2021 Senior Resources Northeast Directory

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O vERvIEW OF THE M EDICAID P ROGRAM cies is less than $1,500. If the face value exceeds $1,500, full cash value counts towards resource limit. Term insurance has no cash value and is exclud- ed from countable assets. 4. Household goods and per- sonal effects : Generally no inquiry unless reason to suspect unusual value. 5. Pre-paid funeral arrange- ments : Each fiscal group mem- ber may have one or more irrevocable burial trusts, of which the total face value may not exceed $4,500. Any princi- pal amount over $4,500 is a countable asset. Although Wisconsin law allows $3,000 to be irrevocable, Wisconsin’s Medicaid state plan allows an additional $1,500 to be consid- ered as though it were irrevoca- ble by law for these burial trusts. This is why $4,500 is allowed. Married couples can own exempt assets listed above plus: 1. One automobile per household is excluded regardless of the value if it is used for transporta- tion of the eligible individual or couple or a member of the eligi- ble individual's or couple's household. 2. IRA of the community spouse How much money may a couple "Shelter"? The Spousal Impoverishment Act passed by the U.S. Congress in 1988 and the

his article focuses on the Medicaid program as it applies to elder- ly and disabled individuals. There are three common names for one program. 1. Medical assistance 2. Medicaid 3. Title 19 Medicaid is a welfare program jointly funded between the Federal and State government. It is designed to assist in paying for skilled nursing facility expenses and many other medical expenses for individuals who have mini- mal assets and inadequate income to pay for these expenses. The individual is normally responsible to pay for all of his/her own long term care expenses: generally, if the cost of this care exceeds the individual's income and the individual is asset-qualified, Medicaid supplements the individual's own payment. Within the Federal guidelines, each state is able to establish their own eligi- bility standards, determine the type, amount and duration of services, set the rate for payment of services, and administer their own program. This article will outline the eligibility requirements for Wisconsin as of 2020. A single adult qualifies if they meet the following criteria: The applicant can't retain more than $2,000 plus exempt assets 1. Home : Homestead property is exempt regardless of the value if the applicant intends to return home, or if a disabled child is liv- ing in it. 2. Car : One automobile per house- hold is excluded regardless of the value if it is used for transportation of the eligible individual or couple or a member of the eligible indi- vidual's or couple's household. 3. Life Insurance : Life insurance is exempt if the face value of all poli-

Omnibus Budget Reconciliation Act of 1993 (OBRA'93) provides the legal means for anyone to shelter assets and qualify for financial assistance through an entitlement program. This act pro- tects married individuals from depleting their assets due to an extended nursing home stay. If the couple's combined assets are: $0 - $100,000 "community spouse" may keep .....$50,000+$2,000 $100,001 - $257,280 "community spouse" may keep .....HALF+$2,000 $257,280 + "community spouse" may keep ....$128,640 plus $2,000 for a total of $130,640 These figures are adjusted annually for inflation. Note: This article provides a limited space for information regarding Medicaid Eligibility. There are opportu- nities for married couples to protect more that the above figures. Attorney Ryan Zenk offers free consults or call for your free booklet on "What is Spousal Impoverishment?" please call 262-670-8888 or 1 (866) 670-0888. For more information, please visit the Wisconsin Medicaid webpage.

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