to spend down all of our joint assets?
(A) If you leave your assets titled in joint names the answer is, “yes”. By transferring the assets to the healthy spouse’s name, there is a Spousal Impoverishment Act that has been implemented to protect the healthy spouse’s income and assets.
Can I transfer money to family members before entering a nursing home to speed up eligibility?
(A) If you transfer money to someone other than a spouse before applying for Medicaid, the transfer will cause a period of ineligibility for Medicaid benefits.
Will a Revocable Trust protect my assets from Medicaid spend down?
(A) If you had a Revocable Trust created to protect your assets from spend down you were not given very good advice. Assets in a Revocable Trust are considered the same as ordinary assets and must be spent down or protected in other ways to be eligible for Medicaid benefits.
Do I have to wait until I am in a nursing home before I can begin to protect my assets from spend down?
(A) You can either preplan or crisis plan. Silver Census recommends preplanning because seniors and caregivers alike are able to make important decisions without the added stress of crisis. It is very hard for the family to understand the complicated rules and plan effectively while in a crisis situation.
Do I have to be poor to be eligible for Medicaid benefits?
(A) You may be eligible regardless of income or assets. Contact Silver Census expert for more details.
Do I need a Benefit Specialist or Attorney to assist me when applying for Medicaid benefits?
(A) No, any individual can apply for Medicaid directly. Due to the complexity of the Medicaid eligibility process, it is highly advisable that you use professionals well versed in the process to assist you.
Can I qualify for benefits if my assets and /or income are over the allowable limits according to Medicaid guidelines?
(A) With proper asset sheltering and a qualified income trust put into place you may qualify.
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