How a Senior Citizen Can Qualify for Medicaid
Medicaid is federal and state program, which should not be confused with Medicare. Missouri’s Vendor Medicaid program provides Medicaid coverage for nursing home costs.
The Vendor Medicaid rules are complex and any individual seeking to qualify for Vendor (nursing home) Medicaid should speak to an experienced elder law attorney before completing the Vendor Medicaid application. To obtain Vendor Medicaid coverage you must (1) need the kind of care a nursing home provides, and (2) be financially eligible.
To be financially eligible, a single, unmarried individual must have less than $ $5,035 (in 2021) in countable assets. Certain assets are exempt and therefore, not included as a “countable asset.” For example, the family home, one vehicle, furniture and household items, and term life insurance are all exempt (non-countable) assets. The rules of financially eligibility for a married individual are more complex. When an applicant is married, both spouses’ income and assets are considered regardless of any premarital agreements, such as a pre-nuptial agreement, and regardless of how those assets are titled. The spouse remaining at home may keep half of the countable assets up to the maximum exempt asset allowance established by federal law. This is known as a Division of Assets.
This is a basic overview of the rules for Vendor Medicaid. An experienced elder law attorney uses these rules, along with other rules, to preserve assets for individuals or couples wishing to qualify for Missouri’s Vendor Medicaid program.