Medicaid in Colorado is a health insurance program specifically for low-income people. Funded by the state and federal government, it provides healthcare to those in need. Many elders require Medicaid when it comes to health insurance coverage. This is particularly true for those seniors who require long-term care, whether they are in a facility or in his or her own home. To find out if you qualify for Medicaid, income contributes to eligibility.
According to the American Council on Aging, there are three different types of Medicaid for seniors. These types include:
- Nursing home Medicaid
- Regular Medicaid and Aged and Disabled
- Home and Community Based Medicaid
Each type has a different income limit. For nursing home Medicaid, your income limit is 2,313 dollars. Regular Medicaid requires an income limit of 771 dollars a month. Lastly, home and community-based Medicaid has an income limit of 2,313 dollars also.
All income you receive counts towards your Medicaid eligibility. For instance, your employment wages, pension payments, alimony payments, SSDI, SSI, Veteran’s benefits and more count towards your monthly income. Now, if you are a married person but only you are applying for Medicaid, you do not have to count the non-applicant spouse’s income. Assets are also a part of the eligibility process and these include investments, credit unions, savings, cash, stocks, real estate and bonds. The assets that Medicaid does not count include your personal belongings, vehicles, household furnishings, burial trusts and your primary residence.
This article provides information on Medicaid eligibility for seniors in Colorado but it is not legal advice.