If you are 65 years of age or older in Washington, you may qualify for Medicaid, which is a long-term care program that covers medical bills, nursing home, or assisted living facility fees. Eligibility depends on the amount of money or assets you have. If you have above the threshold, here’s how you can restructure your assets to qualify.
Medicaid and assisted living in Washington
In 1965, Congress established Medicaid to provide insurance coverage for lower-income people, the disabled and the elderly. In Washington, adults aged 16 to 64 years may qualify for this long-term care planning. However, your income must be under 138% of the Federal Poverty Level (FPL).
Other requirements include US citizenship or legal resident for a minimum of five years, and you must also be a resident of Washington State. If you have a family, the government will also want to know the number of people (including you) that depend on your income.
Restructuring your assets to qualify
Medicaid is a highly prized long-term care benefit that covers home health services as well as nursing care. Even if your income exceeds the eligibility threshold, you still deserve the long-term care that Medicaid provides. Here’s how you can restructure:
- Get Qualified Income Trust – This is an irrevocable trust that gives your trustee control over your income. Since the trust now has control, Washington State Health Care Authority won’t count your income as your own.
- Pooled Income Trusts – Besides establishing an irrevocable trust, you can pool your income together with other people, have a charitable organization manage it for your long-term care needs. The organization will work like a trust and make monthly disbursements to cater to all your healthcare needs.
Your income may exceed the threshold for Medicaid, but it may not be enough to cover all the help you need. If you are in such a situation, you need to restructure your assets as early as possible before applying for the long-term care plan.