If you or a loved one are faced with the possibility of long term care or are already in long term care and on "private pay", follow this link to schedule a no-obligation consultation to understand your options.  If you are married, it is absolutely essential that you understand the rules and what can be done for both the institutional spouse and on behalf of the community spouse.  If you are single, you need to understand what can be done to ensure you preserve resources on your behalf.  Without action on your part, these resources will be lost.  Contact us today to review your situation.

Myths Families Believe About Medicaid Nursing Home Qualification

Here are ten myths you hear about Medicaid nursing home coverage.  The best way to avoid these costly errors is to retain an elder law attorney to work with you.  Call TODAY for your no-obligation consultation.  You need to understand the law and the important options available to you or your loved one at this critical time.

Ten Costly Myths Families Believe About Medicaid Nursing Home Qualification
 

1. You have to lose all your assets except for $2,000 to qualify for Medicaid.

There are many strategies we use to legally re-structure your assets so you don't have to "spend down" your life savings, and you can qualify now for Medicaid. We can help you choose the right strategies for your family's situation.

2. Once you are in a nursing home it is too late to start Medicaid planning.

It is never too late or too early to begin Medicaid planning. When planning was not done and the person is already in a nursing home, assets can still be protected. And if your family member is likely to be admitted soon, there are strategies we can use to help them qualify for Medicaid in a short time.

3. If you put all assets of the spouse going into the nursing home into the name of the spouse staying home, then they will be eligible for Medicaid.

Sorry, this is incorrect. Assets of both spouses are counted in determining Medicaid eligibility. We have legal strategies for married couples to allow the applicant to qualify almost immediately, protecting most or all assets.

4. If you give your assets away, you won't be eligible for Medicaid for five years.

Although Medicaid may look back at financial transactions within five years, not all asset protection steps create a disqualifying period. We develop a plan to protect your assets so that you do not incur any disqualification penalty period.

5. If your assets are owned by a living trust, they are protected from nursing homes.

Sorry, assets owned by a revocable living trust are still vulnerable to nursing home costs and are counted against you by Medicaid. We have other types of Medicaid-compliant steps to protect your assets.

6. You can hide your assets to become eligible for Medicaid benefits.

Intentional misrepresentation of assets is a felony criminal offense. We have planning strategies to legally restructure your assets and shelter them from nursing home costs. With our legal planning, hiding assets is not necessary.

7. Once you enter a nursing home on private pay, you have to wait until a Medicaid bed is available before you can qualify for Medicaid.

This is incorrect. You may be told this because private pay patients pay nursing homes more than the state does for Medicaid patients. Also, when someone enters a nursing home, they cannot be discharged because they change from private pay to Medicaid. If you plan to start as a private pay patient, be sure to ask IN ADVANCE if the facility accepts Medicaid at all. They may have no Medicaid beds at all, and you do not need to go into that facility if you need to become Medicaid eligible at any point.

8. The steps that applied to your friend will also apply to you.

Medicaid rules are complex and ever-changing. Every situation has different facts. You should NOT take any action steps before you consult with a Medicaid planning attorney.

9. You should wait until the person actually enters the nursing home or you are certain that they will enter to retain a Medicaid planning attorney.

The sooner you start Medicaid planning, the more you can protect and the faster you can gain eligibility. Better to have eligibility and not need it than to need it and not have it. "We'll cross that bridge when we come to it" is not the best way to do this.

10. You don't need an attorney to help with Medicaid planning if a social worker at the nursing home is assisting you.

Social workers are a great resource to assist people in simple situations where an individual has less than $2,000. However, if you have over $2,000, you need to legally shelter assets. Then, it is best to retain a Medicaid planning attorney. We use strategies suited for each family's unique needs. Wrong or incomplete answers can cost you thousands of dollars each month. Proper planning can save the life savings and the home place.


For a free evaluation of how much of your assets we can protect and how much we would charge to do so, click here.