How would you choose long-term care?
Usually, LTC recipients of Medicaid are usually those who are aged or from the disabled group, but there are only a handful who receive SSI and yet opt for LTC.
What are the assets exempted under Medicaid and LTC?
The following are Medicaid exempt assets:
- A house but only when you (the applicant) are likely to return home. Your home may also be among Medicaid exemptions if your spouse, or a child under the age of 21 years or a child over the age of 21 years but disabled, or a brother/sister owning part of the house and having resided there for at least 1 year continues to live in that house.
- Essential items like furniture, appliances etc.
- Personal items like jewelry, clothing etc.
- Burial plots
- Funds for burial up to $1500 each in case you are married and $1200 if you are a single applicant.
- A cash surrender value in a life insurance. This is possible only when the face value of the policies together is less than $1500. However, term life insurance does not have a cash surrender value and hence is totally exempt.
Related readings:
There are 25 states with Long Term Care Partnership Programs.
This is significant legislation as a person can now LEGALLY exempt their assets from nursing home and Medicaid spend down by simply obtaining Long Term Care insurance.
Click HERE to read Florida Statute 409.9102.
(b) Provide a mechanism to qualify for coverage of the costs of long-term care needs under Medicaid without first being required to substantially exhaust his or her assets, including a provision for the disregard of any assets in an amount equal to the insurance benefit payments that are made to or on behalf of an individual who is a beneficiary under the program.
(4) The Department of Children and Family Services, when determining eligibility for Medicaid long-term care services for an individual who is the beneficiary of an approved long-term care partnership program policy, shall reduce the total countable assets of the individual by an amount equal to the insurance benefit payments that are made to or on behalf of the individual.
States with Partnership Legislation:
Arkansas
Iowa
NorthDakota
Colorado
Maryland
Ohio
Florida
Massachusetts
Oklahoma
Georgia
Michigan
Pennsylvania
Hawaii
Missouri
Rhode Island
Idaho
Montana
Virginia
Illinois
Nebraska
Washington
New York
Indiana
Connecticut
California
Posted: Thu Sep 19, 2013 03:30 am Post Subject: qualifying for medicaid
If you are an ex felon, male, but you live in an appartment with a spouse and child (step-child), but also having no job; what steps need be taken to obtain medicaid?
Posted: Tue Jul 07, 2015 02:25 am Post Subject: Question about Fraud
If a person has 800 k in the bank and receives Medicaid benefits is that fraud? New York State resident
Posted: Thu Sep 10, 2015 07:54 pm Post Subject: home property in a trust
Hi Sil,
What is your interpretation of the Medicaid exemptions for home property in a trust? Do the exemptions still apply, or since the home is in a trust, it remains a countable asset?
Thank you,
Posted: Tue Feb 23, 2016 10:10 pm Post Subject: Medicaid and assests
If I have savings for my First Home Club are they considered exempt from Medicaid? One of the savings is 15K.
Thanks,
Colleen
Posted: Fri Mar 11, 2016 11:18 pm Post Subject: ak native clawback law
read few details concerning federal law recently approved that protects all real property in Alaska owned by Alaska Natives and American Indians, whether it is restricted or UN-restricted. The state of Alaska will no longer be able to count ANY real property in Alaska as an 'asset" for Alaska Natives when applying for Medicaid and the real property . i am unable to find specific information concerning this issue, it is called the Clawback
Posted: Fri Apr 08, 2016 10:54 pm Post Subject: exempting my mothers second home in a living trust
I moved back home to care for my mother,she still own the original home, I have been living there since 2013, in 2014 we moved our mother into this house from her primary residence to curtail her moving into a nursing home, Medicaid says they need a contract stating the property is exempt what does this entail
Posted: Fri Aug 03, 2018 08:50 pm Post Subject: ssi spend down
Whould buying a lawn mower be an acceptable spendown purchase ?
Posted: Fri Aug 03, 2018 08:52 pm Post Subject: ssi spend down
Whould buying a lawn mower be an acceptable spendown purchase ?
Posted: Fri Aug 03, 2018 08:55 pm Post Subject: ssi spend down
Whould buying a lawn mower be an acceptable spendown purchase ?
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