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What is Medicaid?
Medicaid is health insurance and provides coverage benefits for eligible, low-income adults, children, pregnant women, seniors, and people with disabilities. Since Medicaid has many eligibility requirements, and the application process can be tedious, it's critical to have an experienced lawyer's help to ensure that questions are adequately answered and the right documents are submitted. Here's what you need to know.
Common Medicaid Mistakes
If you need long-term care, and you are eligible to apply for Medicaid benefits, making these critical mistakes on your application can hold up the application process or be denied:
Giving Gifts to Family Members
Gifting assets to family members can impact Medicaid eligibility. If you transfer certain assets within five years of applying for Medicaid, you may be ineligible to apply for a period of time — known as a transfer penalty. Even small transfers can affect eligibility, so it is critical to review your transfers.
Not Understanding Medicaid State Laws
Each state has different laws regarding Medicaid, and the rules can change at any time. An attorney can help you navigate the Medicaid process in Florida.
Not Planning in Advance
Planning for Medicaid can offer you critical protection later on. On the other hand, it's never too late to plan either. Even if a person is already in a nursing home, a Medicaid application can still be submitted.
Not Taking Advantage of the "Spend Down"
If someone is considered "medically needy" and does not meet Medicaid eligibility because the money and assets they have bring them over the minimum requirements, they may be able to "spend down" their assets to make them eligible. For example, paying off the balance of a mortgage or making home repairs can reduce the number of excess assets to help someone qualify for Medicaid.
The Benefits of an Estate Planning Lawyer
When it comes to long-term care and Medicaid, you'll want to have an experienced estate planning attorney on your side. While many fear that hiring an attorney will be too costly, having an attorney can help you save money in the long run. Having someone in your corner who knows how Medicaid laws work in Florida can make all the difference and give you peace of mind.
Applying for Medicaid? We Can Help.
Filing for Medicaid can be an extremely frustrating process. Attempting to sort through the "red tape" on your own can be an arduous task. Having an experienced attorney on your side can help ease your burdens and avoid severe mistakes.
If you are ready to apply for Medicaid, we are prepared to help. Our experienced Jacksonville elder law attorneys will guide you through the process and ensure you receive the proper coverage.
Contact Owenby Law, P.A. today at (904) 770-3141 to schedule a free initial consultation with our team.