Medicaid is a needs-based program that provides health insurance coverage for people in their later years. To be eligible for Medicaid, applicants must meet certain income and asset requirements.
One of the common misconceptions about Medicaid is that you have to “spend down” all of your assets in order to qualify. However, this is not always the case. Under certain circumstances, it may be possible to protect your assets and still qualify for Medicaid coverage.
Can I Protect My Assets Under Massachusetts Medicaid Eligibility Rules?
You may be wondering whether you can protect your assets and still qualify for Medicaid in Massachusetts. The answer is yes, but there are certain rules and guidelines that you must follow to do so.
First of all, it’s important to understand that Medicaid is a needs-based program. This means that the program is designed to help those who cannot afford to pay for their medical care. As such, the program has certain asset limits in place.
In general, an individual can have up to $2000 in countable assets. However, there are some exceptions to this rule. For example, your home equity is not counted as a countable asset. This means that if you have significant equity in your home, you may still be eligible for Medicaid.
Another exception to the asset limit is if you have a disabled child. In this case, you may be able to keep additional assets to provide for your child’s care. If you are over the asset limit, there are still ways that you can protect your assets and qualify for Medicaid. One option is to create a trust. This type of trust can shelter your assets from being counted by Medicaid. However, there are certain rules that must be followed to create an effective trust.
What Complications Can Arise When Dealing with Medicaid?
It’s important to understand that Medicaid is a complex program with many rules and regulations. As such, it’s easy to make a mistake when applying for coverage. If you make a mistake on your application, you could be denied coverage or have your coverage retroactively terminated.
This is why it’s so important to seek out the help of an experienced attorney when dealing with Medicaid. An attorney can help you navigate the complex application process and ensure that you are taking all the necessary steps to protect your assets.
Is Hiring a Lawyer Worth It?
The short answer is yes. Hiring an attorney to help you with your Medicaid application can save you a lot of time and hassle. An attorney can also help you avoid mistakes that could result in your coverage being denied or terminated.
Overall, hiring an attorney is a wise investment if you are seeking Medicaid coverage. If you are considering applying for Medicaid, it is important to seek legal guidance from an experienced attorney who can help you navigate the eligibility rules and ensure that your assets are protected. For more information about how our firm can help, contact us today at (508) 571-5452 to schedule a consultation.