If you have actually heard claims such as “protect your estate possessions and still qualify for Medicaid” and questioned the legality of the claims, you are clever to do so. Although it is possible to lawfully safeguard a number of your assets and still receive the Medicaid program, it must be done carefully, and with the assistance of an experienced elder law lawyer, in order to prevent Medicaid fraud.
The Medicaid program is a federally moneyed, however state administered, program that assists cover medical costs for low income families and individuals. Many elders who are on a fixed income might satisfy the month-to-month earnings limits test that need to be passed to qualify for the program; however, even modest properties can disqualify a candidate for the program. Although state eligibility requirements vary, a lot of states just allow an applicant to have $2000-$3000 in resources. Spending down your assets is one choice for qualifying, however most people do not desire to have to provide up the properties they have actually handled to collect after a lifetime of working simply to receive healthcare and/or long-lasting care coverage.
Before you think that just giving away your properties to family members is the option, reconsider. Most Medicaid programs include a “look-back” period in their guidelines that needs you to divulge any possessions that were gifted or offered within a specific period prior to obtaining assistance. That amount of time can be as long as five years. Properties that were moved during that time period might still be consisted of in your resources calculation, which will postpone your certification for benefits.
Being less than honest on an application is also not an option. Aside from being disqualified for the program for a substantial time period, you could also deal with criminal charges for fraud.
There are legal ways that can be used to move possessions in some cases. Mindful planning can also prepare your estate for qualification for the Medicaid program if you think you may require it in the future. Now is the time to speak to your estate planning attorney about your options. Just your elder law lawyer can make sure that the actions you require to receive the Medicaid program while still protecting your properties are totally legal.