When it comes to filing an application for Medicaid, the process can be quite daunting. Hiring a professional at Bellomo & Associates can relieve the pressure on everyone.
To qualify for Medicaid, you must be determined both medically and financially qualified. To be medically qualified, you must be assessed by the County Area Agency on Aging and the family or Nursing Home physician. Becoming financially qualified is the tricky part. For Community Based Services your monthly income cannot exceed the yearly income limit established by Pennsylvania. For skilled Nursing Home Care your income needs to be below the Cost of Care for that facility. In addition, you must provide statements for the previous five years for all accounts, verify all transactions over $500, and document all closed accounts.
How can we help preserve excess assets if you sell the home or car, or even if you transferred or gifted assets? This is done by a process that follows the rules for Medicaid qualification. We will review the financials and determine what can be done to get Medicaid approval.
A single person can have one house, one car, and up to $2,400*, or possibly as much as $8,000* depending upon their income, in all accounts. If you have resources within those limits but have transferred assets for less than Fair Market Value or given a gift over $500, you will not qualify. You are penalized and must pay privately during this period. We can help determine the penalty period and establish how the payments to the skilled nursing care will be paid.
A married couple can have one house, one car, and assets are divided in half with the maximum protected at $130,380* for the Community Spouse, this is the Resource Allowance. As of 2021 the Community Spouse’s retirement accounts are exempt from the Resource Allowance calculation. If you file for Medicaid and have assets over the established Resource Allowance, you will be denied Medicaid, and will need to spend the excess over that amount, then refile. Most likely the excess will be paid to the Nursing Home or private care. This is another time way Bellomo & Associates can help protect assets and assist in obtaining financial eligibility for Medicaid.
Bellomo & Associates can potentially assist in qualify a single person that has excess assets, has previously made gifts and perhaps even leave a legacy for their beneficiaries. We can also protect the excess assets for the Community Spouse so that the Community Spouse can maintain the same lifestyle and the family legacy. Requesting help from the team at Bellomo & Associates will ease the process and help preserve what you worked so hard to earn.
If you are interested in learning more about Medicaid crisis planning, please call our office at 717-845-5390, or click the link here to RSVP to our upcoming workshop to learn more about it.