Is Medicaid Right for Me?

By Allyson Fion | Apr 30, 2021

Categories: Medicaid planning, medicaid qulification, nursing home, skilled care, estate recover, asset protection, long term care, Winston Salem, North Carolina, NC.

What is Medicaid?

Medicaid is a federally-aided health insurance program for individuals and families who cannot afford to private pay their health care costs. Medicaid can help pay for expenses such as medical bills, prescriptions, vision and dental care, in-home care, and long term care.

As of 2021, some states have expanded their Medicaid programs to cover all people who meet certain income requirements, while others haven’t. However, in all states, you can qualify for Medicaid based on income, disability, and other factors, such as household size and family status

Qualifying for Medicaid

In order to be eligible for Medicaid coverage of long-term care needs, the applicant must need a certain level of care. This care is described as a “nursing home level of care” and applies to those who require nursing home care, skilled care, care in an assisted living facility, in-home care (if they meet certain criteria), or memory care.

Once this level of care is determined to be needed, the applicant’s assets will be one of the biggest factors in determining Medicaid eligibility. Some assets are considered exempt from Medicaid qualification eligibility, while others are considered countable. 

Exempt assets include assets such as the primary residence of the applicant, one vehicle, household items and heirlooms, pre-need burial expenses up to a certain amount, life insurance policies up to a certain amount, among others. 

Countable assets include cash, checking accounts, saving accounts, CDs, stocks, credit card accounts, additional vehicles and real estate, trusts, and others. In order to qualify for Medicaid, these assets must be carefully reviewed and counted to determine if they meet the eligibility requirements.

Some of these assets can be “spent down” in order to meet the eligibility requirements. However, it is not as simple as giving away assets to meet the requirements. Depending on how the transfer of assets is handled, penalties may be incurred during what is called the Medicaid look-back period. 

Planning for Medicaid

Working with a Medicaid planning professional for both advanced planning and crisis planning is the best way to ensure that your long term care needs can be paid for by Medicaid while also protecting your assets for your future needs and any beneficiaries you have chosen. 

A Medicaid planning professional can create a personalized plan for spending down countable assets, remediating penalties found in the look-back period, and protecting your Assets from Medicaid Estate Recovery. 

Planning for your long term care does not have to be stressful. With the help of our team at Parker Eldercare, we will help you ensure that all of your long term care needs are met at the best advantage to you and your family.