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MEDICAID PLANNING
On February 8, 2006 President Bush signed the Deficit Reduction Act, which contained some major changes to Medicaid eligibility rules. The look back period was changed from 36 months to 60 months and more significantly the law states the penalty period does not start until the other assets have already been spent down.
Many people have heard horror stories about the elderly losing all their assets when they go into a nursing home. Fortunately, a lot of what people have heard is false. For example, you do not always have to wait sixty months to become eligible for Medicaid. With a good Medicaid eligibility planning lawyer many assets you have spent a lifetime accumulating can be protected from Medicaid.
Many people believe that Medicare and Medicaid are the same. That is not true. Every American when they reach a certain age is eligible for Medicare. Only individuals whose assets fall blow a certain dollar amount qualify for Medicaid. There are many techniques that can be used to reduce a person’s asset level below Medicaid asset limit. Some of the methods people seeking Medicaid advice are routinely offered include:
- Setting up irrevocable trusts
- Making gifts to family members
- Paying for certain approved Medicaid expenses, such as pre-burial, items for your house, or specific types if annuity
- Transferring your home to your child
I can help you determine the best course to make you Medicaid eligible. Then, when it becomes necessary to apply for Medicaid, our office will complete the complicated Medicaid forms. Too often people under- estimate the importance of these forms. How Medicaid forms are filled out often can be the difference between being granted Medicaid benefits and not being eligible.
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