I find that some of my clients procrastinate till the last minute and then feel the pressure and request everyone to jump over huge hurdles to assist their loved ones with their Medicaid application process.
This blog is for the procrastinators who wait till the last minute. Hopefully it will assist you to make a wise decision early and not wait till the last minute.
The planning:
Sitting down with a Medicaid professional and plan the Medicaid eligibility issues, such as, what to do with investments, how to transfer assets and to whom? Do you have the proper tools such as power of attorney, health care proxy, etc.
The process:
Generally speaking applying for home care services through the Community Medicaid program can take up to 90 days for the financial approval. Once approved financially the applicant has to get assessed by two nurses. One from Medicaid and the other from the Manage Long Term Care Agency the applicant chooses. This process can take up to two months.
The potential harm:
Procrastinating and waiting may have the following consequences. The rule regarding transfer of assets for all Community Medicaid applicants is changing. Although, the new rule had been extended from October 1, 2020 to April 1, 2021, it nevertheless will be implemented. What does this mean to the applicant?
Simply put, today and up until March 30, 2021 an applicant can transfer any amount of assets and become financially eligible the very next month. Beginning April 1, 2021 Medicaid will impose a disqualification period for transfers of assets. This means that applicants may have to wait and pay privately during their disqualification period. Depending on the transfers and when they occur and applicant may find the waiting period to reach up to two and one-half (2.5) years.
We at Elder Care Services, Inc., recommend for anyone who is considering to apply for home-care services in the near future to seek the information needed to make an intelligent decision. Elder Care Services, Inc., offers Free Consultations. Why take a risk and procrastinate. Seek the information now and avoid spending all of your life savings for care you could have received for Free.