Protect Your Life Savings
Must I lose my life savings in order to apply for Medicaid?
Medicaid would say Yes! However, if the applicant or their representatives know Medicaid’s rules and regulations they soon will learn that spending down the applicant’s life savings is only one option.
Briefly, if one wishes to apply for Community Medicaid which allows them to tap into the home-care services program as well, one can save ALL of their life savings and ALL of their income.
When applying for nursing home Medicaid there are two scenarios:
1) If the applicant is married ALL of the applicant’s life savings can be saved and depending on the spouse’s income either all or some of the applicant’s income can be saved. 2) If there is no spouse the applicant can use a promissory note which allows them to save approximately 50% of their life savings depending on the cost of the nursing home.Hopefully the above referenced points allowed you to understand that Medicaid applicants don’t need to lose their life savings in order to apply for Medicaid medical assistance.