Posted on: 30th Aug, 2008 08:14 am
how long must assets be in another name to be protectedfrom Medicaid
Welcome KAMORISONC,
Are you applying for Medicaid and wish to protect your assets? You need to do a total valuation of your assets.
There are exempt as well as non-exempt assets for Medicaid. Usually it is considered that the non-exempt assets should be used to pay for nursing home care and other expenses prior to availing Medicaid benefits. In most states, non-exempt assets worth $2,000 can be retained by the Medicaid applicant. The remaining amount of non-exempt assets should be spent down or converted into exempt assets before the person qualifies for Medicaid.
Are you applying for Medicaid and wish to protect your assets? You need to do a total valuation of your assets.
There are exempt as well as non-exempt assets for Medicaid. Usually it is considered that the non-exempt assets should be used to pay for nursing home care and other expenses prior to availing Medicaid benefits. In most states, non-exempt assets worth $2,000 can be retained by the Medicaid applicant. The remaining amount of non-exempt assets should be spent down or converted into exempt assets before the person qualifies for Medicaid.