2014 Medicaid Asset Changes
Today we pick up where we left off in last week’s article discussing the 2014 Texas nursing home Medicaid changes. For 2014 there were small increases in the substantial home equity limit, the minimum Community Spousal Protected Amount, and the maximum Community Spousal Protected Amount. The resource limit for the Medicaid applicant remained the same.
The resource limit for a Medicaid applicant remains $2,000 for an un-married individual or a married applicant with a healthy spouse at home.
The substantial home equity limit increased a little more than 1% in going from $536,000 to the new limit of $543,000.
The minimum Community Spousal Protected Amount increased from $23,184 to the new limit of $23,448. This does not mean that the spouse of a nursing home Medicaid applicant can keep $23,448. Remember it only means the spouse can keep up to $23,448 if the couple’s total combined resources do not exceed $23,448. If your total combined counted resources exceed $23,448 then your protected amount using the government’s rules is 50% of your assets, but no less than $23,448.
The maximum Community Spousal Protected Amount increased from $115,920 to $117,240. This does not mean that the spouse of a nursing home Medicaid applicant can keep $117,240. Remember it only means the spouse can keep $117,240 if the couple’s total combined counted resources are worth $234,480 or more. In that situation the spouse could keep $117,240, the spouse in the nursing home could keep $2,000, and the rest ($115,240) would have to be spent down in ways that do not result in a penalty.
These are the default rules that the government uses when a family does not have a Woodlands Medicaid attorney to protect everything they can protect under the law. If you have a spouse or family member in a nursing home and would like to protect more than the default rules provide then get started today by giving me a call at (832) 592-7913.
What About Your Home?
There are specific rules for protecting Texas homesteads which are too complex to go into detail in this article. However, a Medicaid applicant’s residential homestead in Texas may be protected while they are alive if certain conditions are met, but what about the Medicaid Estate Recovery Program after the Medicaid applicant passes away? An experienced Woodlands Medicaid Attorney can help you protect your home, both while you are alive as well as preserve its value for your heirs. For additional information, read about our Texas Medicaid Home Protection program.
How Does this Impact Your Family?
If your loved one’s assets exceed the values listed above do not give up. I can help you establish Medicaid eligibility through proven techniques while protecting everything your family is entitled to protect. Act now to secure Medicaid eligibility and eliminate the uncertainty and restless nights wondering who will pay the nursing home costs of more than $150 every day (or $4,500+ every month). Remember, only you can protect your rights and property. Call The Shea Law Firm at (832) 592-7913 to get started today.