Medicaid Isn’t for Me

“Medicaid isn’t for me.”

Are you certain?  Did someone else tell you it was not for them?  By all means, do not read on to find out why that is not true.  It may be one of the few times in life you will want to be wrong!

Contrary to popular belief, Medicaid is not designed only for those unable to pay for their nursing home care.  First, a few terms to know:  1. Institutionalized Spouse (IS) – Someone in a nursing home.  (Medicaid term, not mine.)  2. Community Spouse (CS) – Married person who will remain living in the community while the other spouse is an IS.  If you are a married couple in this IS and CS situation, Medicaid rules allow for more than you think while providing care for your loved one.

Under certain circumstances, a CS can keep a house, vehicle, and up to $128,640.00.  If the CS has an IRA in their name, they can keep that on top of the property listed above.  Also, prepaid funeral insurance for both spouses can be kept.  This is in addition to the spouse who is living in the nursing home receiving care being paid for by Medicaid.

Many of our clients have heard that the CS may only keep $50,000.00.  While that is also true in some cases, so are the other figures I have given.  Everyone’s circumstances are different, but that is why no one should rule out Medicaid without discussing the possibilities with an Elder Law attorney.

Of course, qualifying for Medicaid is not as easy as having the specific dollar amounts above.  Even if you have twice as much money, farm, second home, business, or other property, you may still be eligible.  However, there are too many variables that can be considered to list all of those details here.

If you have a spouse in a nursing home or assisted living and think you would not qualify for Medicaid, call Schluesche Fields S.C. at 608-325-2500 to schedule an appointment and find out that you may be wrong.