July 14, 2016 | Funding Resources
This article focuses on the Medicaid program as it applies to elderly and disabled individuals. There are three common names for one program:
Medicaid is a welfare program jointly funded by the Federal and State government. It is designed to assist in paying for Skilled Nursing Facility expenses and many other medical expenses for individuals who have minimal assets and inadequate income to pay for these expenses. An individual is normally responsible for paying all of his/her own long-term care expenses. Generally, if the cost of this care exceeds the individual’s income and the individual is asset-qualified, Medicaid supplements the individual’s own payment.
Within the federal guidelines, each state is able to establish its own eligibility standards, determine the type, amount and duration of services, set the rate for payment of services, and administers its own program. This article will outline the eligibility requirements for Wisconsin as of 2016.
A single adult qualifies if they meet the following criteria. The applicant can’t retain more than $2,000 plus exempt assets:
Married couples can own exempt assets listed above, plus:
How much money may a couple “Shelter?” The Spousal Impoverishment Act passed by the U.S. Congress in 1988 and the Omnibus Budget Reconciliation Act of 1993 (OBRA ’93) provides the legal means for anyone to shelter assets and qualify for financial assistance through an entitlement program. This act protects married individuals from depleting their assets due to an extended nursing home stay.
If the couple’s combined assets are:
These figures are adjusted annually for inflation.
Note: This article provides a limited space for information regarding Medicaid Eligibility. There are opportunities for married couples to protect more tan the above figures. Attorney Ryzn Zenk offers free consults or call for your free booklet on “What is Spousal Impoverishment?” please call 262-670-0888 or 1 (866) 670-0888.
For more information, please visit the Wisconsin Medicaid webpage.
Source: Barbara Horstmeyer, Benefit Specialist, Senior Planning Group