To receive Medicaid for Long Term Care, an individual must be medically and financially eligible. There are programs where the patient can receive care at a care center or at home. To receive Medicaid help while at home an individual must qualify for a waiver. One such waiver is the “New Choice Waiver.”
To receive Medicaid to pay for your nursing home stay, the rules can be complex. For a single person there is an asset limit of $2,000 and are allowed to keep $45/month income for personal needs and the rest is spent on care with some exceptions. Generally a person can own a home and still qualify for Medicaid for long term care, so long as they don’t have equity of more than $536,000 or more. However, the state will come back after the patient’s death to collect on a statutory Medicaid lien for monies provided. When applying for Medicaid, the applicant must disclose all assets and income sources, as well as any transfers not for value (gifts) made within the past 60 months, this gifts are subject to a penalty wait time.
For a married individual entering the nursing home. Their spouse may be able to keep more assets to prevent spousal impoverishment. These rules are more complex and Allen Law Office PLLC can help you determine the best strategy for your unique situation.