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MENU ITEMS
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MEDICAID Medicaid is a program of health care developed for the impoverished. Medicaid receives its monies from the federal and state governments. Between 50% to 80% of every dollar spent on Medicaid benefits is contributed by the federal treasury. The largest amounts go to the states with the lowest per-capita incomes. States pay the remainder. Qualifying for Medicaid is not easy, you must meet federal and state poverty guidelines for income and assets. You may have to "spend down" to meet federal and state poverty income levels. Using up your assets is called a "spend down". State laws differ in how much money and assets your are allowed to keep once you become eligible for Medicaid. Contact you state Medicaid office for exact figures
As a married person, you must "spend down" his/her assets, but are allowed to keep a home, a car, and one- half of all other assets, totaling approximately $80,260. These numbers are subject change annually. Under federal law, an estate transfer usually must be made at least 36 months/3 years prior to entering a nursing home. In August of 1993, President Bill Clinton, signed his first budget plan into law. Buried inside this law is a rule that requires states to recoup some of the costs of Long-Term Care paid by Medicaid by collecting from former patient's estates. Reference the Omnibus Budge Reconciliation Act of 1993 (OBRA '93'). As of January 1, 1997, federal law imposes criminal penalties on anyone who knowingly disposes of assets in order to become eligible for Medicaid. The bottom line is, the public needs to purchase private Long-Term Care Insurance to meet its needs. |
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