Many older adults in New York require high quality long-term medical care but cannot afford the costs associated with this type of care. The government provides healthcare to eligible aging adults (65+) through the Medicaid program. However, many people make mistakes when applying for Medicaid, causing them to be classified as ineligible. Here are some of the mistakes you should avoid when applying for Medicaid.
Not planning ahead
Ideally, you should try to come up with a plan for your long-term health care when you are still physically and mentally healthy to avoid losing all your savings when the time comes. However, it is never too late to make a plan. In fact, you can even create a plan after moving into the nursing home. Generally, however, the earlier you start to plan, the better.
Applying at the wrong time
It is important that you submit your application at exactly the right time. If you apply for Medicaid too early, you may be classified as ineligible for a longer period of time, but if you apply too late, you could miss out on months of eligibility. Keep in mind that you may also need to give yourself time to spend down your assets before filing your application.
Transferring assets too early
It is important to protect yourself and make sure that your needs are taken care of before transferring your assets to anyone else. Certain transfers will not negatively impact your eligibility for Medicaid, including transfers to disabled children and transfers to a pooled disability trusts. However, certain transfers are considered as uncompensated transfers and can cause tax problems and make you ineligible for an extended period of time.
Not consulting with an expert
Applying for Medicaid can be complicated, so you may want to consult with an attorney as soon as possible. Many experts advise consulting with an attorney before submitting your Medicaid application.
Medicaid planning is essential to protect yourself, your family, and your assets. If you are concerned about your long-term healthcare options, consider consulting with an attorney for guidance.