Following are questions we are frequently asked about Medicaid.
Please contact us if you don’t see your question listed
and we’ll get you the information you need.
Q. What is Medicaid Spend-Down?
A. If a single Medicaid applicant has over $2,000 in assets, Medicaid will advise to reduce assets before applying for Long Term Care Medicaid. A reduction of assets may not be necessary and, in fact, many of these assets may be conserved even if an applicant is already in a nursing home. The best advice is to consult with a Certified Medicaid Planner before spending down assets.
Q. Why should I hire help when applying for Medicaid?
A. There is so much at stake when preserving precious assets. One small mistake on an application, could cause you to be accountable for Medicaid fraud, so it’s important to seek help from a Certified Medicaid Planner. Our small fee for the application process is much more cost effective than legal prosecution or Medicaid coverage denial due to a mistake.
Q. If I apply for Medicaid, will my assets be taken?
A. Our Certified Medicaid Planners have all skills necessary to get the most out of any financial situation. We can safely preserve your assets before applying for Medicaid, providing financial security as well as peace of mind.
Q. I applied through Medicaid via PEAK online but I got denied. Does this mean that I cannot apply again?
A. The application process on PEAK is not a formal application. We offer a free one-hour consultation where we will review each individual’s specific situation and give you our professional evaluation!
Q. Is it true that I cannot apply for Medicaid because I gave away money in the past five years?
A. It is possible that “transfer penalty” could occur. In this instance, an individual could be ineligible for Medicaid for a certain period of time depending on how much money was given away. This is why it is so important to seek assistance from a professional like us who make it our job to stay current and relevant when it comes to Medicaid laws.
Q. What do I need to do to protect assets if my spouse is applying for Medicaid?
A. Proper Medicaid planning can preserve income for the community spouse when the other spouse requires in-home or facility care. Our Certified Medicaid Planners will take you by the hand and walk you through all the necessary steps to preserving your assets while assuring your spouse has quality care.
Q. I am already in a nursing home, is it too late too apply?
A. You can preserve assets in the nursing home as long as you haven’t already applied for medicaid. It is never too late to seek professional advice about protecting the assets that you have worked so hard for.