Below are the quick Medicaid facts you need to qualify for Medicaid.
Medicaid Terms
- Community Spouse - the wife or husband not in the nursing home.
- Assets – Divided into two categories (countable assets must be spent down) and (non countable assets are not used in the asset test)
Transfer of Assets
- Any improper transfer of assets for up to 5 years prior to applying for Medicaid creates an ineligibility penalty. Each $5000 transfer = 1 month ineligibility starting from date Medicaid application submitted.
Income Test
- Income for a married couple is treated separately – The maximum monthly income to qualify for the person qualifying applicant is $2,022.00/month. Spouse - Income not counted.
- If the applicant has too much income, he or she may still qualify by creating and using an income diversion trust. This trust must be drafted and properly funded prior to filing the application. The applicant must transfer a minimum of all amounts over $2,022 to this trust each month.
Asset Test
- Single Applicant $2,000* Asset Limit.
- Married Applicant $109,560 for the spouse*, plus $2,000 for the applicant
* if applicant's income is less than $808 per month, then the applicants asset limit is increased to $5000.00
If the applicant exceeds the Asset limit there are STILL MANY LEGAL WAYS to reposition all or most of the excess assets and qualify.
