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Subject:  Re: how to protect our money if health problems Date:  7/31/2013  7:26 PM
Author:  TwoCybers Number:  18569 of 22172

if florida a better state to go on medicaid than new york for seniors trying to protect assets?

Given the financial situation your described in your original post I doubt you will find any state differences significant. The Federal government provides the states with a fair amount of the Medicaid money. It used to be you just had to be without assets, but in the 1980s when AIDs first appeared on the Medicaid scene, conservatives decided those sexual perverts should not be allowed to "hide" funds. That resulted in the look-back provisions. Any money given away for a period of years must be clawed back. They do check bank accounts, income tax records, etc.

In 1998 combination of federal and state limitations in Tennessee allowed essentially zero assets. Medicaid allowed the recipient to keep $25 of Social Security a month for personal expenses - the rest was signed over to the Federal government. Certainly all stocks, annuities, cars and even personal property above a small amount must be liquidated before Medicaid began. If a house was involved, a 50% of the house's value was taken payable upon the sale of the house or death of the other spouse.

There are indeed Medicaid regulation differences between states, but in your situation I would think the differences in cost of living between New York City and say the rural South East or Mid west would be a greater financial factor.

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