Common Myths About Qualifying For Medicaid

Myth: My loved one has more than $2,000 in the bank and because of that he or she will not qualify for Medicaid.

Truth: In most situations, with the help of a Medicaid planning attorney, the Medicaid applicant can qualify for Medicaid without spending all of his or her money on nursing home bills.

Myth: My loved one makes more than the allowable income limit and because of that he or she will not qualify for Medicaid.

Truth: If the Medicaid applicant is "over income" an extra process, which includes legal work, is needed for the applicant to qualify for Medicaid. An applicant being over income is not a disqualifying factor.

Myth: I need to spend all of my money on nursing home bills to get below the $2,000 asset limit before I can qualify and apply for Medicaid. 

Truth: Medicaid planning is the process of structing your assets/money is a way that allows you to qualify for Medicaid without spending all of your funds on nursing home bills. 

Myth: I am married and my spouse is in the nursing home. Medicaid will try to take our home as payment. 

Truth: There are limitations to a homestead exemption so be sure to consult an attorney, but most homesteads are exempt from Medicaid.

Myth: My spouse is in the nursing home and I live at home. Medicaid will take all of my spouse's income to help pay for his or her care and leave me with less to live income to live on.

Truth: While it is not guaranteed, the spouse living at home can request that some of the spouse's income be diverted to the spouse living at home. 

Please call or email Attorney Jessica Gordon at (813) 537-0128 or Jessica@GordonElderLaw.com for a free consultation if you have additional questions.

2024 INCOME LIMIT

The income limit for 2024 is $2,829. This amount is based on the total gross income of the applicant. 

Income includes but is not limited to the following:

• Social Security income
• Pension income
• Required minimum distributions from an IRA, 401(k), or qualified retirement plan
• Qualified annuity distributions
• Income from rental properties
• Any additional income source

The applicant can keep $160 of their income each month for personal needs.

2024 ASSET LIMIT

A non-married applicant or married applicant whose spouse lives at home may not have more than $2,000 in countable assets . If the applicant has more than this, contact my office for a free consultation to discuss Medicaid planning. 

A married couple, who are both either receiving or applying for Medicaid, may not have more than $3,000 in countable assets combined. 

An applicant's spouse, who lives in at home and is not receiving public benefits, may have no more than $154,140 in countable assets. These countable assets must be in the applicant's spouse's name alone.

Please call or email Attorney Jessica Gordon at (813) 537-0128 or Jessica@GordonElderLaw.com for a free consultation if you have additional questions.