You are probably aware of the fact that Medicaid is a government program that is in place to provide a source of health insurance for people who have very limited financial resources. If you are a working person, you may well have health insurance through your job, and you probably would not qualify for Medicaid due to the income and asset limits.
Though Medicaid is not relevant to the majority of American workers, at some point, it can become quite relevant, even if you are qualified for Medicare coverage. This is because of the fact that Medicare does not pay for custodial care, which is the type of care you would receive in a nursing home or assisted living community.
Seven out of every 10 seniors are going to need help with their activities of daily living, and nursing homes are very expensive. Here in the greater Hartford area where we practice law, a year in a nursing home can easily cost you over $100,000, and people often require multiple years of care.
Medicaid Eligibility Requirements
The limit on countable assets for Medicaid purposes is $2000, but some things that you own are not countable. Your home is not counted, but there is an equity limit of $828,000 in Connecticut in 2015. Personal effects, one vehicle, household items, and wedding and engagement rings are not counted either.
Living Trusts
No matter how diligent you’ve become in your planning efforts, you can always reach out to our team if you have a question. You can also use our contact page to get your concerns addressed.
Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
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