It’s Medicaid, not Medicare, provided by the Federal gov. (as tweaked slightly by some states). The greater percentage of us will need Medicaid when we can’t continue to live alone/at home due to being unable to competently perform the basic functions of living independently. There is also a ‘Waiver’ program that allows a person to remain in home & receive services there.
There is a monthly income amount which one must be below (usually about 2300) to qualify & if married, the spouse (community spouse) can retain most of the joint assets (technically to a max of about $140,000, but there might be more protected from access by being in a Trust) . There is a five year look-back period during which, if any gifts were made, Medicaid would only be available five years after that date (or they charge you the full amount of the monthly rate). The biggest mistake people make is to sell their house as Medicaid, theoretically puts a claim on the house, effective after the death of the person & no gifts of money or sales of property are allowed during the 60 month ‘look back’ period.
However, many attys will do a Trust to transfer assets to a ‘Community Spouse’ or another, to essentially keep funds out of consideration.. When the monthly income is too high to qualify, a different Trust (Qualified Income Trust, also given other titles) to transfer income to that place when those funds are over the legal income limit to qualify for aid - that allowed Trust is meant to provide other additional medical care & appliances for the person. Theoretically, the Dept of Health & Human Resources has a type of lien on the person’s home upon the person’s death, although they often have not exercised that right to pay back the system - possibly changes will be coming under Doge, but I think it would be a few years before that gets changed. (This Dept has often been used to dispense money to migrants.).
If applying, the forms detailing bank accounts must be provided for the prior 60 months (5 years) & all information must be accurate. Google Medicaid & the state you would be living, and the rules are explained well. Each state can tweak the rules slightly & some states are aggressive in their Medicaid recovery through Probate.
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