Medicaid is a very complex area, but the general rule is (currently), if you need help paying for long-term care, the State of Oregon will pay for your medical costs once you get down to having $2,000.00 in assets, and do not have more than $2,022.00 per month. You cannot give away assets if you think you are going to try to receive Medicaid. You may sell assets, but only at fair market value. If you are married, or have other special circumstances, it may be possible to structure the “spend down” to maximize the amount the spouse will keep. It is best to speak with an attorney at a very early stage, to see if there is anything that can be done.
If you have more income than $2,022.00 per month, you may need something called an Income Cap Trust in order to qualify to receive Medicaid. Please contact us directly with specific questions; also, please note that Medicaid rules are constantly changing, so these figures are purely for example only.