Top Ten Myths of Medicaid Planning
- If you own a home, you are automatically ineligible for Medicaid benefits.
- There is no way to expedite the turnaround time of a Medicaid application.
- Filing a Medicaid application is a standard procedure, and does not need to be customized for the individual.
- Medicaid planning is only necessary for individuals without private health insurance or Medicare.
- A joint account is not considered a countable asset for Medicaid purposes.
- Medicaid planning is only applicable if one plans to be placed in a nursing home.
- Medicaid services can never be obtained immediately, and most often require a five-year wait.
- An IRS tax-free gift is not taken into consideration for Medicaid purposes.
- Young people need not concern themselves with Medicaid planning until they are ready to apply.
- An IRA is a countable asset for Medicaid benefits.
Find out why all of these common misconceptions are not true, and get the latest, most accurate information, inside the pages of SeniorCare’s web site.