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The short answer is, you don't. Medicaid (and your fellow taxpayers) expect you to use your assets to pay for your medical care. The only way to "protect" your assets is to transfer them to someone else prior to the time you expect to need Medicaid (for nursing home care, at least 60 months prior), or spend them on some legitimate purpose for which you receive "fair market value."
Wiki User
∙ 14y ago
Wiki User
∙ 12y agoIn general, Medicaid recipients may keep the home that they live in, a motor vehicle, personal property such as furniture, clothing, etc., and a limited amount of money.
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Can Medicaid levy my assets?
Medicaid will file a lien/estate claim on your assets to recover the cost of medical care.
Can Medicaid take assets after a death?
Medicaid can file a property lien and/or estate claim to recover expenses from the assets of the deceased recipient.
Can you sell assets while on medicaid and gain the profits?
You can sell your assets, as long as you receive fair market value for them. However, doing so might put you over the asset limit for Medicaid in your State, whereupon you will have to "spend down" those assets to resume Medicaid eligibility.
You receive medicare would your kids get Medicaid?
Only if your family's income/assets are within the Medicaid standards.
Is an irrevocable trust a safe way to protect funds from being gobbled up by medicare?
I think you mean medicaid. Medicare is the program for which seniors (and some others) are eligible. Medicaid is the program for those of limited means. The iirevocable trust works if the patient is not a beneficiary of the trust and conveyed his / her assets to the trust at least five years ago. If the conveyance was within five years, then the trust assets will be counted as the patient's assets for purposes of qualifying for medicaid.
If me and my fiance move in together before marriage can she lose her medicaid coverage?
No, but when you marry, Medicaid will look at you and your spouse's income/assets.
If you are on medicare disability can you also receive medicaid?
You may receive Medicaid and Medicare disability at the same time if you meet eligibility factors, principally citizenship and limited income/assets.
What if someone on Medicaid inherits money?
That money becomes an asset and depending on the amount plus the Medicaid client's other assets, might affect eligibility.
How much is medicaid when pregnant but have no medicaid?
If your income/assets are below the threshold (typically, 200% of Federal poverty level for a pregnant person), Medicaid should be free. Otherwise, you might owe a "spend down."
What are the requirements for asset transfer for nursing home care in Oklahoma?
Check with Medicaid, but in Oklahoma I believe you can pay a relative all assets for caregiving to qualify for medicaid
What assets can Medicaid acquire once a Medicaid covered elderly person passes on after living in a retirement home?
Medicaid may file a claim against the estate of the deceased recipient, including any real property.
Are assets held in a Limited Liability Corporation protected from medicaid expenses for long term care?
No.
