Good health is important to everyone, but with skyrocketing medical costs and a slumping economy now is harder than ever to pay for good quality Health Care. If you can't afford to pay for medical care right now, Medicaid can help provide the resources necessary to ensure you and your family have a long and healthy life
Medicaid is a state run program for low-income individuals and families. Many groups of people can gain access to Medicaid as long as they meet certain requirements set forth by their State's Medicaid administration. Medicaid requirements can include age, whether or not you are pregnant, disabled, your financial standing or if you are a US citizen.
Medicaid Application Tips For Retirees
November 1, 2011
Senior citizens are encouraged to sign up for Medicaid to access quality health care upon retirement. Some opt for long-term and nursing home care but both can be expensive, especially for those who fall under the federal poverty line. Others are apprehensive about applying because they are worried about assets and other earnings they possess.
Do remember if you have assets and private income, you may have a hard time getting approval from Medicaid, regardless of your age or health status.
Here are tips on how you can get Medicaid without letting go of assets:
Transfer assets to your spouse.
Usually, Medicaid only allows a person to possess around $20,000 worth of assets (the limit varies for every state). Your Medicaid eligibility will depend on assets under your name. So if you want to protect your assets, you may want to transfer it to your spouse.
Transfer assets to your family.
Transfer your assets to your family within the five-year period of applying. This may seem a long time, but it’s better to start transferring assets early. Do not wait for the time you turn 70 or 75. It’s also important to do this while you’re in good shape.
If you are not able to transfer your assets within the given amount of time, Medicaid may disqualify you from membership for a certain period.
Do not fully depend on trust funds.
Do know that Medicaid considers trusts as assets. So if you have a relatively huge amount of money in your trust fund, it would be wise to transfer it to your family’s or spouse’s account/s. Transfer your assets immediately; otherwise, Medicaid might disregard your application if they find out.
Seek legal advice.
Medicaid laws vary in every state so it would help to have a lawyer assist you during the application process. Your lawyer can also help with your decisions regarding your assets and provide you with more options.
It may seem you have given up most of your assets just to get Medicaid. However, it is reassuring to have your assets and trust funds in safe hands as you secure yourself with the proper health care you need.