Medicaid Advisors

If you foresee a need for care at a skilled nursing facility for you or your spouse and you have insufficient means of paying for it, you need to meet with a Senior Advisor who can help you understand Medicaid benefits and eligibility requirements. Medicaid is funded with federal and state resources and administered by the states. Medicaid covers long term care in skilled nursing facilities. The basic eligibility requirements are: income at or below 133% of poverty level established by the US Department of Health and Human Services and total assets not exceeding $2000.00. Assets include stocks, bonds, retirement accounts, any home or real estate if it is not your primary residence, more than one car and all cash accounts, including cash accumulated in life insurance policies. Medicaid will not pay for skilled nursing facility costs if your equity share in your home exceeds a certain value. In 2013, the value was set at $536,000.00. Individual states have the right to set the limit higher, up to $802,000.00 in 2013. Most states set the limit at the lower level, but some states where housing costs are very high adjust the level upward. Equity value equals the difference of current fair market value and any debt secured by the home, such as a mortgage or home equity loan. If you own a home jointly with a spouse or someone else, and its equity value is $600,000.00, your equity share in the home is $300,000.00.