Some patients will benefit from immediate needs care planning. This is usually advised if the patient is already in a nursing facility or if they are in a hospital and will most likely be transferred to a nursing home. It is only appropriate to plan for Medicaid if there is likelihood that the patient will need nursing home care. Many people do not realize that Medicare benefits can help to provide some time between an unexpected hospitalization and the later need to self-pay for a nursing home. Even if a person has not yet been confined to a nursing home, there are some other options that are available to help with immediate needs care planning.
Medicaid's Individual Countable Resource Allowance
Establishing Medicaid eligibility can be a difficult thing. Individuals who are not married are single are treated differently in regards to the amount of assets they are allowed to have. If the individual is single, they may not be eligible for Medicaid until their resources fall below a certain amount. This amount is referred to as the Individual Countable Resource Allowance and it generally ranges between $999.99 and $4,000. When the resources of the individual fall below the allowance, the applicant is then eligible for Medicaid assistance. This is only the case is there are not any outstanding divestment penalties.
Calculating Patient Pay for Nursing Home Expenses
At this time, a calculation is made that will determine what the monthly amount is that the patient will have to pay towards the cost of nursing home care. This is known as Patient Pay. This determination is made by taking all of the monthly income and then reducing the amount by monthly costs of health insurance premiums. These premiums are usually between $30 and $75, but this will largely depend on the state of residence. The end result is a figure that is the amount that must be paid to the nursing home by the individual. The nursing facility must accept this amount and deem it as payment in full.
Medicaid's Countable Resources or Assets for Married Couples
For those who are married, the countable resource (asset) numbers will be very different. Currently, the most resources a married couple can have is between $66,480 and $92,760. Each state will then determine how much of the countable assets can be kept, as long as the amount does not exceed what the maximum amount for the state is. Many states have a minimum amount of resources that are allowed to be kept, which will range between $18,552 to $74,820.
In California, the community spouse can keep all countable assets as long as they do not exceed the resource allowance. This is a rare case, as most states will divide the countable assets in half. This means that the community spouse would have to spend down half of all countable assets in order to qualify for Medicaid.
Read more information on Medicaid:
- Medicaid Sitemap
- Medicaid Rules Purchasing Annuities
- Medicaid Transfer Assets
- Medicaid Gifting Rules
- Medicaid Joint Accounts
- Hide Assets from Medicaid
- Hide Assets from Medicaid
- Medicaid Home Equity
- Medicaid Laws
- Medicaid Annuity
- Medicaid Income First Rule
- Medicaid Long Term Care Insurance
- Medicaid Look Back Period
- Medicaid Life Estate
- Medicaid Loan
- Medicaid Deficit Reduction Act
- Medicaid Case Study
