2020 Medicaid Income Eligibility Requirements
HOW MUCH $$$ CAN YOU HAVE & STILL GET MEDICAID TO PAY FOR NURSING HOME CARE?
If your spouse or parent needs Medicaid to pay for their nursing home costs, there are a number of considerations, including income. Elder law attorney Bill Henry discusses income regulations and other issues in this quick video.
We’ve made the full transcript available for your reference and convenience. Read it below the video!
Questions for Bill?
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How much income can I have in Colorado if I’m going into the nursing home to qualify for Medicaid?
My name is Bill Henry. I am an Elder Law Attorney at Robinson & Henry. And the answer to that question is, you can have no more than $2,349 in 2020.
“You can have no more than $2,349 [in income] in 2020.”
Having said that, you can go above that if you use what’s called a qualified income trust. So there are ways if you do have more money than that and still qualify.
I also want to point out that that’s just one of the things you need to look at to qualify for Medicaid if someone’s going to the nursing home.
You also should consider:
- How much you have in assets or how many resources you have; and
- then if you medically qualify, as well. So if the person’s in the nursing home, then they are medically qualified.
Questions for Bill?
You can email him directly at billhenry@robinsonandhenry.com. If you’d like to talk with him, schedule a meeting! We now offer VIDEO MEETINGS!