Medicaid is a federal and state program designed to help low income families with medical expenses and associated healthcare costs. It is commonly confused with Medicare, which is an insurance program for individuals over the age of 65 who have paid into the Social Security system. While Medicare requirements are based on age and payment into the system during your working years, Medicaid benefits can be much more complicated.

There are strict asset, income, and other eligibility requirements for benefits. In the state of Georgia, you can have no more than $2,000 in countable assets to qualify. In addition, your monthly income must be less than $2,100 per month to qualify. If you are married, the asset requirements may be different. Davidson Law Offices will work with you to explain the requirements and help to determine your eligibility based on your individual situation. 

If your income levels and assets currently exceed the limits for qualification, you may still be eligible in your later years. Medicaid is a helpful program to cover long-term care expenses later in life, assuming you qualify. Allowing the government to pay these expenses will preserve your assets and property so they can be passed to the ones you love. This will prevent the government from draining your estate as a result of rising long-term care costs.

If you’d rather have the government pay long-term care expenses as opposed to your estate, you should start planning now. We’ll help you develop a plan legally transfer your assets and properties so that you do qualify when you need it. This plan will ensure that you don’t incur any penalties by transferring assets, and that your application process goes smoothly.

To learn more about applying for Medicaid and eligibility requirements, visit our YouTube channel.