Medicaid is a government assistance program designed to make sure those who are of low financial means can obtain the long-term care they require. However, despite what many believe, Medicaid is not available only to those with little or no assets.
How much money in savings can you have to still qualify for Medicaid?
Medicaid requires an applicant to have no more than $2,000 in nonexempt assets to qualify for Medicaid. This amount might change depending upon some, but by all means not all, of the following factors:
- Family size
- Year in which you are reading this post
- State of residence
- Manner in which you decide to, or not to, take steps to exempt assets, and
Type of assets you have.
- As we have explained earlier, there is a substantial difference between exempt and nonexempt assets in the context of a Medicaid application. That distinction is crucial to understand when applying for Medicaid. It can be the difference between saving and spending tens of thousands of dollars.
- If you or someone you know needs in-home nursing care, or is facing the prospect of requiring being placed in a nursing home, please contact my firm or another highly qualified Medicaid attorney as soon as possible.
- Do not apply for Medicaid alone. You can contact Jim by office phone, cell phone, or email.