"The Top 8 Mistakes People Make With Medicaid"
Finding the right nursing home, getting the best care there, paying for it properly, protecting yourself and your family..... all of these can be accomplished if only you know who to talk to and what to ask.
The decision to place yourself or a family member into a nursing home is one of the most difficult decisions you may ever be asked to make. That’s why it’s important to have a plan and to know what mistakes to avoid.
In a perfect world, you’d have plenty of time to visit the nursing homes, talk to the residents, meet the care staff, sample the food and so on. Unfortunately, we don’t live in a perfect world. Often decisions have to be made quickly and without a lot of information or comparisons.
Our Mission is to Help Our Clients.....
Find the right nursing home
Get the best care there
Pay for it without going broke
Legally protect their assets and income
Next, you need to know what mistakes to avoid with Medicaid. Here are the top 8 mistakes:
1.Thinking it’s too late to plan.
1.Thinking it’s too late to plan.
It’s almost never too late to take planning steps after a senior has moved to a nursing home.
2. Giving away assets too early.
First, it’s your money (or your house, or both), make sure you take care of yourself first. Don’t put your security at risk by putting it in the hands of your children. Precipitous transfers can cause difficult tax and Medicaid problems as well.
First, it’s your money (or your house, or both), make sure you take care of yourself first. Don’t put your security at risk by putting it in the hands of your children. Precipitous transfers can cause difficult tax and Medicaid problems as well.
3. Ignoring Important safe harbors created by Congress.
Certain transfers are allowable without jeopardizing Medicaid eligibility. These include; transfers to disable children, caretaker children, certain siblings and into trust for anyone disabled and under age 65; a transfer to a "pay-back" trust if under age 65; and a transfer to a pooled disability trust at any age.
Certain transfers are allowable without jeopardizing Medicaid eligibility. These include; transfers to disable children, caretaker children, certain siblings and into trust for anyone disabled and under age 65; a transfer to a "pay-back" trust if under age 65; and a transfer to a pooled disability trust at any age.
4. Failing to take advantage of protections for the spouse of a nursing home resident.
These protections include the purchase of an immediate annuity, petitioning for an increased community spouse resource allowance, and in some instances petitioning for an increased income allowance or refusing to cooperate with the nursing home spouse’s Medicaid application.
These protections include the purchase of an immediate annuity, petitioning for an increased community spouse resource allowance, and in some instances petitioning for an increased income allowance or refusing to cooperate with the nursing home spouse’s Medicaid application.
5. Applying for Medicaid too early.
This can result in a longer ineligibility period in some instances.
This can result in a longer ineligibility period in some instances.
6. Applying for Medicaid too late.
This can mean the loss of many months of eligibility.
This can mean the loss of many months of eligibility.
7. Not getting expert help.
This is a complicated field that most people deal with once in their lives. Tens of thousands of dollars are at stake. It’s penny wise and pound foolish not to consult with people who make their living guiding clients through the process.
This is a complicated field that most people deal with once in their lives. Tens of thousands of dollars are at stake. It’s penny wise and pound foolish not to consult with people who make their living guiding clients through the process.
8. Confusion about the difference between lifetime liens on property and estate recovery.
There are a number of exceptions to lifetime liens on property, but estate recovery there is only a deferral for a surviving spouse and a hardship waiver. http://www.texaselderlawattorney.com/
There are a number of exceptions to lifetime liens on property, but estate recovery there is only a deferral for a surviving spouse and a hardship waiver. http://www.texaselderlawattorney.com/
