Dear Clients and Friends:
Can you save your income from Medicaid?
CLIENT QUESTION:
What are the alternatives for meeting the criteria to be eligible for Medicaid if you have a pension?
MY RESPONSE:
The answer to this question depends on the circumstances, including whether you are married or not and where you are receiving your care.
If you are not married, all of your income (social security, pension, RMDs) must be paid to the nursing home, except for $50 per month. If you are receiving Community Medicaid (home care), then you can keep $954 per month and the balance can either be paid towards your care or more likely placed in a charitable pooled trust (where the trust can pay your monthly bills).
If you are married, then the same answers are applicable unless your spouse has limited income, in which case some of your income can be reallocated to your spouse to bring them up to a certain level.
The bottom line is that every situation has to be separately analyzed.
I hope this helps! Please forward this information to your friends and relatives to share these informative answers to some very commonly asked questions.
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As always, please send me your questions. If you are thinking about it, others are probably too, so my answers will no doubt help you and many others.
Let’s stay connected.
Stay safe!
Until next time,
peace, health, and happiness,
Lawrence Eric Davidow
