Medicaid Asset ProtectionYou take out insurance to protect your car, why not get some Medicaid asset protection to protect your future? Unlike the Social Security program which is a retirement program available for everyone, medical asset protection is available only to those who do not have enough assets to provide them with Medicaid nursing homes. Here are the differences between Social Security and Medicaid; · Medicaid long term care is needs-based while Social Security is an entitlement program · Medicaid is only for those who do not have enough assets while Social Security is available for all those covered by the program upon reaching 62 years of age Here are some tips to getting Medicaid eligibility: 1. Put your asset in Medicaid trust Even if you have assets, you can still qualify for Medicaid provided you invest your assets in Medicaid trust. There is a waiting period before such assets would not longer be counted as assets to influence your eligibility for Medicaid. The period depends on the amount transferred to the trust. 2. Transfer your assets to Medicaid trust while you are young The greater the amount of assets you place in Trust, the longer you have to wait before you can qualify for Medicaid benefits. This means you have to transfer the assets the soonest possible time so that when the right time comes you will automatically be eligible for Medicaid benefits. 3. Compute your assets It is best to know the ceiling placed by the government before you can avail of Medicaid benefits. Here is the maximum amount of countable assets each group should have in his account before qualifying: · Single person-no more than $3,600 · Married-The spouse who is not to be covered by Medicaid benefits can have as much as $84,000 in assets in order to have the other spouse covered by Medicaid. However, both single and married person can have as much asset and still qualify for Medicaid benefits if they have placed such assets in Medicaid Trust within the required period. Here are the other requirements to qualify for medicaid aside of course from the $2000 worth of countable assets: · Person should be at least 65 years of age · A person below 65 can qualify provided he has disability · Doctor's certification that he requires nursing home care · Limited income 4. This asset protection strategy has almost the same function as the revocable trust which means you can place your assets in Medicaid Trust and still withdraw them at the right time. The beneficiaries to the trust can also be changed. 5. Here are some items that are not considered countable assets so you can have them and still qualify for nursing care: · Vehicle provided it is needed and used by one of the spouses for work or for medical check up · Household items like television, furniture and other personal items · Burial fund worth $1,500 either in cash or insurance form · Homestead which is defined as the home where the family lives including the land attached to it Nursing care may not be an urgent need for a young person but making sure you have medical or nursing aid after retirement or after you are no longer able to work or care for yourself may just save you from the streets and hunger. |