Medicaid Facts and Myths
Understanding Medicaid can be a daunting task, especially if you’re needing to qualify in a short time period. There are many myths associated with Medicaid that have prevented people from even applying for this important care plan. Here’s a brief (but not exhaustive) overview of Medicaid myths to help you compare fact to fiction.
Myth 1: You Need to Plan Many Years Ahead for Medicaid
False. When it comes to Medicaid planning, it is never too late. While it’s true that early, proper Medicaid planning helps improve loved ones’ care and widens the amount of options available, you can still receive quality care later on in life.
Myth 2: Assets Aren’t Considered for Medicaid Eligibility
False. All assets held within your trust or your loved one’s trust are still considered when applying for Medicaid. According to Medicaid, transferring of assets remains limited for less than fair market value. In order to avoid disqualification from Medicaid, it’s important you avoid transferring property to others without legal counsel.
Myth 3: Hiding My Assets Can Help Me Qualify
False. While you can mentally justify not reporting certain assets while applying for Medicaid to help you qualify, it doesn’t work. This misrepresentation can cause criminal liability and certainly eliminate a recipient from qualifying.
Myth 4: It’s Important to Reduce Income to Become Eligible
False. It isn’t imperative you reduce your income to qualify for Medicaid. In fact, if you’re working with an experienced attorney, you’ll be able to find a way to be eligible for this helpful care plan. Or, if qualification isn’t possible, an attorney can help find other long-term care options that may be a better fit.
Learn More about Medicaid Today
The Elder Law Firm PC provides expert advice regarding Medicaid and Medicaid planning for clients seeking assistance in paying for both short- and long-term healthcare costs. If you have a question regarding Medicaid and/or Medicare, please call us today at (877) 933-7252. Grand Rapids-area residents can attend a free seminar led by attorney The Elder Law Firm PC several times a month that teaches guests more about Medicaid planning. Call to reserve your spot at this exciting and informative event.