Medicaid Qualification Pitfalls
May 10, 2012
Colorado - Denver Metro , Colorado - Denver North Metro , Colorado - Denver South Metro
Email US
Click to Email Us
If long-term care insurance and VA pension benefits do not cover the cost of care, Medicaid may be an option. Unfortunately, many families think that they have to do Medicaid planning more than five years in advance of needing care. However, the reality is that it may be possible to qualify for Medicaid even if a loved one is already receiving long term care. In fact, it is critical to make sure that a person can qualify for Medicaid before they have spent all their savings on care.
Under Medicaid regulations, if a person has given away assets within five years of applying for Medicaid (a period of time called the look-back period), it will trigger a penalty period. A penalty period is the length of time that Medicaid will not provide benefits. The length of the penalty depends on how much was given away prior to filing for Medicaid. The penalty period does not begin until the applicants countable assets are less than $2,000, and he has applied for Medicaid.
The problem is that many seniors believe that if they run out of money, Medicaid will be there to pay for the cost of their care. However, if gifts have been made within five years of application, it could endanger their ability to receive benefits. Prior to applying for Medicaid, assets may need to be re-titled between spouses. If gifts have been made to other family members, it is imperative for the family to learn how to pay for the cost of care during the penalty period. This planning is best done in advance of depleting assets.
All Medicaid applicants must qualify based on their functional ability, income, and assets. To determine if an applicant meets the requirements and ensure that gifts will not cause ineligibility, it is best for the family to consult someone knowledgeable in elder law and Medicaid planning. Good advice can relieve the confusion and anxiety that many families feel during a health care crisis.
This article was submitted by Elizabeth D. Mitchell, Certified Elder Law Attorney (CELA).* Beth is an attorney with Ambler & Keenan, LLC and may be reached at 303-407-1543 or by email at bmitchell@ambler-keenan.com. For more information visit www.Ambler-Keenan.com.
*The state of Colorado does not certify attorneys in any field.
Other Articles You May Like
How Medicaid Planning Assistance for the Elderly Can Help You Navigate the Medicaid Maze
While aging can be hard, Medicaid Planning Assistance for the Elderly can make the process easier. To get Medicaid eligibility, many criteria must be achieved. Obtaining the help of a professional in Medicaid Planning Assistance for the Elderly can assist you or a loved one not only in understanding the requirements but in meeting them and getting Medicaid eligibility for you or your loved one. Whats more is that the strategy will be specially tailored to you or your loved ones situation.Medicaid Planning Assistance for the Elderly Can Make The Process So Easier:Professionals know that each situation is different not only from an asset and income perspective, but from a family perspective. Experts in Medicaid Planning Help for the Elderly consider this and design a qualification plan that is suited to you. The crux of Medicaid Qualification is assets and income.Florida Medicaid has stringent asset and income limits. There are different asset limits for individuals and married couples. In the event that an applicant exceeds the asset or income limit, Medicaid Planning Assistance for the Elderly is needed.There are quite a few different ways to convert assets that used to be countable to exempt or non-countable assets. Whats more, when an applicant exceeds the income limit, things must be done to lower his or her income so that it does not exceed the limit. This income will still be able to be used, but it has to be structured in a way that Medicaid allows. Often, a large amount of legal documentation is needed, which can get difficult quickly. Luckily, getting a professional for Medicaid Planning Assistance for the Elderly means that you and/or your loved ones will get guidance each step of the way and have the legal work and paper shuffling done for you.During this trying time in your life, do you want to learn the specifics of asset and income promissory notes, absolute assignments, intra-family real estate buy-ins, personal services contracts, qualified and non-qualified annuities, pooled trusts, qualified income trusts, etc.? its doubtful! The fact of the matter is that these are often needed to obtain Medicaid eligibility. The good news is that with a professional providing Medicaid Planning Aid for the Elderly, you dont have to have expertise in any of the aforementioned topics.The last thing you should have to do when going through this time is have to become a legal expert. While a professional who provides Medicaid Planning Assistance for the Elderly will want to educate you on the basics to make sure that you understand and are comfortable, you do not need to worry about having in-depth knowledge of every part of the process. Instead, you can rest assured knowing that you will be cared for throughout the process.Over to You:Medicaid qualification is complex, but it does not have to be impossible! Get in touch with Platinum Benefit Services for Medicaid Planning Assistance for the Elderly so that instead of having to stress about understanding the legal side, you can spend time with and care for the ones that you love!
