Many Coral Springs area seniors understand the importance of long-term care planning. Most seniors will need some sort of supportive care during their lifetime. Whether it be in home care, assisted living, or a nursing home, all of these care options can be expensive. Medicaid can help pay for these important services but qualifying for Medicaid can be tricky. Because of the asset limit for Medicaid, it is important for seniors to understand the look-back period.
Medicaid look-back period
In order for a senior to qualify for Medicaid they need to fall into the strict income guidelines. There is a look-back period for Medicaid in order to prevent applicants from giving away assets or selling them in order to qualify for Medicaid. In Florida, the look-back period is 60 months. That means that Medicaid will review financial transactions during that time period. If an applicant is found to have broken that rule they will face a penalty period of ineligibility for Medicaid.
Medicaid planning attorney
Seniors who have questions regarding Medicaid planning may want to contact an attorney who specializes in Medicaid. An attorney understands how important it is for their client to qualify for Medicaid as costs for supportive care can be astronomical. A person’s life savings can disappear in months and with skilled legal guidance a senior can protect their assets while maintaining eligibility for Medicaid.
It is important for seniors to understand how Medicaid works and how it can help them pay for a number of their needs. An attorney can help a senior understand their benefits in which they are entitled.