In many states, an elderly person may own a home valued at $802,000, plus home furnishings, jewelry and an automobile of uncapped value while receiving long-term Medicaid support. In addition, they are allowed to have various life-insurance policies, retirement accounts with unlimited assets, $115,920 in assets for a spouse, income from Social Security, and a defined-benefit pension plan. By most standards, such a household would be considered wealthy.
Tuesday, January 07, 2014
Millionaires on Medicaid : Got a house worth $802,000, lots of savings and a nice car? You might still qualify for benefits.
The Wall Street Journal reports:
Posted by Steve Bartin at 5:29 AM