Asset Exemption Among The Complex Issues Related To Medicaid
It can be a very difficult time for a person when they discover that the condition of their health has become such that they will likely require a long stay in a nursing home or some other long-term care facility. Such a discovery can be emotionally tough on a person. It can also raise some major financial questions for them, such as: How will I cover the costs of the care?
One source of help that some people receive when it comes to paying for long-term care are Medicaid benefits. However, Medicaid eligibility requirements are very strict and the rules here in Michigan related to eligibility for benefits from this program are quite complex.
These complex rules can have some very big financial impacts on a person. Take the asset exemption rules for example. Generally, to be eligible for Medicaid benefits, a person's asset total has to be below a certain level. There are, however, certain types of assets that are deemed to be exempt from the calculation of this total. There are various different rules in place regarding what sorts of assets are and are not counted when calculating a person's asset total. Whether or not a given asset is or is not exempted from the Medicaid eligibility calculation can have a major effect on whether the asset in question, on its own or in combination with other assets, could potentially endanger a person's Medicaid eligibility. The asset exemption rules also can impact how much in assets a person would have to get rid of in order to be eligible for Medicaid.
Thus, asset exemption rules and what sorts of things can be done to qualify different assets for an exemption can be very important things to factor in when it comes to Medicaid planning related to nursing home care or other long-term care. This is one of the reasons why a person who is considering taking Medicaid planning actions should consider seeking advice and guidance from a long-term care planning attorney on asset exemption rules and other important aspects of Medicaid law.