Does the State Take My Assets If I Go on Medicaid?

Long-term care costs are very high across the country, and they are particularly high in our home state of Connecticut. The average annual charge for a private room in a nursing home is well in excess of $100,000 in Connecticut at the present time. Medicare will not pay for long-term care, but Medicaid will assist with custodial care expenses. Because Medicaid is a program that is only available to people who can demonstrate financial need, people who retired with some resources are not going to qualify for coverage. There is an upper asset limit of $2000 for an individual in most states. However, we should point out the fact that many things that you own are not considered to be countable. Your home, up to $828,000 in equity in 2015, is not a countable asset for Medicaid purposes.You could also retain ownership of one vehicle, your wedding rings and heirloom jewelry, your household goods, and your personal effects. However, in spite of this, most of the elders who are residing in nur
http://www.preserveyourestate.net/state-assets-medicaid/

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