In many initial consultation meetings with clients, they ask: “When Mom goes into the nursing home, the State takes her money…right?”
This is a common misconception about how the Medicaid spend down process works. When Mom (or Dad) enters the nursing home, it is very likely that their care can be covered by Medicaid once they meet the eligibility requirements. If they have already moved in, they meet the first criteria: the need for around-the-clock care. Many people, however, have too much money to qualify.
One way to become financially eligible is to spend all the money on care in a facility until they qualify. But most cases aren’t that simple. There is a house, or a car, or a life insurance policy that make the “eligible” figure much more complicated. If a family member has provided care for Mom or Dad and has been paid, or has reimbursed themselves for costs, it gets even more difficult to show Medicaid what has actually happened. How do these families know whether they have followed all of Medicaid’s rules in the 5 years leading up to the nursing home? They don’t.
That’s where Medicaid planning strategies with the help of Complete Estate & Probate’s elder law team are the most effective. We analyze all of the tricky transactions that have occurred, and help families prepare for the Medicaid application.
Whether your loved one might need nursing home care in a few years, or whether you are searching for a care facility now, we can help you be ready for the day when a Medicaid application is necessary. We will thoroughly explain the entire process and what strategies will be used. We will help clear up any misunderstandings, including ones like concerns over the state taking all of Mom’s money once she goes into care. It doesn’t quite work like that, but we will explain what happens to her finances before she is eligible for Medicaid, after she is eligible for Medicaid and what happens to any remaining assets after her death. Let us guide you with clear and accurate information. Call or book online to start getting the right answers to your Medicaid questions.
