Do I need to be broke to get Medicaid?
The short answer is NO.
Medicaid is a federal and state program that helps people pay for long-term care. In order to qualify for Medicaid, you need to meet certain asset level requirements. Those asset levels depend upon whether you are married or single.
A married couple can almost always preserve close to all of their assets when only one of them needs long-term care. If you or your spouse needs long-term care, it is vital that you speak to an elder law attorney before you apply for Medicaid.
For a single person, the answers are more complex. You are allowed to have a home, a car, $2,000 in the bank, and a few other things like all your personal property. If you have more than that, you will not qualify for Medicaid unless you do some planning.
A single person who needs care should always talk to an elder law attorney BEFORE doing anything with their property. This holds especially true if you own a home. We can always help you preserve at least part of your assets and qualify for Medicaid to help you pay for your care.
I'm not going to go through all the different strategies in this blog post, but I will highlight a few of them in future posts.
If you or a loved one requires care now or think you might in the future, contact our office to schedule a free consultation with an elder law attorney! We will tell you what your options are at any point in the process.