When you’re in the process of applying for Medicaid in Virginia, you need to know what you already own or receive in terms of assets and income. This is because Medicaid, while administered at the state level, is a federal program that is meant for those who have a high level of financial need.
States explain what counts as allowable assets and income on their own, so you should always do some research first by speaking with a dedicated estate planning lawyer in Virginia Beach so that you’re clear on what to expect when applying for Medicaid benefits.
Elderly people with limited assets and a high level of need who also meet the activities of daily living requirements to go into a nursing home might be able to turn to Medicaid benefits to pay those nursing home bills.
When it comes to clarifying what counts as income, the Social Security Administration defines this as income from any source. This means your income can include alimony payments, IRA withdrawals, Social Security payments, and more. Take a good look at all of the different sources that might be categorized as income for the purposes of your Virginia Medicaid application before you submit it; speaking with an elder lawyer is also recommended.
When one spouse in a couple is applying for Medicaid but the other is not, only the income of the applying spouse is taken into consideration. However, there are exceptions to this rule as it relates to someone applying for Aged Blind or Disabled Medicaid benefits in Virginia.
Beneficiaries who are approved for Medicaid will have nearly all of their income contributed towards the nursing home costs, even if Medicaid is covering a significant portion. Beneficiaries keep very little funds of their own when Medicaid is active for nursing home care payments.
More questions? Speak with a VA Beach elder lawyer now.