Yes. Proven Senior Solutions, Inc. works with Elder Law Attorneys to utilize the current laws in your state that allow individuals to protect their assets while meeting Medicaid eligibility criteria.
Yes. Medicaid is the largest payer of long term care costs. Patients receiving Medicaid benefits receive the same quality of care as those paying privately or with commercial long term care insurance policies.
No. There are many ways to preserve your assets and qualify for Medicaid benefits to assist with long term care costs. If you have more than the allowable assets ($2,000/individual), you will need to work with a qualified professional to determine the best way to preserve your assets while working within the legal guidelines and laws.
No. Medicaid will not take any of your income. Your income will still be deposited in your account. If you do not have a spouse, you will pay your monthly income minus $130 (Personal Needs Allowance) to the facility as your share of cost. Medicaid will pay the rest of the charges. If you have a spouse living in the community, your spouse may be entitled to some of your income and you will pay less to the facility.
No. Your home is an exempt asset.
No. There is a 5 year lookback period for ALL gifts or transfers. The IRS allows $15,000 gift tax free. Medicaid does not allow gifts or transfers of any kind or amount.
There are legal options available to you to allow for the past gifts/transfers you have already made. It is advisable to talk to a qualified professional and disclose all transfers so that you can obtain the correct information on the best way to handle the transfers and still meet Medicaid eligibility requirements.
Once an application is submitted to the Department of Children and Families, it typically takes 30-60 days for approval. Approval times vary depending on the complexity of the case and the volume of cases that DCF is working on at any given time. Proven Senior Solutions, Inc. monitors our cases daily so that if any additional information is needed for a case after it is submitted, it is provided in a timely manner so that the case can be approved as soon as possible.
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