How would you choose long-term care?
Usually, LTC recipients of Medicaid are usually those who are aged or from the disabled group, but there are only a handful who receive SSI and yet opt for LTC.
What are the assets exempted under Medicaid and LTC?
The following are Medicaid exempt assets:
- A house but only when you (the applicant) are likely to return home. Your home may also be among Medicaid exemptions if your spouse, or a child under the age of 21 years or a child over the age of 21 years but disabled, or a brother/sister owning part of the house and having resided there for at least 1 year continues to live in that house.
- Essential items like furniture, appliances etc.
- Personal items like jewelry, clothing etc.
- Burial plots
- Funds for burial up to $1500 each in case you are married and $1200 if you are a single applicant.
- A cash surrender value in a life insurance. This is possible only when the face value of the policies together is less than $1500. However, term life insurance does not have a cash surrender value and hence is totally exempt.
Related readings:
There are 25 states with Long Term Care Partnership Programs.
This is significant legislation as a person can now LEGALLY exempt their assets from nursing home and Medicaid spend down by simply obtaining Long Term Care insurance.
Click HERE to read Florida Statute 409.9102.
(b) Provide a mechanism to qualify for coverage of the costs of long-term care needs under Medicaid without first being required to substantially exhaust his or her assets, including a provision for the disregard of any assets in an amount equal to the insurance benefit payments that are made to or on behalf of an individual who is a beneficiary under the program.
(4) The Department of Children and Family Services, when determining eligibility for Medicaid long-term care services for an individual who is the beneficiary of an approved long-term care partnership program policy, shall reduce the total countable assets of the individual by an amount equal to the insurance benefit payments that are made to or on behalf of the individual.
States with Partnership Legislation:
Arkansas
Iowa
NorthDakota
Colorado
Maryland
Ohio
Florida
Massachusetts
Oklahoma
Georgia
Michigan
Pennsylvania
Hawaii
Missouri
Rhode Island
Idaho
Montana
Virginia
Illinois
Nebraska
Washington
New York
Indiana
Connecticut
California
Posted: Fri Feb 10, 2012 07:11 am Post Subject: Look Back
My mother in law lives with me and spends about $2,500 dollars a month of her modest assets to assist with the cost of operating our household which includes a mortgage payment. Is this spending subject to the look back in determining her assets for eligibility for Medicaid should she need to go into a nursing home.
Posted: Fri Feb 10, 2012 07:11 am Post Subject: Look Back
My mother in law lives with me and spends about $2,500 dollars a month of her modest assets to assist with the cost of operating our household which includes a mortgage payment. Is this spending subject to the look back in determining her assets for eligibility for Medicaid should she need to go into a nursing home.
Posted: Fri Feb 10, 2012 07:11 am Post Subject: Look Back
My mother in law lives with me and spends about $2,500 dollars a month of her modest assets to assist with the cost of operating our household which includes a mortgage payment. Is this spending subject to the look back in determining her assets for eligibility for Medicaid should she need to go into a nursing home.
Posted: Fri Feb 10, 2012 07:11 am Post Subject: Look Back
My mother in law lives with me and spends about $2,500 dollars a month of her modest assets to assist with the cost of operating our household which includes a mortgage payment. Is this spending subject to the look back in determining her assets for eligibility for Medicaid should she need to go into a nursing home.
Posted: Fri Feb 10, 2012 07:11 am Post Subject: Look Back
My mother in law lives with me and spends about $2,500 dollars a month of her modest assets to assist with the cost of operating our household which includes a mortgage payment. Is this spending subject to the look back in determining her assets for eligibility for Medicaid should she need to go into a nursing home.
Posted: Fri Feb 10, 2012 07:12 am Post Subject: Look Back
My mother in law lives with me and spends about $2,500 dollars a month of her modest assets to assist with the cost of operating our household which includes a mortgage payment. Is this spending subject to the look back in determining her assets for eligibility for Medicaid should she need to go into a nursing home.
Posted: Fri Feb 10, 2012 07:12 am Post Subject: Look Back
My mother in law lives with me and spends about $2,500 dollars a month of her modest assets to assist with the cost of operating our household which includes a mortgage payment. Is this spending subject to the look back in determining her assets for eligibility for Medicaid should she need to go into a nursing home.
Posted: Fri Feb 10, 2012 07:12 am Post Subject: Look Back
My mother in law lives with me and spends about $2,500 dollars a month of her modest assets to assist with the cost of operating our household which includes a mortgage payment. Is this spending subject to the look back in determining her assets for eligibility for Medicaid should she need to go into a nursing home.
Posted: Fri Feb 10, 2012 07:12 am Post Subject: Look Back
My mother in law lives with me and spends about $2,500 dollars a month of her modest assets to assist with the cost of operating our household which includes a mortgage payment. Is this spending subject to the look back in determining her assets for eligibility for Medicaid should she need to go into a nursing home.
Posted: Fri Feb 10, 2012 07:12 am Post Subject: Look Back
My mother in law lives with me and spends about $2,500 dollars a month of her modest assets to assist with the cost of operating our household which includes a mortgage payment. Is this spending subject to the look back in determining her assets for eligibility for Medicaid should she need to go into a nursing home.
Add your comment