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1- Go to SSA.gov as quickly see what the rules are to qualify for Medicaid. A person's principal DOES NOT COUNT as an asset and neither does one car. Thus, one could have a 'future asset' in one's home's value. To qualify for SSI,there is no 'look back' period in terms of spending down your assets to qualify. The monthly cash benefit is now $710 a month.
2- However, for Medicaid, there can be a 5-year or 60 month look back period if one is honest in disposing of assets. However, I do think for one who is deemed disabled that one might be able to qualify for Medicaid coverage with what is known as an OBRA Trust agreement which I believe means that assets above the limit could be put in a trust and 'possibly' - not sure on this point if not spent for the benefit of the person, then once the person dies, anything in the trust would be used to reimburse for Medicaid expenses. The advantage is that one who has assets above the legal limit, but still needs the health care coverage is able to qualify for Medicaid Health insurance without having to wait the 60-month period.
- Using OBRA special needs trusts - sometimes referred to as Medicaid payback trusts - helps clients obtain Medicaid benefits. OBRA trusts allow many clients with substantial assets to receive Medicaid benefits, when they might not otherwise be eligible.
- Upon the death of the person creating the OBRA trust, the state receives payback for any assistance from the remains of the trust - if any funds remain in the trust. By creating an OBRA trust, a person can continue to use their assets for day-to-day living expenses, rather than pouring everything into nursing home care.
- I could see where using an OBRA Trust arrangement might be very beneficial
for one who qualifies for SSDI, but must wait up to two years for Medicare
Health care coverage. Again, it seems that assets in the trust could be used
for daily living or other approved ewxpenses for the person. If elderly, it
would seem that one could still at least pass on the value of one's home as
no need to put this in the trust. An estate attorney used to dealing with
those with disabilities is your best resource.
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