If you will be using long-term medicaid services, you need to understand how the program works, and you must not fall for myths that can lead to you making mistakes when pursuing medicaid services. Fortunately, you can avoid falling for myths by working with an attorney.
You Cannot Use Medicaid for Long-Term Skilled Nursing Care
Medicaid will not necessarily cover your long-term nursing home expenses. In reality, medicaid only covers up to 100 days of skilled care. Also, you will need to enter a Medicaid-approved skilled nursing home facility. You must also enter within 30 days of a hospital stay, and you must enter the nursing home for the same condition as the hospital stay.
Don't Transfer Money to Your Children
Before collecting Medicaid, you should not transfer money to your children. Medicaid law penalizes those who transfer assets without receiving a fair market value in return. You will be penalized by being prevented from enrolling in Medicaid. The length of time in which you are not allowed to collect Medicaid is based on how many assets you transfer. However, there are some exceptions regarding what you can transfer. For example, you may transfer assets to your spouse. Before transferring assets, you should speak with an attorney. You may also trigger a penalty period if you donate your money.
Don't Rely on Prenuptial Agreements
If you have a prenuptial agreement, you will only have your assets separated in the event of a divorce or separation. However, your assets will not be separated for the purposes of Medicaid. Your assets will be counted if your spouse needs Medicaid. However, some of your assets are exempt. You are allowed to keep a vehicle. You may keep personal property and household furnishings. The family residence is exempt if the healthy spouse is living in the home.
Collect Medicaid Regardless of Your Assets
You should always consider collecting Medicaid regardless of how much you earn. There are many cases in which those who have assets are able to still collect Medicaid. The best way to determine whether you can collect Medicaid is to speak with an attorney.
Find Out How You Can Spend Down Your Assets
You may believe that you cannot spend down your assets or that you are restricted on what you may spend down your assets on, but this isn't true. What you can spend down your assets on is complicated and you are best off contacting an attorney to find out what you should do with your assets before collecting Medicaid.Share