Home Based Medicaid – A Deceiving Benefit #HomeBasedMedicaid

            Jim called because his dad was running out of money. Dad is living at home with two aides that provide him with round the clock care.  He owns the home he lives in but only has approximately $30,000 of liquid assets left.

            Jim figured home based Medicaid would be his solution.  Dad has $3500 a month of income. If Medicaid picks up his home health aide bills, Jim told me that the $3500 would be enough to cover his other expenses including taxes and insurance on the home with maybe a little bit of a supplement every month from Jim.

            It was all well thought out. Jim just wanted some confirmation from me.  “Unfortunately”, I said to Jim, ” it sounds great but Medicaid just doesn’t work that way.”  What Jim is trying to do can’t work for several reasons.  New Jersey’s home based Medicaid program is not as comprehensive as its institutional Medicaid program.

            Jim was puzzled by my answer. “Don’t you have to spend down to $2000 in assets, show you you need long term care and then you’ll be approved,” he asked.

            “Not true,” I told him.  Next week I’ll share with you the details of what I said to Jim.