Is There a Medicaid Asset Limit

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

IS THERE AMEDICAID ASSET LIMIT?



ESTATE TAX PARAMETERS



Most senior citizens will qualify for Medicare when they reach the age of 65.



This government program provides health insurance.



However, there is a big gap in coverage.



Medicare does not pay for long-term care.



LIVING ASSISTANCE



According to a government agency, 70 percent of senior citizens will someday need long-term care.



Since people will need care, so this is an issue that is relevant to

all of us.



MEDICAID



Medicaid is another government health insurance program.



It will pay for long-term care.



FINANCIAL NEED



Medicaid is only available to people who can prove that they have a

significant level of financial need.



There is an upper asset limit of $2000 for an individual in most

states.



COUNTABLE ASSETS



The $2000 limit applies to countable assets.



Some things that you own do not count, including your home and one

vehicle.



Household goods, personal effects, and wedding and engagement rings

are not countable either.



MEDICAID PLANNING



People often give assets to their loved ones so that they can qualify

for Medicaid.



This takes careful planning, because the program rules are

complex.



You must complete your gift giving at least five years before you apply

for Medicaid.



MEDICAID PLANNING CONSULTATION



If you are concerned about long-term care costs, our firm can help.



We offer free Medicaid planning consultations, and you can contact

us to schedule an appointment.



LEARN MORE ABOUT MEDICAID PLANNING IN ROCHESTER NEW YORK



Click to visit mrobinsonlaw.com.Or call us at (585) 374-5210 to

schedule a consultation.

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Is There a Medicaid Asset Limit