4 Common Medicaid Mistakes

1. Thinking It's Too Late to Plan

Even if you or your loved one is already in a nursing home, it is not too late. The only time that it would be too late to apply for Medicaid is if you have already spent all of the money.

2. Giving Away Assets Too Early

There is a rule that says the federal government says you can give away fifteen thousand dollars per year per beneficiary. This is a tax rule, not a Medicaid rule. So, if you end up need to use those assets for your Medicaid planning, and the assets are all gone, it can cause problems in your eligibility.  

3. Applying Too Early

Applying too early can also cause an array of hiccups in your Medicaid planning, which could end up costing you more money. 

4. Not Getting Professional Assistance

We really encourage all of our listeners to seek the assistance of an elder law attorney when you're considering a Medicaid application. This allows you to know when to apply, how to apply, and how to get the maximum benefits from your aid. 

Learn More About Medicaid Planning

If you want to learn more about Medicaid planning and eligibility, contact us today! You can also learn more by watching more videos like this in our video library.