Truthfully, Medicaid long-term care planning is not an easy task to complete independently, and qualifying for Medicaid is rarely, if ever, straightforward. When it comes to applying for Medicaid, most individuals are familiar with the questions on the application and how to answer them. On the other hand, applicants may be unaware of the significance of these questions or what the state is seeking to learn from them.
Engage the Services of an Elder Law Attorney to Help You Receive Medicaid Benefits.
Long-term care, estate planning, and government benefits are all areas of expertise for elder law practitioners. South Jersey elder law attorney know the ins and outs of each state’s rules and regulations, and they can help families get and keep public benefits.
- Keeping Medicaid Fees to a Minimum
Most people are unfamiliar with the many exceptions and exclusions to the gifting regulations in Medicaid planning. Consider that most Medicaid applications require applicants to disclose any recent asset transfers for which they paid the price below the market value. This inquiry asks if the applicant has made any transfers that may prohibit them from receiving Medicaid benefits. By paying the fine, they’d be able to stop the applicant from obtaining Medicaid for a specified period. The total worth of the transferred assets is divided by the average cost of a nursing facility in the applicant’s state to arrive at this figure (these numbers are updated and published each year).
- Protecting the Spouses in the Community
Married couples have different standards for financial Medicaid eligibility than single applicants. An elder law lawyer can help a married couple spend down their assets so that they can get long-term care Medicaid, but keep enough money for the healthy spouse to stay in their home and pay for their living expenses.
- Getting a Grip on Medicaid Spending
For those who want to remain in the community as long as feasible yet also qualify for long-term care Medicaid, it may be able to rearrange their assets and income. Some types and amounts of assets can be retained by applicants while still preserving their eligibility for assistance.
A personal care agreement can be an excellent approach for seniors to recognize and thank their family careers while lawfully spending down their assets and income to meet Medicaid asset and income standards. This is a fantastic approach to accomplish both goals at the same time. The titling of a person’s financial assets, such as their bank accounts and real estate, might also influence their Medicaid eligibility. A senior’s application for benefits might be denied or authorized based on various legal, medical, and financial grounds.