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Can Medicaid Help Pay for Long-Term Care? Medicaid is a welfare program funded by both federal and state governments. It was enacted to provide health care services for the truly impoverished of our nation. Eligibility for benefits under the Medicaid program is determined by each state, based on an individual’s assets and income. Recent legislation has made it extremely difficult to qualify for Medicaid benefits by gifting or otherwise disposing of personal assets for less than fair market value. The Omnibus Budget Reconciliation Act of 1993 (OBRA ’93) provided that gifts of assets within 36 months (60 months for gifts to certain trusts) prior to applying for Medicaid could delay one’s eligibility for benefits. Other provisions of OBRA ’93 allowed a state to recover from a person’s estate (including trusts, jointly held assets, etc.) all of the payments made by Medicaid. Even gifts to one’s spouse do not help, since the combined assets of couples must fall within specified eligibility levels. These eligibility levels range from approximately $16,800 to $84,000, and are selected by each state. Some assets, such as a personal residence, may be exempt from the eligibility calculations. If Medicaid is the only solution for providing long-term care to an elderly individual, inquiries should be directed to the local welfare office. |
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Securities offered through Sigma Financial Corporation. A registered broker/dealer. Member FINRA & SIPC.Planning Services offered through Sigma Planning Corporation, a registered investment advisor.Any information contained on this site does not constitute financial advice. The Website is intended to provide general information only and does not attempt to give you advice that relates to your specific circumstances. You are advised to discuss your specific requirements with an independent financial adviser licensed in your state. We do not offer legal advice. All information provided on this website is for informational purposes only and is not a substitute for proper legal advice. If you have legal questions, we recommend that you seek the advice of legal professionals. IRS Circular 230 Disclaimer: To ensure compliance with IRS Circular 230, any U.S. federal tax advice provided in this communication is not intended or written to be used, and it cannot be used by the recipient or any other taxpayer (i) for the purpose of avoiding tax penalties that may be imposed on the recipient or any other taxpayer under the Internal Revenue Code, or (ii) in promoting, marketing or recommending to another party a partnership or other entity, investment plan, arrangement or other transaction addressed herein. Asset allocation, diversification and rebalancing do not assure a profit or protect against loss in declining markets. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Past performance is no guarantee of future results. Investment products, insurance and annuity products:
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