Submitted by: Application Pros, Goldie Riabiat
Many times, the word Medicaid conveys feelings of trepidation or indifference which could potentially lead those who require benefits right into the pitfalls of this program. While there are many different programs under Medicaid, ultimately, they all require the applicant meet the financial regulations set by the state. Just understanding what the rules and regulations are will allow for a smoother transition should these benefits be needed.
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What’s really most important to keep in mind is that Medicaid requires a 5-year lookback into all financials. So when someone applies today-Medicaid is looking back at the 5 years prior to verify that the applicant’s funds were spent appropriately. And while the IRS has allowances for gifting, Medicaid does not. 5 years is a long time to remember what happened and 5 years ago is too late to fix any “mistakes”. The only way to avoid any future problems is to be aware and plan accordingly.
Today there are so many options available for our elders. We have home care services, independent living communities, assisted living communities, as well as rehab and long-term care facilities. Whichever services are best for the wellbeing of our elders they can take advantage of them. However, this doesn’t come without a cost and while most can afford to cover the cost of care for a time many cannot afford this indefinitely; Medicaid is there to cover the cost of services so that they may be cared for in a dignified respectful way. When 5 years ago the applicant and/or the family did not want to hear the word Medicaid, today it’s an inevitability.
Another daunting thought is when only a spouse requires care and the healthy one is not only worried about his/her health in providing the extra care and attention but also the financial strain this will put on them. While Medicaid is a taxpayer program and the government does want to ensure they are only paying for those that are entitled to it, they do understand that one spouse can require a level of care that can impoverish the other spouse and there are regulations in place to protect this from happening.
Medicaid should not be synonymous with the inability to provide, to take care of your own, to relinquish your rights. Medicaid is there to protect the well-being of our loved ones. When someone finds themselves in a situation where the cost of care is exceeding their income and they have to delve into savings or come onto other family members the time is ripe to apply for Medicaid benefits. You deserve the best possible care and if you cannot afford it and you qualify-Medicaid will cover these costs.
The importance of understanding the Medicaid application process cannot be underscored enough. A simple oversight can result in delayed benefits or worse-loss of benefits. Medicaid case workers can ask for verification of any item and failure to provide timely can result in a denial of the much needed and deserved benefits.
Application Pros is a family-owned and operated business. Let us assist you through this daunting process to get it done right!