Elder Law Info: Higher Medicaid Limits Now In Place

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					Elder Law Info: Higher Medicaid Limits Now In Place

Each year some of the details surrounding government programs for seniors are altered, and we have
some revisions to Medicaid dollar limits that we would like to pass along.

Those who have not examined the subject in detail may be wondering why Medicaid is relevant to the
elder law community. This program is seen by many as something that is in place for economically
disadvantaged individuals rather than senior citizens.

Medicare is thought of by many as the cure-all for seniors when it comes to health care expenses.
However, the fact is that Medicare will not pay for an extended stay in a nursing home. Medicaid will
absorb these costs, and this is why it is so important to those in the field of elder law.

Medicaid can often provide a solution, but you have to meet the eligibility requirements.

Some of your property does not count when Medicaid is evaluating your financial situation while
determining whether or not you are eligible for the program. You can keep your home without its value
being considered a countable asset.

There is however an upper equity limit to contend with when you are attempting to gain eligibility. In
2012 this limit was $525,000 at minimum with each state having the option of raising it to $786,000.

In 2013 these figures have been hiked to a minimum of $536,000 and a maximum of $802,000.

There is also a limit on how much the healthy or community spouse can retain in countable assets if his
or her spouse is seeking Medicaid eligibility to pay for long-term care. Last year this limit was
$113,640 at maximum, but this year it has been raised to $115,920.

Experienced estate planning attorneys Warren NJ of the Augulis Law Firm offers estate planning and
business planning resources to residents of Warren, NJ. To learn more about these free resources, please
visit www.augulislawfirm.com/ today.

				
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Description: Each year some of the details surrounding government programs for seniors are altered, and we have some revisions to Medicaid dollar limits that we would like to pass along.