What's the Difference Between Medicare and Medicaid in the Context of Long-Term Care?
Although their names are confusingly alike, Medicaid and Medicare are quite different programs.
Read moreWhen a nursing home resident applies for Medicaid, the state totals the assets of both the nursing home resident and the community spouse, even if the property is in the name of the community spouse. In general, the community spouse may keep one-half of the couple's total "countable" assets up to a maximum of $123,600 (in 2018). If a Medicaid applicant transferred assets within five years of applying for Medicaid, the applicant could incur a transfer penalty, which would make the applicant ineligible for Medicaid for a period of time. However, transfers to a spouse are an exception to the transfer penalty rule. So while your stepmother’s transfer of assets to herself won’t cause a penalty period, those assets will still be considered countable assets for purposes of Medicaid eligibility. We strongly recommend contacting a Colorado elder law attorney to find out the best way to handle assets when applying for Medicaid. Here is a directory of attorneys in Colorado: http://www.elderlawanswers.com/colorado-elder-law-attorneys
For more information about Medicaid’s asset rules, go here: http://www.elderlawanswers.com/medicaids-asset-rules-12016
Local Elder Law Attorneys in Your City
Although their names are confusingly alike, Medicaid and Medicare are quite different programs.
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I'm a social worker trying to help a man who needs a skilled nursing facility, but who has no money and has been estra...
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Medicaid law provides special protections for the spouses of Medicaid applicants to make sure the spouses have the minimum...
Read moreMedicaid Rules, etc