Medicaid Asset Protection
Medicaid is a government health insurance program for people who can’t afford medical care on their own. Not everyone qualifies for Medicaid because it is only available to people on a limited income. Each state has different rules and regulations for these benefits, so check with your state to find out what is needed to qualify.
One thing you should be aware of before applying for Medicaid is how to protect your assets. Because Medicaid is based on need, assets are considered into the equation. Medicaid can not insist you sell your home, however if your home equity is too high, you might not qualify for Medicaid, especially if you are looking to qualify for nursing home benefits.
There are other assets to consider, such as, stocks and bonds, vehicles, and personal items. Even a life insurance policy, with a cash value, could cause a problem. What types of assets you can have depends on what group you are in. For example, if you are pregnant, that falls under one type group, and if you are disabled, or blind, there are other qualifications to consider.
Some people think that if they hide, or give away some of their assets to a friend or relative, that they will be able to receive Medicaid benefits. This is not always true, in fact, you could end up having to pay back money for benefits you took that you were not entitled to.
Medicaid has what they call the “look back” period. It can be anywhere from three to five years, depending on the date that people got rid of their assets. People used to think they could just put their savings in a relatives bank account, but Medicaid has gotten wise to that. Now they actually check out what assets you have, what assets you have sold, and when.
This rule doesn’t mean you can’t transfer your assets it just means that transfers need to be done years in advance. Also there are some instances where the family home can be kept, regardless of its value. The important thing is to get all your facts about Medicaid before applying, and look to someone who knows what all the rules and regulations are.
K. Gabriel Heiser, is someone who can guide you into the Medicaid program with ease and understanding. He is an attorney and expert in Medicaid. Mr. Heiser knows how to help you protect your assets and get medical relief at the same time. For more answers about how to qualify and apply for Medicaid, get your information from one who knows, and someone has your best interest at heart.
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