Medicaid covers many different benefit groups, but here we’re focusing on long-term care for Ohio residents. It’s a topic that’s often misunderstood, and just the word “Medicaid” can bring up feelings of confusion or worry. But Medicaid isn’t only a last-resort safety net; it can be a powerful planning tool. With the right strategy, Medicaid asset protection can help you preserve your savings while still qualifying for the care you need. Whether that care is at home, in an assisted living facility, or in a skilled nursing home, smart Medicaid planning can protect both your assets and your family’s future.
To truly understand what Medicaid asset protection planning can do, we first need to clear up the common myths that surround Medicaid itself.
Myth #1: I must exhaust all my resources to qualify for Medicaid.
We’ve all heard the myth: to get Medicaid, you must spend everything you have before you can qualify. Yes, in Ohio, Medicaid rules say you can’t have more than $2,000 in countable assets and must keep your monthly income under $2,901 to qualify (Ohio Medicaid Eligibility: 2025 Income & Asset Limits). But that doesn’t mean you have to drain your entire life savings on long-term care expenses just to get the care you need.
With proper Medicaid asset protection planning, you can “spend down” and strategically transfer assets to protect what truly matters: your home, your family, and your peace of mind. Considering private nursing home rooms in Ohio now average $9,806 per month (The Cost of Senior Care in Ohio – ElderLife Financial), protecting your resources isn’t simply smart, it’s essential.
Myth #2: My spouse will have to give up everything for me to qualify.
If only one spouse is applying for Nursing Home Medicaid or a Medicaid Waiver, here’s some good news: only the applicant’s income counts. The non-applicant spouse, often called the “community spouse,” gets a free pass on their income. They might even get a little boost. Through something called the Minimum Monthly Maintenance Needs Allowance (MMMNA), the community spouse may receive some of the applicant’s income to make sure they have enough to live on. (Ohio Medicaid Eligibility: 2025 Income & Asset Limits).
Myth #3: I will lose my home if I go on Medicaid.
Your primary residence may be exempt when Medicaid counts your assets, meaning with proper planning, the house you live in won’t typically count against your asset limit for eligibility calculations. But there’s a catch: it must be your main home, and Medicaid expects that you, your spouse, or a qualified family member will keep living there or is entitled to the home. After you pass away, though, the state might place a lien on your home to recover what they paid for your care (Medicaid Estate Recovery). (Ohio Medicaid Eligibility: 2025 Income & Asset Limits). Fortunately, with proper Medicaid asset protection planning, it is often possible to prevent this from occurring. Knowing these rules is key to protecting your home while still qualifying for Medicaid.
Medicaid is often misunderstood and is complex, but it plays a crucial role in long-term care planning for Ohio residents. The right asset protection planning can help you qualify for care without spending down everything you’ve worked for or putting your home at risk. Don’t let myths guide your decisions. Medicaid asset protection planning can help you secure the care you need while preserving your financial future. Contact us for more information on how to protect your assets from long-term care expenses.