Qualifying for Medicaid Attorneys in Longmont
In order to qualify for Medicaid, a single person can only have $2,000
worth of assets in their name - the so-called "countable assets."
When adding up the assets, certain assets do not count against the $2,000
amount. For instance, a home does not count as long as it has a market
value of less than $500,000. As a general rule, most personal items do
not count. One vehicle does not count towards the total. Pre-need burial
arrangements can also become exempt if such arrangements are made "irrevocable."
What about giving money away? The short answer is that Medicaid does not
want someone in need of long-term care to give away their assets, go into
a long-term care facility, and then immediately apply for Medicaid benefits.
If someone were to do this, Medicaid would impose a waiting period before
the person would be eligible to receive benefits. The length of this waiting
period is based on the amount given away. "Gifts" also include
buying assets for less than fair value, so no buying grandma's house
for half price. However, there are still planning opportunities available
that allow some gifting of assets. These rules get complicated and if
not done correctly will result in a waiting period.