Individuals wishing to qualify for Medicaid must be low income and have limited assets. In most jurisdictions, you become ineligible for Medicaid if you own more than $2,000 in assets. Turning over what you have to loved ones to qualify for Medicaid may land you in...
Waiting to plan for Medicaid is a risky kind of procrastination
Medicare is the health plan that exists specifically to address the medical needs of those at or past the age of retirement. It is common for older adults to stop paying for private insurance and instead start supplementing a Medicare policy once they decide to retire...
Will your family home impact your Medicaid eligibility?
As you get older, the property you own becomes more important. You may have built up years of memories in your family home. You may have raised your children there or spent time reading to your grandchildren. Preparing for Medicaid may leave you with an important...
Why should you work with an attorney for Medicaid planning?
Whether you need to apply for Medicaid in the near future or want to ensure that these benefits are available to you in your later years, the Medicaid planning and application process can be daunting. Working with an attorney could be one of the best ways to protect...
Medicaid eligibility: Lookback period and penalties
When a person applies for Medicaid, they are subjected to the lookback period. Because this is a needs-based program, the participants can’t try to give things away in order to meet the eligibility requirements. The caseworker who reviews the application goes back...
Know these requirements for Medicaid coverage
As you age, there’s a chance that you’ll need to seek around-the-clock care in a nursing home. Many people discover that this is a challenging aspect to aging because they never took the time to plan for their long-term care needs. There are several things that you...
Why funding a trust with your home can protect it as you age
Having your name on the title to your home can be a source of intense pride. Many people can think back to the day that they signed the deed that made them the official owner of their property. The thought of taking your name off of one of your most important assets...
Qualifying for Medicaid means finding the proper allowance
Planning for Medicaid can be a complicated undertaking, especially when it comes to meeting low asset limits. Getting rid of all your assets outright doesn’t seem like a sensible solution, and it may not be necessary. Medicaid provides coverage for millions, but the...
Why asset preservation is so important: The basics
Navigating all the little rules and requirements for Medicaid can be frustrating. The one that can cause the most stress for many people, however, is the asset limit. As the American Council on Aging explains, each state can set an asset threshold for Medicaid...
Can giving a gift affect Medicaid planning?
Many people in New Jersey who are in their elder years want to give their loved ones substantial gifts. This way, they can see their loved one enjoy what would be their inheritance. However, these people may also be planning on utilizing Medicaid benefits to pay for...