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What is a Medicaid Trust?
Spouse is 82 years of age and in good health but LTC premiums are just too high for us to afford. We do I have a 401k through my employer (aka Thrift Savings Plan) with approx 217K. If my spouse developed significant health issues but had no LTC policy to allow her to receive in-home care Medicaid would not kick in until after half (or all?) of my 401k was depleted. Is there a way to protect this asset, either half or all? Is it considered an asset even if I cannot withdraw it without a substantial penalty until I am age 55? I was advised to seek protection through a Medicaid Trust.
2 Answers
- ankit gargLv 510 years agoFavorite Answer
A Medicaid trust is a legal and financial relationship created to help an individual qualify for Medicaid, a United States health-care program for qualifying low-income and disabled individuals and families. A trust gives another party the title and control of property owned by the person who is attempting to qualify for Medicaid. If created and planned carefully, it can render a person’s assets exempt from consideration when he seeks Medicaid.
