Search Results: exempt asset
To qualify for Medicaid, you must pass some fairly strict tests on the amount of assets you can keep. To understand how Medicaid works, we first need to review what are known as exempt and non-exempt (or countable) assets. Exempt Assets Exempt assets are those that Medicaid will not include in the asset total…
Read More To qualify for nursing home Medicaid, applicants must pass some fairly strict tests on the amount of assets they own. While the Medicaid rules themselves are complicated and tricky, it’s safe to say that a single person will qualify for Medicaid as long as he/she has only exempt assets plus a small amount of cash…
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We have written recent blogs on Georgia Medicaid. Today we will dig deeper into what are exempt and countable assets. We know it sounds complicated, but they play a crucial role in qualifying for Medicaid. Exempt assets are those that Medicaid will not include in the asset total to determine eligibility. In Georgia, the following…
Read More Exempt assets are those that Medicaid will not include in the asset total to determine eligibility. In Georgia, the following are the primary exempt assets: 1. Home Place: The applicant’s house and all adjoining land and all buildings on the property are excluded from resources if the equity value of the home is $525,000 or…
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Asset Protection Are you interested in protecting your assets? As a loved one ages, it’s important to design a strategy for using their income and assets in the most effective manner. Asset preservation isn’t just for the wealthy Many people have the misconception that in order to engage in asset protection, they must have significant…
Read More “Can’t I just put Mama’s assets in a trust and then apply for Medicaid?” We hear this question maybe weekly. Unfortunately for these families, qualifying for Medicaid is not that easy. Medicaid Asset Limits In Georgia, you cannot own more than $2,000 of countable assets to be eligible for nursing home Medicaid. For a thorough…
Read More To qualify for nursing home Medicaid, applicants must show that they have a limited amount of countable assets. These rules can be very confusing, and most families worry that their loved one cannot qualify for Medicaid. Currently, Georgia residents must have less than $2,000 in countable assets in order to qualify for nursing home Medicaid.…
Read More It is true that Medicaid is intended to be health insurance for the very poor. It is also true that Medicaid has become the default long-term care insurance payer for millions of middle class families. In the Metro Atlanta area, nursing home costs can run $10,000/month. With such high costs, it is no wonder that…
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Families who haven’t engaged in asset protection are often surprised when they discover there’s a claim against the family house filed by Georgia’s Medicaid program. The rules about homeownership and Medicaid can be very confusing! A nursing home resident can own a home and still receive Medicaid benefits because the home is considered an…
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We’re back in the car and have been traveling for quite a while. We are going to take a break from our road trip today to hike in the Grand Canyon. The scenery is amazing, and the exercise will do us some good. No worries though because while we are on the trail, we will…
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