Is There a Medicaid Asset Limit
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People often give assets to their loved ones so that they can qualify for Medicaid. Learn more about medicaid asset limit in this presentation.
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Is There a Medicaid Asset Limit
- 1. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 IS THERE A MEDICAID ASSET LIMIT?
- 2. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 ESTATE TAX PARAMETERS
- 3. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 Most senior citizens will qualify for Medicare when they reach the age of 65.
- 4. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 This government program provides health insurance.
- 5. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 However, there is a big gap in coverage.
- 6. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 Medicare does not pay for long- term care.
- 7. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 LIVING ASSISTANCE
- 8. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 According to a government agency, 70 percent of senior citizens will someday need long-term care.
- 9. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 Since people will need care, so this is an issue that is relevant to all of us.
- 10. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 MEDICAID
- 11. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 Medicaid is another government health insurance program.
- 12. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 It will pay for long-term care.
- 13. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 FINANCIAL NEED
- 14. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 Medicaid is only available to people who can prove that they have a significant level of financial need.
- 15. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 There is an upper asset limit of $2000 for an individual in most states.
- 16. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 COUNTABLE ASSETS
- 17. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 The $2000 limit applies to countable assets.
- 18. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 Some things that you own do not count, including your home and one vehicle.
- 19. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 Household goods, personal effects, and wedding and engagement rings are not countable either.
- 20. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 MEDICAID PLANNING
- 21. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 People often give assets to their loved ones so that they can qualify for Medicaid.
- 22. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 This takes careful planning, because the program rules are complex.
- 23. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 You must complete your gift giving at least five years before you apply for Medicaid.
- 24. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 MEDICAID PLANNING CONSULTATION
- 25. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 If you are concerned about long- term care costs, our firm can help.
- 26. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 We offer free Medicaid planning consultations, and you can contact us to schedule an appointment.
- 27. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 LEARN MORE ABOUT MEDICAID PLANNING IN ROCHESTER NEW YORK
- 28. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 Click to visit mrobinsonlaw.com. Or call us at (585) 374-5210 to schedule a consultation.