Tag Archives: allowance

Free Report: What Is the Medicaid Maintenance Needs Allowance in Connecticut



What Is the Medicaid Community Spouse Resource Allowance?

Before we get into the Medicaid Community Spouse Resource Allowance, we should first explain why Medicaid can be relevant to retirees who were never financially needy. If you work throughout your life and pay FICA taxes, you earn retirement credits. You can gain up to four credits each year, and you will qualify for Medicare when you have at least 40 credits. The age of eligibility is 65 at the present time. You may assume that Medicare will pick up the tab if you ever need nursing home care. This may be a logical assumption, but in fact, Medicare does not pay for custodial care. Medicaid does pay for long-term care, and this is why it is relevant to many people who qualified for Medicare coverage. Medicaid Eligibility Because Medicaid is a need-based program, there is an upper asset limit of $2000 for an individual applicant. This is a very small number, but some things are not considered to be countable assets. Your home is not a countable asset, and this is a very big factor to tak