VIEWS: 14 PAGES: 1 CATEGORY: Legal POSTED ON: 2/14/2013
You may go through life earning a good living, and as a result you probably have never considered the possibility of applying for Medicaid coverage
Medicaid: You Can Keep More in 2013 You may go through life earning a good living, and as a result you probably have never considered the possibility of applying for Medicaid coverage. As most people know Medicaid is a government program that is technically in place to provide health care access to people who have limited financial resources. However, you may well find yourself seeking Medicaid eligibility when you reach an advanced age. Medicare does not pay for long-term care, and most people who reach the age of 65 will need help with their day-to-day needs eventually. Not all assisted living takes place in a nursing home, but four out of every 10 seniors will in fact reside in a nursing home someday. Nursing home care is extraordinarily expensive, and most people can't pay out-of-pocket comfortably. In fact, the majority of seniors in nursing homes are enrolled in the Medicaid program. You can keep some of your resources while still qualifying for Medicaid. There are dollar limits, and these limits have been raised for 2013. If your home stays within the equity limit that is in place in your state it is not counted against you when you are attempting to become eligible for Medicaid. In 2013 the allowable equity amount is $536,000 at minimum, but each state has the option of raising this figure to as much is $802,000. Let's say that you need to enter a nursing home but your spouse was going to remain at home. In such an instance there would be no home equity limit, and he or she would be entitled to half of community assets up to a particular limit. This limit has gone up in 2013 as well. Last year the maximum was $113,640. The 2013 maximum is $115,920, and the minimum amount that a state can allow the healthy spouse to keep this year is $23,184. Experienced estate planning attorneys Indianapolis IN of the Frank & Kraft Attorneys at Law offers estate planning and business planning resources to residents of Indianapolis IN. To learn more about these free resources, please visit http://www.frankkraft.com today.
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