If I had a nickel for every time a client told me that they had received bad information about how Nursing Home Medicaid works, I might have saved enough by now to afford one full day at a nursing home!
As you consider your own, or a loved one’s, options while navigating through a long-term care and financial crisis, it is important to know the truth about some common Nursing Home Medicaid Myths.
It is too late to begin planning: False.
It is never too late to preserve and protect assets for someone who needs nursing home care. Do not rely on advice that all assets must be “spent down” on the nursing home to qualify for Medicaid.
I won’t qualify for Medicaid because I have too much money: False.
Do not listen to advice that you will not qualify because you have too much money. Every situation is different, and it is important that you discuss your specific situation with a qualified and experienced elder law attorney who specializes in Medicaid planning and eligibility.
Medicaid Planning requires that you hide assets: False.
All our planning strategies and actions taken are reported directly to Medicaid as a part of the Medicaid application process. The goal in crisis planning is to preserve as much of an individual’s income and assets, as well as their spouse’s, as the law allows.
I can just give everything away or put it in someone else’s name without penalty: False.
Giving away assets or titling assets in another person’s name without an overall game plan could be a bad idea. It could also have non-Medicaid related implications and risks. All gifts made within five years of a Medicaid application must be reported as such during the application process. However, there are gifting strategies that legally preserve some, or in some cases all, of the assets.
When a Medicaid crisis arises, people are often unprepared. Stress levels are high because of the underlying situation causing the need for Medicaid. Significant assets are at risk. There is so much information, often conflicting and confusing, that it makes it all but impossible to make well-informed and understandable decisions.
I have an experienced team under my direction specifically devoted to walking families through this confusing Medicaid maze. If you would like to schedule a free consultation to see if we can help, CALL or TEXT 812–423-1500.