Is Medicaid Income or Asset Based?
Medicaid eligibility is based on both income and assets. Individuals must meet specific income limits and have limited assets to qualify for Medicaid. However, most people don’t know that they can qualify regardless through the implementation of Medicaid compliant financial planning strategies. Utah Senior Planning specializes in financial planning specific to Medicaid preparation. We will help you determine current eligibility and how to become eligible if you otherwise aren’t currently.
Income includes various sources such as wages, self-employment income, Social Security benefits, and pensions. The limits for income really just depend on the private pay rate for the facility that the individual applying for Medicaid is in.Â
The average private pay rate per month for nursing facilities in Utah is $6,938 with some facilities charging upwards of $10,000+ a month for care.Â
If you are married and your combined income is above the private pay rate of the facility, you still may qualify. We will help you determine eligibility and implement the appropriate financial planning strategies so that you may still qualify.Â
Assets include savings, investments, real estate, vehicles, and valuable possessions. However, there are certain caveats to these asset limits. Some assets are exempt and excluded from Medicaid’s asset limit. Utah Senior Planning helps clients understand and navigate the Medicaid application process by helping clients gather all the necessary documentation, implement Medicaid compliant asset spend down strategies, asset protection strategies, applying for Medicaid, etc.
Normally, Medicaid’s asset limit is $2000, which is why it is very important to have experts available who understand how to navigate the system in order to preserve assets and save money long term.
Utah Senior Planning provides comprehensive support in navigating these complexities, from determining eligibility to applying for Medicaid, ensuring that clients can secure the necessary care without undue financial burden.