If you are considering long-term care for either yourself or a loved one, you may be wondering how you will pay for such care and if you qualify for Medicaid. Medicaid is a program funded both by individual States and the Federal government. The program in part, can help low income seniors pay for healthcare services, including nursing home costs. Unfortunately like any large government program, the rules regarding who is eligible for benefits can be quite complicated and very confusing. Often seniors and their caregivers wrongly rely on misinformation from friends and relatives about Medicaid qualifications, rather than seek professional advice from a seasoned elder law attorney. The following are just a handful of the most common myths out there regarding Medicaid:
Myth #1: I have to get rid of all my property and belongings to qualify for Medicaid.
One of the most common myths is that a person needs to be penniless to qualify for Medicaid. This is not true. Medicaid allows an applicant, and his or her spouse, to retain certain so called “exempt” property. Assets such as a vehicle, household furnishings, and burial plots, are just a few examples of property that is usually considered exempt. An applicant may also be able to retain his or her home in certain circumstances. Again, the rules are complex and that is why it is critical to consult first with an experienced elder law attorney before getting rid of any of any property.
Myth #2: I will not qualify for Medicaid if I give away any or all of my assets or have given away assets in the last 5 years.
Medicaid has very specific and complex rules about when and under what circumstances an applicant can give away assets and still qualify for benefits. While it is true that Medicaid has the power to look back up to 5 years for asset transfers, not all asset transfers will be penalized. The key is knowing which transfers can be made, by when and to whom. The best way to determine this is to talk with a veteran elder law attorney so that you can plan wisely.
Myth #3: I will qualify for Medicaid if all of my assets are in my spouse’s name.
The truth is that when a person who is married applies for Medicaid, the agency will examine the assets of both spouses, not just the assets of the applicant spouse. The agency will look at all assets, including retirement assets and assets that are held by the applicant jointly (with a spouse or child) and in the spouse’s name alone. Therefore, a simple transfer to a spouse will not make a person Medicaid eligible.
Myth #4: If I am already at a nursing home, it is too late to qualify for Medicaid.
While it is always better to start Medicaid planning earlier rather than later, it is rarely too late to start. If a person is already living at a nursing home, it is still possible with proper planning to protect his or her remaining assets.
If you are worried about not being able to afford proper nursing home care for your loved one or that he or she will not qualify for Medicaid, you need to speak with an experienced Kansas or Missouri Elder Law Attorney. Our Kansas and Missouri Elder Law Attorneys will explain your options under applicable state and federal laws and answer your questions about Medicaid asset planning. The experienced Elder Law Attorneys at the Hubbard & Kurtz, L.L.P. have helped countless clients in both Kansas and Missouri, plan for long-term care. Our compassionate team of attorneys are skilled at helping clients protect their assets and receive the care that they need. To schedule an initial consultation, please contact us today at (816) 472-4673.