DISPELILNG THE MYTHS OF MEDICAID!
Take our quiz now and check your knowledge on Medicaid and what Certified Medicaid Planners can do for you!
TRUE OR FALSE? I MAKE TOO MUCH MONTHLY INCOME TO QUALIFY
False! As long as the cost of your care exceeds your monthly income, you are a candidate for this waiver. Most states allow a client to open a Miller Trust or Qualified Income Trust that shuffles a portion of your income above Medicaid’s limit to a separate account that spends just like a checking account and can be used for your care needs! Legacy Navigation can complete these documents and help you establish this trust if your income is higher than Medicaid’s monthly limit.
TRUE OR FALSE? I AM MARRIED AND I NEED TO GET DIVORCED TO QUALIFY FOR MEDICAID.
False! Medicaid does NOT want you to get a divorce. If one spouse is in need of the Medicaid waiver, Legacy Navigation assists the couple in doing a “Separation of assets”. This allows the Medicaid applicant to be eligible while keeping their spouse (referred to as the Community Spouse) whole and receiving the greatest portion of income.
TRUE OR FALSE? OUR HOME IS OUR ONLY INVESTMENT AND MEDICAID WILL TAKE IT FROM US.
False again! While you and/or your spouse are alive, Medicaid will NOT take your home. There are legal ways to protect your home from Medicaid’s Estate Recovery. Legacy Navigation works within this framework to ensure you and your family are protected from having to sale your home.
TRUE OR FALSE? I WON’T QUALIFY BECAUSE I HAVE RETIREMENT ACCOUNTS I CAN’T CASH OUT.
False! Did you know if you are taking required minimum distributions, Legacy Navigation can help exempt the amount of your retirement accounts and they will only count as income? You do not have to spend those balances down below $2,000.00.
