If you are “spending down” your assets to qualify for nursing home Medicaid, you should hire us to do it for you. I’ll give you five reasons that you will find quite fair and objective. We’ll save you the stress, aggravation and hassle of dealing with the Medicaid department. More than that, the bottom line is we save you time and money. After all when you are paying a nursing home over $8,000 per month or $2,000 a week, time is money!
1. Don’t do it yourself. Medicaid is a very complicated process. It begins with a “Medicaid certified bed” in a nursing home. Without that bed certification Medicaid will not pay. It proceeds to “spend down.” That raises the questions of what can you spend the money on and what can you do with “excess assets.” It takes a long time to learn about it, put it all together to execute the plan and then get the documentation for the application. Most likely you will miss something. The rule at the Medicaid office is that the first application is denied (after months of it sitting in the office). Time is money. You are paying $8,000 per month and you don’t have time or money to waste.
Think about that. How long would it take to find out what options you had in spend down and then to complete the spending? In our experience it often takes two to three months. It’s easy for 12 weeks to slip by and that is $24,000 in nursing home bills.
So here’s a tip: When you are interviewing an attorney or other to hire to help with the application, ask them how soon can get this application in? We can get eligibility in weeks.
2. The second reason is related to the first. The fact that Medicaid is complicated means that the application complicated as well. The worker must be very demanding of the applicant. That means a) the worker will be very detailed in demanding proof and documentation, and b) if the application is not complete and done right, it will be denied. The workers do not have time to wait until an applicant gets everything right. And, they don’t have time to teach applicants how to complete the application. In other words “they didn’t tell me that” is no defense.
3. The third reason is also a variation of the first. Medicaid has loopholes that work for you and against you. How many seniors have somebody do their taxes? Almost all. Why do they? It’s because they want it done right, filed on time and they want to be sure to get all their deductions. A Medicaid application is much more complicated. Allow me to give one example. Most people think of assets as money in the bank and they are right. But for Medicaid there is more. Many do not think of life insurance as a cash asset. If an applicant has an insurance policy that is not documented with the application, the application will be denied.
Life insurance may be a “countable asset” for Medicaid and it may not. Term life, of any value, is not an asset because it has no present cash value. Of course, that must be proven. Whole life insurance is an asset to the extent of the cash value of the policy. But, life insurance is exempted if the face value is $1,500 or less, regardless of cash value. That loophole may work for you and against you. You must not only disclose the policy, but disclose the cash value by a statement from the insurance company. The Medicaid worker will not take your word for it. You must get a letter from the company and that may take weeks to get. A Medicaid worker need not wait weeks for you to get the letter. The rules say they need only give you 10 days to get the statement. If it is not in: application denied.
4. The fourth is a variation of the third. Knowing Medicaid’s loopholes can save you thousands of dollars in spend down. When we speak of Medicaid’s loopholes we usually refer to those that save applicants tens of thousands of dollars for their families. I’ve said and written many times that a spouse of the applicant can save everything and when there is no spouse we can save 75% or more of all savings.
5. All of the above urges you to get help with your Medicaid application. But why choose us? In a nutshell we are the fastest, most knowledgeable there is. Nobody knows the loopholes better or can get an application in faster than us. Where some lawyers take months we take weeks. And, our applications are done right the first time. We have been doing Medicaid applications for over 20 years. We have done hundreds. I keep up on the latest developments in Medicaid. And on top of all that we’re nice people. Really! Just give us a call and find out. Hint: 248-356-3500.
Till the next time friends,