Shelley EMedicaid can come in handy for seniors living on a minimal income who need long-term care but cannot afford it. Keep reading to find out how to qualify.
Here’s a scary dilemma for any senior: You need long-term care, but you don’t have enough fixed income or savings to pay for it. In addition, you can’t afford other forms of insurance or annuity protection to help you out.
What’s your next move? Apply for Medicaid coverage from the government, as it can help seniors over 65 and the disabled receive managed care should they meet income and asset requirements.
Can qualifying for Medicaid be difficult? The answer is yes, but applying for it is a must to get the affordable care you need, and here are some tips on how to do just that.
Medicaid Eligibility Requirements
The federal government funds Medicaid. Since it’s administered at the state level, however, the program’s rules can vary according to where you live, especially as it pertains to income and asset requirements.
To qualify for Medicaid, you generally cannot have an income that exceeds 138 percent of the federal poverty level. This holds true whether you’re single or applying jointly with your spouse. Many states have higher income thresholds, though, so keep that in mind.
As far as assets are concerned, the general limit cannot exceed $2,000 in cash or other assets that do not include your home, car, and other necessities if you are single. Again, the state you live in may have a higher threshold.
If you are married, your spouse can retain between half to all of your joint assets up to $128,640. The retainable percentage will depend on your state, and this assumes that your spouse can live independently.
Beyond the income and asset requirements, you will have to be a U.S. citizen or have your green card to qualify for Medicaid. Proof of residency within the state will be needed. Exceptions to this requirement exist for applicants who are deemed “medically needy” by Medicaid or victims of human trafficking. Lastly, medical documents must be submitted to prove you are disabled.
What To Do if Your Income or Assets Exceed Medicaid’s Requirements
If you find that your income or assets are too high, your best hope to qualify for Medicaid would be to reduce your estate. This involves giving assets to another party that you trust, such as your children, so that you can become eligible for Medicaid.
Applying for Medicaid
If you feel like there’s a good chance you qualify for Medicaid, you can apply for the program via:
- The official Medicaid site
- Healthcare.gov
- Your state’s Medicaid agency
You can also call the program’s main phone line at 877-267-2323 or visit your local Medicaid office in person.
Before you begin the application process, gather all of your necessary documents, such as:
- Birth certificate
- Driver’s license
- Proof of citizenship
- Medical records showing your disability
- Current health insurance information (if any)
- Proof of residency (utility bill, rent receipt, copy of your lease/mortgage)
- Income and asset documentation
Gathering those documents is essential since many people get denied coverage due to incomplete applications.
Since applying for Medicaid may be difficult or complicated, you may want to hire a financial advisor or an elder law attorney to help. Either can help increase your chances of qualifying for coverage, especially if you’re currently ineligible due to your income and assets being too high.
Mark Luigi
