What are the requirements for applying for and being eligible for Medicaid?

Medicaid application eligibility requirements first necessitate having the necessary medical need for Medicaid. Once this requirement is met, there are two additional tests to be passed: an income test and an asset test. Currently, the income limit is set at $2,199, while the assets allowable include a residence, assets up to $2,000, a life insurance policy worth $2,500 or less with a cash [inaudible 00:00:27] value, and a few other items such as a vehicle or a second vehicle older than seven years. There are also certain restrictions on having a [inaudible 00:00:40] account with a value of no more than $2,500. The assets allowed are quite limited. However, if you have an income exceeding $2,199, there is a possibility to plan for it through a Qualified Income Trust and still meet the eligibility criteria for Medicaid.