5 Medicaid Myths, Debunked
Medicaid Eligibility is complex and varies from state to state. Therefore, many myths about financial and personal factors determining a senior’s eligibility status have been established. Yet, despite many inaccurate beliefs about the program, with the right knowledge and planning resources, Medicaid can often fund nursing homes and long-term care for seniors who believe themselves to be ineligible.
Below are five common misconceptions about Medicaid eligibility and the truth about these claims.
I will not be approved for Medicaid if I own a home. Or, if I am approved, the State will take ownership of my home.
The assets of Medicaid applicants are thoroughly reviewed and impact the eligibility determination. However, you do not have to sell your home to apply for Medicaid.
Your home may not be considered an asset regarding Medicaid eligibility for various reasons, including your intent to return home (even if it seems impractical at this point), your spouse’s residence in the home, or other circumstances.
And despite the myth, Medicaid does not confiscate applicants’ homes while he or she is alive.
Five years must pass from the time I’ve transferred assets away before I apply for Medicaid.
Although Medicaid will review asset transfers for a specific period, the lookback period depends on current regulations and other factors. Factors that impact the review period may include when the transfer occurred, whether the transfer type is a non-allowed transfer, and the value of the assets transferred.
That being said, unless you have verified the current eligibility requirements and how they apply to your specific situation, you cannot be sure whether you have to wait five years before applying.
Once I am already in nursing home care, it is too late to apply for Medicaid.
Medicaid planning can be done at any point in a senior individual’s care, even if long-term or nursing home care is being paid for.
If applicable, there are asset protection options that can be arranged in a short time frame, as necessary.
Putting all my money in my spouse’s name will ensure I qualify for Medicaid.
When reviewing a Medicaid application, both spouses’ income and assets are considered. There are, however, strategies for protecting income and assets in the case where a married individual or couple is applying for Medicaid. Depending on your situation, a Medicaid planner or attorney can work with you to determine the options.
If my friend, neighbor, or relative didn’t get approved, I certainly will not.
Medicaid eligibility rules are constantly changing. What did or didn’t work for someone you know a while ago may not apply to your situation, even if it seems like it should.
Therefore, if you or your aging loved one can benefit from Medicaid, it is worth your while to engage the services of a competent Medicaid Planner to ensure all options are researched.
At Senior Planning Services, we leave no avenue unexplored in our quest to help your loved one gain the peace of mind of Medicaid-funded care. Many pleasantly surprised seniors and their families will share that with the right planning support, eligibility was obtained even where it seemed highly improbable.
The Medicaid application process sometimes requires legal advice and the assistance of an attorney. Senior Planning Services does not provide any legal advice or services. You may wish to consult with an attorney concerning your Medicaid application.