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Can Medicaid Take Your Assets
Medicaid is a jointly funded federal-state health program in US that addresses the need of an individual who needs long-term care that could last for years (at his residence or at hospital) to various low-income individuals, including those who are above 65 or older, children , pregnant women , disabled or blind. |
To be eligible for Medicaid, one must be badly in need of medical assistance and his income and assets value must fall below certain levels established by the federal government.
While granting assistance, Medicaid considers the assets and income of both spouses. All of the couples' "countable assets", which include bank account, stocks, cash, certificates of deposits, investment property, vacation homes and second vehicles are combined and divided equally between them.
Non-countable assets include your primary home, a car, personal jewelry, and clothing as well as prepaid funeral or burial account. Depending upon the guidelines set by your state for receiving Medicaid, assets may be either countable or non-countable.
In some states after a person residing in that state has died without a valid will or trust and his or her spouse is not alive, then the state can place a claim against his assets (including his primary residence and his personal jewelry) for reimbursement of Medicaid bills paid on his behalf during his lifetime. Medicaid can attempt to recover the bills through the probate process. However, no law allows the state to place a claim on a person’s primary home as long as the person receiving Medicaid is alive and resides in it.
Laws governing Medicaid are complex and vary from state to state. Hence, before receiving and applying for Medicaid, it is good idea to consult a lawyer who specializes in Medicaid planning and Medicaid related benefits.
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Can Medicaid Take Your Assets
