Planning for your health care in the future can save you time, effort, and money if done properly. Everyone, at one point or another, may need to consider their health care future. Fortunately, there are plans available that can cover costs for long-term care needs. Medicaid can be a great option for those who are eligible to qualify. It may be tricky to understand the qualifications for Medicaid. For starters, you must meet a certain income requirement. If you exceed that income requirement, you may not be eligible for Medicaid.
Other factors that may affect your ability to qualify for Medicaid include having assets and property valued over a certain amount. Meeting these low thresholds may seem like a task. Don’t be deterred by it. Even if you make more than the income required for Medicaid, you may still have an opportunity to qualify for Medicaid. However, that may take the help of a Medicaid planning lawyer. Medicaid planning lawyers can go through all the options you have in order to qualify for Medicaid and set yourself up for a stress-free and financially flexible future.
Does My Home Count Towards My Total Assets?
In certain circumstances, your total assets can determine your eligibility. That means if all of your assets exceed a certain limit, you may not qualify for Medicaid. Fortunately, your home should not count against your total assets but counts towards the equity limit threshold. However, if the remainder of your assets exceeds the requirements for total assets, you may not qualify for Medicaid. A way to get past this is by starting a trust that enables you to transfer your assets into it, allowing you to get under the required limits. Your best bet in making sure you qualify for Medicaid is by consulting with a Medicaid planning lawyer.
What Assets Don’t Count Against My Medicaid Eligibility?
Trying to figure out what is or isn’t a countable asset against you can be confusing. Some of the common properties that don’t count against your total assets include household items, certain types of jewelry – including engagement rings and wedding rings, and personal effects are not counted against your total assets. To make sure which assets count and which don’t, be sure to double-check with a Medicaid planning attorney.
What Can a Medicaid Lawyer Do To Help My Chances of Qualifying?
Sailing through the ocean of Medicaid rules, regulations, and qualifications can be intimidating. Israel & Gerity, PLLC can help you steer the boat safely to shore. With years of experience in handling Medicaid planning for their clients, Israel & Gerity, PLLC can help you secure your long-term care with relative ease.