Home
Wiki User
Answered 2009-12-09 21:49:18
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."
Your Answer
Still Have Questions?
Related Questions
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 you assets?
Except for a limited amount, Medicaid expects you to use your assets to pay for 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.
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.
How much money will a nursing home take from you if you are on Medicaid?
Medicaid will expect you to pay to the nursing home the income/assets you have that exceed the Medicaid standard.
You receive medicare would your kids get Medicaid?
Only if your family's income/assets are within the Medicaid standards.
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.
Can you get Medicaid if you have medicare and became pregnant?
Yes, if you have 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
Does Medicaid and medicare pay for burial costs?
Medicaid will pay for funeral and burial to the extent that the recipient did not have any other assets, including life insurance, available.
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.
How do you apply for Medicaid when you are fifteen and pregnant?
You may receive Medicaid at age 15 if you meet eligibility factors, principally citizenship and limited income/assets.If you are living with one or both parents, the state will take their income and assets into account when deciding on your eligibility. If you are living apart from your parents, the State will likely grant Medicaid to you and contact them about reimbursement.
Qualifications for Medicaid?
You qualify for Medicaid based upon your income and assets (i.e. savings accounts, home, etc.) The specifics depend what state you live in. Go to healthcare.gov and answer the questions. It will give you links to your state's Medicaid office.
Can a person that receives social security have medicare and medicaid?
Medicare - yes. Medicaid - if the person has limited assets/income and meets other eligibility factors including citizenship.
Does being married to someone other than your child's parent affect the child's eligibility for medicaid?
The only thing affecting the child's eligibility for medicaid is income and assets.
What was the reason for creating centers for medicare and medicaid services?
To protect Meidcare and Medicaid recipients from fraud, and to regulate anyone involved in providing Medicare and Medicaid related services and products.
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.
Can you have assets and still qualify for Obamacare?
This is a very tricky question to answer. The amount of assets you own do not impact your ability to qualify for coverage, but your asset level may impact the amount you are asked to pay in premiums. It all depends upon whether your state expanded Medicaid, and if your income level falls below the Medicaid means testing for your state. States that did not expand Medicaid continue to include the requirement that assets be below $2,000. Those that did expand Medicaid look only at income. If your income is between 100% and 400% of the Federal Poverty Level you will not qualify for Medicaid, but may qualify for subsidies. Your asset level is not considered.
You live in Texas am pregnant and have a drug conviction Can you get Medicaid?
Your drug conviction should not be a bar to Medicaid eligibility. You should be able to get Medicaid based on your pregnancy, assuming you meet the other eligibility factors including citizenship and limited income/assets.
What if you had insurance when you found out you were pregnant then lost your insurance can you qualify for medicaid?
You can get Medicaid when pregnant if you meet the eligibility requirements - principally, citizenship and limited income/assets. Medicaid can be backdated up to three months prior to the month of your application.You can get Medicaid even if you have insurance; however, your provider(s) must bill your insurance first, prior to billing Medicaid.
When to apply for Medicaid?
As soon as you believe that your medical expenses will exceed all but a small portion of your income/assets.
What has the author Russ Hereford written?
Russ Hereford has written: 'Transfer of assets' -- subject(s): Medicaid
Still have questions?
