Illinois Medicaid, run by the Illinois Department of Human Services, runs many different types of Medicaid programs for low-income and low-asset Illinois residents. Most of these programs have income limits and/or asset limits. U.S. citizens and qualified non-citizen residents may be Medicaid eligible in the state of Illinois.
Vendor Medicaid, also called long-term care Medicaid, has an asset limit of $17,500 for Medicaid applicants. The Medicaid beneficiary must keep their countable assets under this limit for the duration of their Medicaid coverage. Countable assets include bank savings accounts, IRAs and retirement accounts, real estate, life insurance policies, and stocks. However, exempt assets include the primary residence and one vehicle. Monthly income, like social security payments, must be paid to the nursing home care facility as a co-pay. Exceptions include payments for Medicare premiums, certain medical expenses, and a small personal needs allowance for items and services not offered by the nursing home.
For Home and Community Based Waiver Services (HCBS), the asset limit is also $17,500, but there is also an income limit. Monthly income that is over the limit can be funneled into a Qualified Income Trust (QIT) to ensure the Medicaid beneficiary can continue to receive care services. For HCBS beneficiaries, caregivers come into the recipient’s home or assisted living facility to provide healthcare services.
It is recommended to seek the services of an elder law attorney to utilize Medicaid planning strategies, asset protection strategies, and to complete a Medicaid application. Quality Medicaid Care, located in St. Louis, Missouri, provides family services to assist your loved one in applying for Medicaid. If you or your family member are seeking vendor Medicaid, please call our help line at (314) 918-0084.