Failing to Take Spousal Protections

Failing to Take Spousal Protections

Protecting the financial and medical well-being of our loved ones is always important, and there are certain rules and regulations that couples need to be aware of when it comes to Medicaid. Medicaid eligibility is determined by health, income, and assets, and understanding the exceptions to asset standards is crucial for protecting the assets of both partners.

For example, the primary residence is typically exempt from the asset category and can be protected for the community spouse. Couples are also allowed to keep one primary vehicle and cash assets of up to $130,380. This includes $2,000 for the sick spouse and $123,380 for the community spouse. It's important to note that the sick spouse limitation will always remain at $2,000, but the community spouse can re-accumulate assets above $123,380 once the application process is completed.

Planning for the future and protecting our loved ones financially and medically is something that should always be a priority. Seeking the guidance of an attorney who specializes in Medicaid planning can help couples navigate the complex rules and regulations and ensure that they're taking advantage of all the exemptions available to them. Attending a workshop or consulting with an expert can help couples ensure that they're prepared for the future and that their assets are protected.

Give us a call, or better yet, attend a workshop to learn more!