Alzheimer’s, Medicaid and Resources

When a family member has Alzheimer’s, it’s often neccesary to seek the assistance of Medicaid.  Medicaid will want to know all resources (assets) available to the person applying. However, this does not mean that they will count all resources.  Generally, there are countable and non-countable resources. When I say non-countable, this means that although they must be disclosed, Medicaid will not take them into consideration when determining whether your loved one qualifies.  The following is a list of assets that in most states are considered non-countable:

• A home, if the applicant has an intent to return home (generally up to $500,000 in equity)
• One automobile
• Personal effects
• Life insurance with a total face value of $1,500 or less
• Property used in a trade or business

It’s important to keep in mind though that while Medicaid can’t typically count these assets to determine if your loved one with Alzheimer’s is eligible for Medicaid, the concept of Estate Recovery can be used to take these assets after a person has passed away to pay Medicaid back.

We will talk more about Estate Recovery soon.

For a FREE ebook on Paying for Alzheimer’s Care, head on over to http://www.PayingForAlzheimersCare.com today!