Generally speaking when I discuss Medicaid with families of loved ones who have managed to have saved a substantial amount of money their immediate reaction is “my father or my mother are not financially eligible.” Their response relies upon the fact that a Medicaid applicant cannot have more than $15,450 in resources and because their loved ones have they are considered ineligible; however, there are several options people neglect to consider.
The first is anyone applying for Community Medicaid is allowed to transfer any amount of their surplus resources one month and become Medicaid eligible the very next month. Transfers are not limited to a spouse only it can be to a trust, a child, any family member or friend.
The second option is nursing home eligibility:
When we consider married couples we have the following option: The ill spouse can transfer any amount of their surplus resources to the well spouse one month and the following month become financially eligible.
Although single individuals don’t have the leisure of a spouse to transfer their excess resource to they can still save some of their assets through vehicles such as promissory notes or annuities.
Why not explore the different avenues a person can take to protect all or some of their life savings and apply for Medicaid medical assistance. We at Elder Care Services, Inc., can assist you and your loved ones with these options and file a Medicaid application on their behalf.
With such savings the answer to the question does it make sense to apply for Medicaid in 2019? The answer is Yes!