There are many myths when it comes to Medicaid planning. Learn the real answers behind each of the 10 myths below:
Myth #1: I have too much money and won’t qualify.
Plain and simple most folks have assets. We work hard to provide for our families, build savings, retirement, and do all of this to leave a legacy for our loved ones. Now as we age, and we all do, we’re faced with losing everything we worked for. Doesn’t sound like an ideal situation, right? We didn’t think so either and luckily, it doesn’t have to be so. As an elder law firm, we work with seniors and their families every day to prevent this from happening. We can help you save some and maybe even all of your legacy while getting the needed nursing home care coverage. Being well informed and educating yourself is the best method of protection. It’s always a free consultation to learn your options, what do you have to lose? Well….everything.
Myth #2: If I make any gifts I won’t qualify.
There are some gifts that can be made that do not incur a penalty. These gifts have specific guidelines to qualify as an exempt transfer. If you don’t meet the criteria for an exempt transfer, we can make gifts and offset the penalty period. Give us a call and find out how!
Myth #3: If I have rental property or a farm I won’t qualify.
When it comes to income-producing property, there is a calculation that is used to determine if the asset will be counted as an asset or income. If the property produces enough income annually, per the calculation, it will only be counted as income. This means that they will not count the value of the asset when figuring countable resources. We can help you determine if your property meets these guidelines.
Myth #4: If I have over $2,000 I won’t qualify.
All Medicaid programs do not have the same guidelines and limitations. I often hear clients say that they were told you can only have $2,000 in resources to be approved for Medicaid. While this may be true for some benefits, it is not for the vendor program that handles nursing home coverage. The individual resource allowance is currently $5,000, this would be for a single person or the spouse that is applying for benefits. To find out more, call our office today!
Myth #5: I have to spend everything on nursing home costs before I will qualify.
This is a common misconception. There are several allowable spend downs that may be done prior to application. This is sometimes confused with being on Medicaid Spenddown that will only allow for unreimbursed medical expenses; however, we can often still remedy this after the fact. For more information, please call our office to discuss.
Myth #6: If I have a trust, everything in it is protected from Medicaid.
This depends on what type of trust you have. If you have a revocable trust, the assets are countable. If you have an irrevocable trust, they are not countable. Even if you have assets in a revocable trust that does not mean that we can’t help you save those assets. If you are unsure about what type of trust you have, we will do a complimentary review.
Myth #7: If my spouse requires nursing home care, I won’t have enough money to remain living at home.
Because most people believe that they have to lose everything to qualify for nursing home coverage, this is a common fear, especially for married couples who have a spouse remaining at home. However, in 1988 Congress enacted the Spousal Impoverishment laws to prevent this very thing from happening. To learn more, please call our office for details.
Myth #8: If I do qualify, Medicaid will take everything that I have.
As we’ve discussed previously, losing everything you’ve worked for to obtain the nursing care you or a loved one desperately needs is NOT your only option. With the help of an experienced elder law attorney, you can still leave your legacy. Please don’t hesitate to call us.
Myth #9: I haven’t done any planning and don’t have any options.
Pre-planning is the best-case scenario but not the most common. If you are able to do estate planning, please do so. If you haven’t and need help immediately we have the options you are looking for. It is never too late to seek expert advice from an experienced elder law attorney. What are you waiting for?
Myth #10: If I’ve been denied, there’s nothing I can do now.
Like I said prior…it’s NEVER too late to educate yourself on your options and get a second opinion. If we can help, being denied will not hinder us from getting you an approval. If you’ve been denied, please call today for a complimentary review of your case.