If you think Medicaid will automatically step in to cover long-term care when you need it, you’re not alone, but that assumption can be dangerously expensive. Ohio’s Medicaid asset test rules will be stricter in how they’re enforced and more important than ever for adults over 50 planning ahead. Many families only find out about these rules after a health crisis, when it’s too late to protect savings or property.
The Ohio Medicaid asset test determines whether you qualify financially for long-term care coverage. A single applicant must have no more than $2,000 in countable assets to qualify. For married couples, the limits vary depending on whether one or both spouses are applying. If only one spouse applies, the other may keep a much larger portion of assets under special protections. This rule alone makes planning far more complex than most people expect. That said, here is what you need to know about it and how it can impact your long-term care planning.
