Medicaid is the government’s long-term care insurance for seniors and the disabled. There are income and asset eligibility requirements that must be met in order to qualify. One big issue is the transfer of assets. In order to be eligible for Medicaid, you cannot have recently transferred assets. Congress does not want you to move into a nursing home on Monday, give all your money to your children (or whomever) on Tuesday, and qualify for Medicaid on Wednesday. So it has imposed a penalty on people who transfer assets without receiving fair value in return. This penalty is a period of time during which the person transferring the assets will be ineligible for Medicaid. The penalty period is determined by dividing the amount transferred by what Medicaid determines to be the average…Read More
Caring for a sick family member is difficult work, but it doesn’t necessarily have to be unpaid work. There are programs available that allow Medicaid recipients to hire family members as caregivers. All 50 States Have Programs That Provide Pay To Family Caregivers. The Programs Vary By State, But Are Generally Available To Medicaid Recipients, Although There Are Also Some Non-Medicaid-Related Programs Medicaid’s program began as “cash and counseling,” but is now often called “self-directed,” “consumer-directed,” or “participant-directed” care. The first step is to apply for Medicaid through a home-based Medicaid program. Medicaid is available only to low-income seniors, and each state has different eligibility requirements. Medicaid application approval can take months, and there also may be a waiting list to receive benefits under the program. The state Medicaid agency usually conducts an…Read More
