Becoming a family caregiver can be one of the most honorable jobs a person can have. It is no secret that an aging population has created new challenges for Indiana as Baby Boomers continue to retire.… Read More »
Category: Medicaid
“Nursing Home” Medicaid Tip – Single or Widowed Case: Buy a New Car
In order to qualify for Medicaid benefits to help pay for nursing home costs, certain asset and income guidelines must first be met. A single or widowed individual must have less than $2,000.00 in “countable” assets to qualify for Medicaid. Countable assets consist of, but are not limited to: … Read More »
How Will Your Income be Affected If Your Spouse is in a Nursing Facility Receiving Medicaid Benefits?
Once your spouse has been approved for Medicaid to help pay the nursing home expense, you may wonder what will happen to your income. As the non-Medicaid-recipient spouse (“community spouse”) who is residing at … Read More »
“My Spouse is a Medicaid Recipient in a Nursing Home. Is My Income Protected?”
Once your spouse has been approved for Medicaid to help pay nursing home costs, he or she will likely owe a portion of his or her income to the nursing home each month; this is referred to as the “liability” to the nursing home. The monthly liability owed to the nursing home is calculated by reducing the gross income of the Medicaid recipient by the following monthly costs:… Read More »
Headed to, or Already in, a Nursing Home? It May Be Possible to Protect the Home Utilizing Medicaid’s “Two-Year Rule”
In most situations, transfers of assets that have taken place within five years of filing an application for “Nursing Home Medicaid” result in a penalty period, or period of Medicaid ineligibility based on the fair market value of the asset that was transferred (gifted). Since Indiana’s current penalty divisor is $6,682.00 (effective July 1, 2019 — this figure changes on July 1 each year), the transfer of a home with a fair market value of $100,000.00 would result in a penalty period of roughly 15 months. In other words, the Medicaid applicant would not be eligible for assistance to help pay for nursing home costs until the end of the 15-month penalty period.