In your profile, you wrote that you want to see if u qualify for Medicare. But in this post you are asking about Medicaid.
they are very very different programs. MediCARE is basically related to paying health care as a patient related costs, like for hospitalization, physician services, RX, hospice.
Medicaid is both health insurance and healthcare programs for those “at need” both medically and financially for the specific Medicaid program. Medicaid is huge from healthy teeth vans for CHIP, to lending breast pumps for WIC, to paying for custodial care in a SNF. Each state administers its Medicaid programs & applications uniquely but under federal guidelines.
if you actually have brokerage accounts those are assets & are tied into your SS# for taxes; so will be an easily found out asset. For NH care, as others have said, most states have non exempt assets at a maximum of $2,000. 2K that’s it. You have to spend down & legitimately to get to 2K and provide for past 3-5 years on all financials including brokerage statements. Plus qualify medically for needing skilled nursing care
Most FA at a wire house require a minimum under advisement. Like maybe 500K on individuals/couples, 1M for Trusts. Someone like that should not ever be trying to tap into Medicaid as you have the assets to private pay for care.
You must spend all your assets, except for 2k and that depends on the State, to receive Medicaid. Your SS and any pension will be used for your care and Medicaid will pick up their share.
If there is a Spouse, assets can be split securing the spouses half. Once on Medicaid the spouse can remain in the home with a car and enough of the montly income to live on.
they are very very different programs.
MediCARE is basically related to paying health care as a patient related costs, like for hospitalization, physician services, RX, hospice.
Medicaid is both health insurance and healthcare programs for those “at need” both medically and financially for the specific Medicaid program. Medicaid is huge from healthy teeth vans for CHIP, to lending breast pumps for WIC, to paying for custodial care in a SNF. Each state administers its Medicaid programs & applications uniquely but under federal guidelines.
if you actually have brokerage accounts those are assets & are tied into your SS# for taxes; so will be an easily found out asset. For NH care, as others have said, most states have non exempt assets at a maximum of $2,000. 2K that’s it. You have to spend down & legitimately to get to 2K and provide for past 3-5 years on all financials including brokerage statements. Plus qualify medically for needing skilled nursing care
Most FA at a wire house require a minimum under advisement. Like maybe 500K on individuals/couples, 1M for Trusts. Someone like that should not ever be trying to tap into Medicaid as you have the assets to private pay for care.
If there is a Spouse, assets can be split securing the spouses half. Once on Medicaid the spouse can remain in the home with a car and enough of the montly income to live on.