Medicaid is often the only option for Americans 65+ that require long term healthcare. However, one must overcome 2 major hurdles: planning for eligibility and the application.
Becoming eligible for Medicaid is complicated, with the requirements changing fairly often and varying from state to state. To qualify, one cannot exceed a certain amount in assets and also in monthly income, forcing all applicants to carefully plan out what to do with their finances. Sometimes, this planning can take months, if not years, to properly qualify for eligibility.
While there are many ways to protect your assets, some methods can actually hurt your chances and you will be given a “penalty period,” which is a time period from which you are excluded from being approved by Medicaid due to your financial patterns. Nolo.com explores these methods in the article attached below, “Medicaid Planning That Won’t Work: Asset Transfers That Incur a Medicare Penalty.”
Danna & Associates, PC has specialized in Estate Planning & Elder Law since 1994, giving us ample knowledge and experience in both of these fields. Our firm has been completing Medicaid applications for over 2 decades, and keeping up with all of the changes and updates as they happen. This offers us a unique insight into what you may need to make your Medicaid plan work. Call 718.273.0300 for your free consultation today!
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