Medicaid pays for health care services for the majority of long term care patients in a nursing home because often their income is lower than their medical expenses. Many people confuse Medicaid with Medicare. The simpliest way to remember them is that MedicAID pays when people need financial aid and MediCARE pays for care.
It is untrue that you have to be broke to be eligible for Medicaid. By working with a Medicaid Planning Consultant, like Aging Avenues you can preserve a minimum of 50% of your assets. If you are married the Spousal Impoverishment Rule allows you to usually preserve 100% of the couples assets and keep the at home spouse with a minimum income of $1823 (See Spousal Impoverishment Rule).
There is a five-year period prior to a person's application for Medicaid. Any prior transfers of assets or gifts will result in a penalty period where you must pay privately. Consult Aging Avenues to assist you with getting qualified.
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