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Understanding Medicaid Requirements and Medicaid Asset Protection

On Behalf of | Jul 23, 2020 | Medicaid asset protection

To qualify for Medicaid, an individual must be at least 65 years or older. A person can qualify for the government program sooner if the Social Security Administration deems them permanently disabled. There is also an income requirement for services such as the Nursing Facility program in Delaware. Here are some things to know about Medicaid asset protection.

When an individual reaches a certain age, they can apply to receive long-term care in a nursing facility. Several nursing facilities throughout the United States receive patients who qualify for Medicaid. Plus, there are other criteria that must be met such as being a resident of the respective state, be in need of intermediate-level care and be willing to take Medicaid. To enter a nursing facility that is funded by Medicaid, the patient must need the level of care provided by that center. Then, his level of assets are going to be checked. For patients who exceed the asset maximum, options are available such as the establishment of a trust. This is known as Medicaid asset protection.

A patient can establish a trust where his income will be deposited. This keeps him under the maximum threshold allowed for Medicaid and allows his entry into the nursing facility of his desire. Then, once he passes away, the leftover funds in the trust are used to pay back the amount of Medicaid utilized.

This is a nice trade-off for those who have a little more means and would like to enter a nursing facility. In Delaware, the trust is known as Miller Trust, which is a form of Medicaid asset protection. Individuals who need help or more information about Medicaid asset protection can speak with professionals who are readily available. Legal professionals in the Medicaid field could help individuals apply for the assistance, too.