Missouri Medicaid, more commonly known as MO Healthnet, has various Medicaid programs for Missouri citizens’ health insurance needs. Most of these programs require participants to be low-income and/or low-asset as part of the eligibility requirements, as determined by the federal poverty level. MO Healthnet, run by the Missouri Department of Social Services, offers specific healthcare plans for pregnant women, children, families, disabled people, and people seeking nursing home care.
For vendor Medicaid, also known as nursing home Medicaid, the asset limit is just over $6,000. Exempt assets include the primary residence and one vehicle, however, other assets, such as bank accounts, IRAs, life insurance policies, and stocks are countable assets towards the asset limit. Long-term care Medicaid does not have an income limit, however, most of the beneficiary’s income is paid to the nursing facility as a co-pay for the cost of care. Exceptions are payments for Medicare premiums certain medical expenses, and a small personal needs allowance. When one half of a married couple applies for nursing home Medicaid, a division of assets is completed. This division creates a community spouse resource allowance , which prevents the non-Medicaid spouse from becoming impoverished while their loved one receives care.
For Home and Community Based Services (HCBS) the asset limit is also just over $6,000, but there is also an income limit. At this level of care, participants can remain in their home or in an assisted living facility while receiving care. However, unlike vendor Medicaid, HCBS waiver programs usually have a waiting list.
To determine Medicaid eligibility and utilize asset protection and Medicaid planning strategies, it is recommended to seek the advice of an elder law attorney licensed in the state of Missouri. Quality Medicaid Care, located in St. Louis, can assist with all stages of the Medicaid application process and utilization of estate planning to protect your loved one’s assets.