Last column I explained how the health of a senior is assessed to determine if Medicaid will assist with the costs of long-term care. However, even if the Medicaid applicant’s health requires long term care, the applicant must also establish a financial need.
The misinformation about how one financially qualifies for Medicaid long-term care assistance is remarkable. Too often applicants disqualify themselves from assistance, and create other problems, because they do not understand the financial requirements. With the assistance of a knowledgeable professional, seniors with long-term care needs can receive assistance that they may have felt was not
available to them.
To qualify for Medicaid assistance, many seniors believe the following:
- They can have only $2000 in assets to qualify for Medicaid assistance.
- They must have less than $2000 in monthly income to qualify for Medicaid assistance.
Both of these statements are false. Because seniors do not understand the rules, they make life altering choices – including divorce – because they believe it is necessary to receive Medicaid assistance. Those choices often have unforeseen ramifications . . . and did not need to be made in the first place. In some cases, those choices actually disqualify an otherwise qualified person from receiving Medicaid assistance.
Over the next few columns, I will explain how an Idaho resident qualifies financially to receive Medicaid assistance for long-term care. It may help to keep in mind what I believe are three policies the government is attempting to balance. First, a person with sufficient resources should not expect Medicaid to pay for his/her long-term care. Second, because home-based care is typically preferable to institutional care, those intending to return home are not expected to give up certain significant assets (such as their home) to qualify for care. Third, Medicaid is specifically designed to avoid impoverishing the applicant’s healthy spouse while the applicant receives care. Starting next week, I will begin explaining the rules to qualify financially for Medicaid assistance and how these policies apply.
Starting next column, I will begin explaining the rules to qualify financially in Idaho for Medicaid assistance and how these policies apply. Come to a presentation to learn more about how to ensure your estate plan is the right plan for you.