What is the Medicaid 5-Year Look-Back?
If you have ever looked into the cost of skilled nursing care for yourself or someone you love, you have probably been shocked by the cost. In the Findlay, Ohio area, Long-Term Care costs can range from $5,500- $10,000 per month. Needless to say, few people can manage this expense with their limited income and assets. Medicaid benefits are available to help pay for the cost of Long-Term Care. So what is the deal with the 5 Year Look-Back?
When a person applies for Medicaid benefits, the Medicaid Caseworker will need to see financial statements for the past 5 years. These include bank statements, investment accounts, insurance policies, etc. If the applicant has given away anything in that 5 year period before the application, Medicaid will access a penalty for the value of that gift. Even if you qualify today according to Medicaid guidelines, you will not receive benefits right away if you have given assets away in the past 5 years.
So if you or someone you love will need Long-Term Care in the near future, what can you do about past gifting? Does past gifting mean you won't qualify for Medicaid?
Good News! With the help of an Elder Law Attorney who focuses on Medicaid Planning, an applicant can create a legal plan that will help them qualify for Medicaid now, save a percentage of their remaining money and account for their previous gifts.
It is never too late for Medicaid Planning. Even if someone you love is currently in a Nursing Facility, a Medicaid Plan can still save them money. Contact my office today and speak with Beth to schedule a Medicaid Consultation. I can walk you through the process and take the burden off your shoulders.