If you are getting older and have some concerns about your ability to pay for long-term care and your medical expenses, Medicaid may be an option for you. Medicaid is a state-provided health insurance that offers help to people who are unable to pay for their own medical expenses and care costs. The professionals at Elder Care Direction can help you to understand the rules in your state so that you can qualify for Medicaid while still retaining some of your assets.
What are the asset limits to qualify for Medicaid?
There are established limits of what you can own to qualify for Medicaid to pay for your long-term care needs. You can have up to $2,000 in cash. There is also a $500,000 home exclusion in some states while others exempt $750,000 of the value of the home in which you live. You are also able to fully exempt one automobile regardless of its value.
Pre-planned memorial and funeral arrangements are also excluded. Pre-purchased burial plots can also be excluded for your entire family. Federal law allows you to exclude any personal or real property that is essential to your ability to support yourself. This might include farms, real estate investments and rental properties that generate income to help you to support yourself. To qualify for the exclusion, a rental property must generate a minimum of 6 percent of its value on an annual basis to be excluded. The cash value of life insurance policies that you own will be counted, but any term life policies that you own will be excluded.
Get help from the professionals at Elder Care Direction
In addition to the Medicaid limits, there are a number of other rules that might benefit you if you are worried that you will not be able to afford long-term care. The laws for qualifying for Medicaid to help to pay for your care needs are meant to protect you. If you wait to plan, you may face some negative consequences. Elder Care Direction is here to help you with the Medicaid planning process so that it will be available to you to pay for your costs if you need long-term care in the future. Contact us today to schedule your free consultation by calling us or filling out your information in our online form.