What are the Medicaid application and eligibility requirements?
Medicaid application eligibility requirements first require that you have the need, the medical need, for Medicaid. Once you get over that hurdle, then there’s an income test and an asset test. Income is currently 2,199 and the assets are generally you can have a home, 2,000 dollars in assets, life insurance policy with a cash [inaudible 00:00:27] value of about 2,500 dollars or less and a few other items like a vehicle or a second vehicle that’s older than seven years. There’s a few other things like a [inaudible 00:00:40] account that you can have with a value of no more than 2,500 dollars. It’s very limited on the amount of assets that you can have. If you have more income than 2,199 then you can plan for that through what’s called a Qualified Income Trust and still qualify for Medicaid.