Children and parents should be aware of adding one another to their bank accounts as joint owners. While joint bank accounts may offer parents a certain level of protection by making sure that someone will always have access to their money to pay bills, joint bank accounts are more likely to cause greater issues instead of resolving issues. As individuals begin to grow older, they tend to become concerned with how they will finance their long-term care. Many people turn to Medicaid, a joint Federal and State funded program, to help fund this expense. Since Medicaid eligibility is determined by a combined value of assets and income, joint bank accounts can have negative effects on a person’s ability to secure Medicaid benefits. Continue reading “Joint Bank Accounts Offer No Protection from Medicaid”
Medicaid provides health coverage to over 72.5 million Americans. Those covered include children, pregnant women, parents, seniors and those with disabilities. According to Medicaid.gov, Medicaid is currently the leading provider of health coverage in the United States. Continue reading “States May be Allowed to Invoke Work Requirements for Medicaid Eligibility”
A Medicaid application can be denied for various reasons. While a denial notice may have left you feeling pessimistic, you have the right to appeal the denial. Many times, Medicaid applications will be denied because of simple mistakes, such as missing documentation, and this can be easily fixed. Common Medicaid application denial reasons include: Continue reading “My Medicaid Application Was Denied, Now What?”
In order to be eligible for Medicaid, there are certain asset limits that need to be followed. Some of those include $2,000 in cash ($3,000 for a couple), a home valued at $500,000 or less, one automobile of any market value, funeral and burial funds, any real or personal property deemed essential for self-support, and a life insurance policy not exceeding $1,500. If an applicant wishes to receive Medicaid funding but has excessive assets, they will need to either spend down those assets or use the excessive amount to pay for long-term care needs until the surplus amount is drained. Continue reading “Spending Down Assets for Medicaid: A Prepaid Funeral Contract”
Medicaid law has provided special protections for those spouses who are healthy and wish to remain in the community while their husband or wife relocates to a long-term care facility. In 1988, Congress enacted provisions designed to ensure that the spouse who is still living at home will have enough income and resources to remain part of the community. These provisions have come to be known as spousal impoverishment provisions. Continue reading “Spousal Medicaid”
When you apply for Medicaid coverage, a caseworker with review and assess whether you qualify for Medicaid benefits. Eligibility is need-based determinative, so it is important that you have evidence of your qualifications for the program. Make sure that before you apply, you have the necessary documents in hand.
Medicaid is considered a need-based program. For this reason, in order to qualify for Medicaid, you must have only a limited income and a maximum amount of assets to qualify. Many people worry that because they have a home or a car that they will be ineligible to apply for Medicaid. This is untrue, as certain assets will be excluded from your total assets.
Senate Republicans continue to push for legislation to repeal and replace the Affordable Care Act. The Graham-Cassidy bill is sponsored by Senator Lindsey Graham, from South Carolina and Senator Bill Cassidy, from Louisiana. Although the bill is still lacking 50 votes needed, it is important to understand the effects it may have on health care. Continue reading “Graham-Cassidy Proposal Puts Medicaid Coverage at Risk”
Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) are both supplemental income programs that are used to help the disabled, elderly, and blind. The main difference between SSDI and SSI is that SSI is a means-based program, whereas SSDI is an entitlement program. SSDI is only available to people who have worked long enough to accumulate work credits. SSI is available to people who have not earned enough work credits and can show that they financially need the support. Both SSI and SSDI are administered by the Social Security Administration, but they have entirely different financial requirements. Continue reading “Social Security Disability Insurance vs. Supplemental Security Income”
For an individual to be eligible for Medicaid services at home, he or she must be over 65 and disabled. In addition, the applicant must meet certain income and asset criteria in order to qualify, because Medicaid eligibility requires a means based test. As of 2017, an applicant is allowed to have $845.00 in income. It is possible that Medicaid may take any income in excess of this amount. For many individuals, turning over these excess funds to Medicaid is not a viable option because it would leave them without the means to pay certain expenses. Continue reading “A Pooled Income Trust May Be The Best Option For Those With Excess Income”