What Can Affect a Medicaid Application?
When the time comes for you to transition into an assisted living situation, you will want to put your Medicaid application in as soon as possible. It can take several months to complete a Medicaid application, and there are many different criteria Medicaid uses when judging your application. Before you start filling out your application, there are a few considerations you need to make when it comes to qualifying for coverage.
Hire a Professional in Elder Law
You should never try to fill out and submit your Medicaid application on your own. There are too many factors that affect your application and too many elements that can go wrong if you attempt to do it on your own. If you want to maximize your benefits and give your application the best possible chance for being accepted, then you need to utilize an elder law professional.
Your Income
The primary element Medicaid looks at when determining your eligibility is your income. This will consist of any regular income you receive, any payments you get from alimony, any payments you get from structured settlements, and any investment income. Each state has their own income guidelines. It is possible to qualify in your individual state even if you do not meet up with the federal standards.
Use of Assets
When you apply for Medicaid, there is a look-back done to see how you have handled your assets over the previous five years. It is five years to the day of your application being submitted, and Medicaid is looking to see if you have had assets in the past that could have helped to pay for your assisted living expenses. It is important to remember that the five (5) year look back does not mean you have to wait five (5) years for Medicaid to help paying.
The formulas Medicaid uses are complicated, but if you have transferred any large amount of assets against the rules of Medicaid then your application will be delayed. For example, if you transferred $40,000.00 in assets to your children a year ago and the average cost of assisted living in your area is $4,000.00, then Medicaid could decide to delay approval of your application by 10 months. The look-back rules are extremely complicated, which is why you need an elder law professional helping you with your application.
The Mattar Firm has years of experience in handling the Medicaid application process. If you want to start the process earlier in life, then our non-crisis Medicaid planning services would be ideal for you. If you are on the verge of needing to transition to assisted living soon, then you would benefit from our crisis Medicaid planning services. Contact The Mattar Firm today and let our Medicaid lawyers help you navigate the complicated Medicaid application process.