Trump's Changes to Medicaid
Many Colorado Seniors and Disabled Adults are concerned about the recent funding discussions about Federal, not State, Medicaid changes, and how they might impact Long-term Care Medicaid benefits here in Colorado. There are 40+ different Medicaid programs in the State of Colorado alone, which are funded differently. Some of these Medicaid programs will be impacted by Trumps changes.At this time, it is important to know that the Medicaid changes imposed do not affect Long-term Care Medicaid in Colorado. If you are currently receiving Long-term Care Medicaid benefits or considering applying, you can rest assured that your eligibility, services, and coverage remain intact. Long-term Care Medicaid has already been funded for 2025, therefore nothing will change this year. In addition, there have not been any major changes to Colorado Long-term Care Medicaid in 20 years, and we dont foresee any changes now. In the meantime, if you have any questions about your coverage or need assistance navigating the Long-term Care Medicaid process, please dont hesitate to reach out to Beneficent. www.DoingGoodForOthers.com/contactus
Spring WardrobeTips for Older Adults
Spring is a season of transition, and as the weather changes, so should your wardrobe. For seniors, dressing for changing spring weather can be a challenge. Its important to find the right balance between comfort and style while still dressing appropriately for the weather.Here are some tips for seniors on how to dress for changing spring weather:Layering is keySpring weather can be unpredictable, and temperatures can fluctuate throughout the day. Layering is the best way to ensure that you stay comfortable no matter what the weather brings. Start with a lightweight, breathable base layer such as a cotton or linen shirt, and add a cardigan or sweater for warmth. If its chilly in the morning but warms up later in the day, you can easily remove a layer to stay cool.Choose breathable fabricsAs the weather gets warmer, its important to choose fabrics that are breathable and lightweight. Cotton, linen, and bamboo are all great options that will help keep you cool and comfortable. Avoid synthetic fabrics, which can trap heat and make you feel hot and uncomfortable.Dont forget a raincoat or umbrellaSpring is notorious for its rain showers, so its important to be prepared. Invest in a lightweight raincoat or a compact umbrella that you can easily carry with you. Look for a raincoat that is breathable and waterproof, so you stay dry without getting too hot.Opt for comfortable footwearAs the weather warms up, you may be tempted to break out your sandals or flip-flops. While these are great for the beach, they may not be the most practical option for everyday wear. Instead, opt for comfortable shoes that provide good support and protect your feet. Sneakers, loafers, and slip-on shoes are all great options.Choose bright colors and printsSpring is a time for renewal and rejuvenation, so dont be afraid to add some color to your wardrobe. Bright colors and fun prints can help lift your mood and add some fun to your outfits. Just be sure to choose colors that complement your skin tone and hair color.Dressing for changing spring weather can be a challenge, but with a little planning, you can stay comfortable and stylish no matter what the weather brings. By layering, choosing breathable fabrics, investing in a raincoat or umbrella, opting for comfortable footwear, and adding some fun colors and prints to your wardrobe, you can make the most of the spring season.We care for you and about you.At Senior LIFE, we believe in caring for you in all that you need. Our care plans take a holistic view that are individualized to exactly what you need. We focus on your well-being, working to meet your medical, social, and mental health.And theres no need to worry about medical costs when your enrolled in Senior LIFE and live in the community on Medicaid all services are covered, at no out-of-pocket costs to you.To see if we could help you or a loved one, contact us today.