There are many elderly people in the Coral Springs area who are interested in Medicaid planning. Almost everyone will need additional care when they get older, such as home care, assisted living, or nursing home care. But these services can be extremely expensive and planning ahead for this time can be important.
Many people haven’t heard about the Medicaid look-back period but it is a key concept for Medicaid and becomes relevant when a person wants to assess their long-term care and how they are going to pay for it.
What is the look-back period?
The Medicaid look-back period is part of the U.S. Social Security Code where Medicaid qualifications are discussed. Medicaid provides financial benefits for elderly adults when their assets fall below a specific amount. When an elderly person applies for
Medicaid, there is a look back period of 5 years where the Department of Children and Families in Florida reviews the applicants assets and resources. If the analysis determines that the applicant dumped a bunch of their assets in the last five years they are subject to penalties.
What assets violate Medicaid guidelines?
The person who analyzes a Medicaid application will look for the following:
- Gifts given by the applicant to someone else including cash, personal property, and real estate.
- Property sold for less than its fair market value.
- Property that was transferred to another owner.
A legal professional who is skilled in Medicaid planning understands how Medicaid works and can help their client plan for the inevitable. An attorney can advise their client using government-approved strategies to qualify for Medicaid and answer any questions their client may have.