Medicaid Benefits |Do My Parents Have Too Much Money for Medicaid?
Medicaid Benefits | Today it is common for grown children with elderly parents to step in and assist Mom and Dad with their everyday lives. Many times this happens because the aging parents are getting forgetful or unable to keep up with things. Eventually the time comes when one or both has healthcare costs that become significant. Now you need help to help them.
Where to Begin?
Medicaid is one of the first options that comes to mind, but you know that there are rules and eligibility requirements. You read on the Internet. You talk to friends. You talk to doctors or social workers or facility administrators. They talk about asset limits, income limits and lookback periods. They tell you a variety of things until it becomes hard to know which information is right. One of the most common points of confusion regarding Medicaid is what the asset limit is.
It is important to know that within the Medicaid world, there is more than one type of program. While Mom and Dad might not qualify for one, they could be good candidates for another. Also, most people don’t know enough about the Medicaid rules and processes to understand that there are ways to become eligible even though at first glance it appears to be a lost cause.
How could you know, or come to learn, all these scenarios?
Getting help from an attorney experienced in this area is the best and quickest way to explore all of your parents’ options. General advice is what you’ll find from all those sources mentioned earlier. None of them is immersed in Medicaid the way an elder law attorney is. Every situation is different, therefore the number of options available to each person will be different. An attorney who assists people every day in Medicaid asset protection and planning will be the most efficient pathfinder to suit your needs. For example, did you know there are ways to navigate Medicaid’s lookback period?
Don’t give up on the idea of receiving Medicaid benefits until you look at all of the options, including hiring an experienced elder law attorney. At Mortellaro Law, the initial consultation is free, so it costs you nothing more than one hour of your time. The benefit could be worth thousands of dollars to your family going forward with financial assistance for your parents’ healthcare.