June 30, 2022
Will Medicaid Pay For My Long-Term Care?
In this episode of Berry’s Bites, Chris Berry answers: I am 71, on Social Security, with small savings. Will Medicaid pay for my long-term care?
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I’m 71 on social security with a small savings will medicaid pay for my long-term care? Welcome to Berry’s Bites. Please join our host attorney and financial advisor Chris Berry.
Medicaid is a governmental program qualify for medicaid you can only have two thousand dollars worth of countable assets countable assets are everything other than a home small cash value of life insurance, personal belongings, prepaid funeral and an automobile. Everything else would be a countable asset so if you really don’t have much in terms of savings and you have less than two thousand dollars at the end of the day or if you’re able to spend down to that two thousand dollar limit without any pre-planning then you could have medicaid step up and pay that cost of care potentially medicaid for.
A nursing home doesn’t have any type of income test so the amount of your social security or that doesn’t matter really with medicaid it’s all about the asset test where you can only have two thousand dollars worth of credible assets so if you don’t have much in savings medicaid might be an option otherwise you’d have to either really plan ahead or we could do medicaid crisis planning if you did have extra assets to plan for. Thank you