Myth: Medicaid is only for poor people.
Fact: Actually, many middle class people are enrolled in Medicaid and consider it a valuable resource to spare their families from the financial burden of having to provide for their long term care needs.
Myth: You have to spend down all your assets to qualify for Medicaid.
Fact: Not true. With proper planning, you can transfer your assets to family members so that they, not Medicaid, receive your inheritance. In addition, assets can be transferred to establish Community Medicaid eligibility with no “look back” for home-care services if you file before March 31, 2021. All new Medicaid applications filed after 4/1/2021 will […]
Myth: Medicaid can take my house from me.
Fact: No, you can keep your home as long as the Medicaid recipient, a spouse, or a disabled child live in it. In addition, Medicaid CANNOT place a lien on your home as long as you live in it or if it is transferred to a family member or into a trust, provided you do […]
Myth: My monthly income is too high for Medicaid.
Fact: It is true that Medicaid has an income limit of $825 per month for individuals and $1,209 per month for couples. However, you can shelter any surplus income in a Pooled Income Trust and use this money on any non-medical expense incurred by the person enrolled in the trust. (link to Pooled Income Trust […]
Myth: Once I get Medicaid, I’m set for life.
Fact: Actually, no. Medicaid recipients have to reapply annually. I help many clients, and several referral partners, with the Medicaid reapplication process, which can be as tricky and time-consuming as the original application.
Myth: I’ll have to change doctors if I’m on Medicaid.
Fact: No, you do not have to change doctors. Your Medicare or other health insurance remains primary at all times.
Myth: Should I liquidate my retirement account to qualify for Medicaid?
Fact: This is not necessary at all as retirement assets are exempt from Medicaid as long as you are taking the minimum required distribution.
