Medicaid eligibility is another area were sadly people are misinformed. The first step toward understanding that you may be eligible is getting informed. Please feel free to contact our office at 718-838-3334 for a free consultation on the matter.
Medicaid is in short, government healthcare for those individuals who meet certain income and resource guidelines. There are two general types of Medicaid, Institutional (for nursing home care) and community (for in house homecare services). The eligibility requirements are different for each and each requires a different lens through your particular situation must be examined.
The area our office identifies as the most misinformed is the income eligibility standard. In order to be eligible for Community Medicaid, your monthly income must be $825 or below. If you were to apply for Community Medicaid and you have a $1000 in income per month, Medicaid would require you to pay the “surplus” to help defray the costs of your care.
Unfortunately, upon hearing the income eligibility requirements, many people go ahead and say “I’m ineligible, forget it.” Consider something called a Pooled Income Trust. A Pooled Income Trust is a fully Medicaid sanctioned method to protect your monthly income. A Pooled Income Trust is a trust operated by a Not-For-Profit organization that acts like your bank account. Consider your $1000 income means you have $175 in surplus -which you would have to pay to Medicaid – instead, you would deposit it into the Pooled Income Trust and the trust will use that money to pay your bills.