Nursing home Medicaid is a program funded by the Federal Government and administered by the Georgia Department pf Community Health to provide coverage for nursing homes for those who need such a level of care. Along with showing a need for nursing home level of care, an applicant for nursing home Medicaid must also meet income and assets requirements. There are specific asset levels that those who wish to receive Medicaid must meet, and there are specific assets that are not countable for Medicaid qualification, and under certain circumstances retirement account are so excluded.
When determining whether asset level meet the requirements for Medicaid, the assets of a married couple are added together. Retirement accounts that are tax advantaged, such as 401K’s, IRA’s, AND 403B’s are provided special treatment under Medicaid regulations. The retirement accounts held by the spouse of a nursing home resident do not count towards Medicaid qualification. The retirement account of the person applying for nursing home Medicaid are excluded from countable assets if they are paying periodic payments. After a certain age, retirement accounts have mandatory withdrawals that must be taken each year. If a retirement account is in the name of the individual needing nursing home Medicaid and the required withdrawals are occurring, the assets in the retirement account are excluded from counting for Medicaid purposes.
There are many different factors that influence planning for nursing home Medicaid. Applicants with assets over the specified limits are advised to seek professional advice from an experienced elder law attorney.