Medicaid Myth

Myth: My monthly income is too high for Medicaid.

Fact: It is true that Medicaid has an income limit of $1820 per month for individuals and $2355 per month for couples. However, you can shelter any surplus income in a Pooled Income Trust and use this money on any non-medical expense incurred by the person enrolled in the trust.
(link to Pooled Income Trust question)

Myth: Medicaid is only for poor people.

Myth: You have to spend down all your assets to qualify for Medicaid.

Myth: Medicaid can take my house from me.

Myth: My monthly income is too high for Medicaid.

Myth: Once I get Medicaid, I’m set for life.

Myth: I’ll have to change doctors if I’m on Medicaid.

Myth: Should I liquidate my retirement account to qualify for Medicaid?

Myth: Don’t I automatically receive Medicaid at age 65?

Myth: I have a pension. Does this mean I can’t qualify for Medicaid?

Myth: So what exactly IS a Pooled Income Trust?