Medicaid is a federal & state financial medical assistance program that provides a wide range of medical services to the aged & disabled for those who apply & qualify. There are three major components for Medicaid eligibility: medical, income, & resource eligibility. All three components of eligibility must be met before the state will approve a Medicaid application.
Medicaid applicants must meet both an income test & an asset test. Different income & assets tests apply, depending on whether the applicant is married or single. It is important to note that a couple can own over $600,000 of countable property, plus an unlimited amount of non-countable assets & still qualify. Often the Medicaid rules can be confusing for those who are unfamiliar with them, & it can be difficult to apply & be accepted for Medicaid without professional assistance.
Visit an experienced elder law attorney today to help you determine whether you are a candidate for Medicaid. Don’t wait until you are in a crisis situation financially to visit a professional to help you with Medicaid planning, as getting help from an experienced Medicaid planner at the outset of your entry into a nursing home can save you tons of money over time in facility fees. Contact W.G. Alexander & Associates today for assistance.
Summary: Receiving Medicaid can save you thousands of dollars a year, but you must first meet the applicable income test & asset test to be eligible for Medicaid, with which a professional can assist you.