My Spouse Has to Go Into a Nursing Home - How Much Can I Keep?

Medicaid Eligibility - My Spouse Has to Go Into a Nursing Home - How Much Can I Keep? Advertisements The content is nice quality and useful content, That is new is that you never knew before that I do know is that I have discovered. Prior to the distinctive. It's now near to enter destination My Spouse Has to Go Into a Nursing Home - How Much Can I Keep?. And the content associated with Medicaid Eligibility.

Do you know about - My Spouse Has to Go Into a Nursing Home - How Much Can I Keep?

Medicaid Eligibility! Again, for I know. Ready to share new things that are useful. You and your friends.

Most population know that in order to qualify for Medicaid coverage of a long-term stay in a nursing home, the nursing home resident cannot own more than ,000 in cash or other "countable" assets. But if you're married, and one spouse is going into a nursing home and the other is remaining "in the community" (i.e., persisting to reside at home), how much can the so-called "Community Spouse" retain? That amount is carefully by a compound of both federal and state Medicaid laws. (Note that for these purposes it doesn't matter whether assets are titled in the sole name of the nursing home spouse, the community Spouse, or jointly in both names.)

What I said. It is not outcome that the actual about Medicaid Eligibility. You check out this article for info on a person need to know is Medicaid Eligibility.

How is My Spouse Has to Go Into a Nursing Home - How Much Can I Keep?

We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Medicaid Eligibility.

The basic rule is that the community Spouse can withhold 50% of all of the countable assets of both spouses, based on what they own when the other spouse first enters the nursing home for a continuous period of at least 30 days.

Most of the states only permit the at-home spouse to safe one-half of the total amount of the couple's assets, up to 9,560, but with a minimum of ,912. So if the couple's total assets are under ,912, the community Spouse can withhold it all; if their total assets are between ,912 and twice that amount (i.e., ,824), the community Spouse retains ,912; if between ,824 and 9,120, the community Spouse retains half; and if over 9,120, the community Spouse is minuscule to protecting 9,560.
Here are some further examples:

Examples:

1. Assume a concentrate has total assets of ,000. Half of that is ,000, which is less than the "floor" amount, so the at-home spouse can safe ,912; the equilibrium must be "spent down" before the nursing home spouse can qualify for Medicaid.

2. If the couple's assets total 0,000, then the community Spouse can safe the full 50% amount: ,000.

3. If the couple's assets total 0,000, the community Spouse's protected amount is minuscule to 9,560.

States following the above rule are known as "50% states." However, the most lenient states ("100% states") permit the at-home spouse to withhold 100% of the couple's combined assets, but never more than 9,560. So if the couple's total assets are, say 0,000, the community Spouse can safe not just 50% (,000) but 9,560. (The 9,560 shape changes annually, to keep up with inflation; this is the 2009 amount.)

In all states, once the community Spouse's share is set aside, the nursing home spouse can keep up to ,000 in cash, but the equilibrium of the couple's assets must be eliminated somehow before the nursing home spouse can qualify for Medicaid.

So what do you do with the "excess" assets over the limits discussed above? The state Medicaid administration branch will tell you that you must "spend down" the excess assets, and if it's a small amount, that's undoubtedly the simplest way to qualify.

Another alternative is for the concentrate to simply give away the excess, but that will cause a period of disqualification from Medicaid eligibility for the nursing home spouse.

The concentrate could change some or all of the excess from "countable" to "non-countable," e.g., buying a new car, improving the house, purchasing a Medicaid annuity, etc.

Finally, many of these options are quite technical and wish the skills and guidance of an experienced elder law attorney. Unless you're an attorney "in the trenches" on a daily basis, it's easy to miss a recent state Regulation or branch Letter and make a mistake that will wind up costing you ,000s!

I hope you obtain new knowledge about Medicaid Eligibility. Where you may put to use in your everyday life. And just remember, your reaction is Medicaid Eligibility.Read more.. My Spouse Has to Go Into a Nursing Home - How Much Can I Keep?. View Related articles related to Medicaid Eligibility. I Roll below. I have recommended my friends to help share the Facebook Twitter Like Tweet. Can you share My Spouse Has to Go Into a Nursing Home - How Much Can I Keep?.