There are many federal government benefit programs available to individuals with disabilities. Programs are often referred to by confusing acronyms (LIHEAP, SNAP, QMB, to name just a few) and some programs are very different but sound similar (for instance, Medicare and Medicaid or SSI and SSDI). Stop in each week for a spotlight on a different benefit program. Today, we take a look at Medicaid.
Benefit: Health insurance for individuals who elderly, have a disability, or are low-income
Asset Limit: Yes; varies with specific program; most programs use same asset limit as SSI program
Income Limit: Varies by state and Medicaid program; income can reduce benefit.
Comments: First-party SNT will protect assets of beneficiaries under 65; pooled SNT for assets of beneficiary 65+ (some states have transfer penalty / payback). Third-party inter vivos or testamentary SNT to protect assets for special needs beneficiary.