Avoid Nursing Home Impoverishment

Avoid these big money mistakes when a parent or spouse needs nursing home care

If your loved one is in a nursing home or soon will be, the thought of paying $6,000 per month or more can be utterly terrifying.  Many folks find their life savings drained in a matter of months.  That’s where the Medicaid program can help.

The Medicaid rules are just as complicated as the tax laws – and few advisors know the Medicaid rules. When you send in your tax return, does the IRS call you on the phone and say, “Hello, I was looking over your return and I noticed that you could have saved money by taking a deduction.” Of course not! Only a tax expert knows how to keep your taxes as low as possible, because we all know the tax rules are filled with both potholes and pots of gold.

Similarly when applying for Medicaid nursing home benefits, get expert help to avoid those Medicaid potholes, so you can keep more gold.

Don’t make these BIG MONEY Medicaid mistakes! Learn what smart families know. Here’s how to avoid some common traps that cause big money losses.

BIG MONEY MISTAKE NUMBER ONE: If you have a house and/or other assets, don’t let a nursing home social worker or the County Medicaid department complete your Medicaid application. Those who need Medicaid are at the mercy of the State government. Too often families who apply without knowing the pitfalls lose out. They learn that when you don’t know the rules AND you quickly fill out a Medicaid application, then you’ll likely spend most of your money before you ever qualify for Medicaid benefits.

BIG MONEY MISTAKE NUMBER TWO: Don’t follow advice from the wrong people. Lots of people will give you “free” Medicaid advice. But ask those folks, “How many Medicaid applications have you ever completed?” The answer is usually… ZERO!

That’s right, often people giving money-wasting Medicaid advice include well-meaning but mis-informed lawyers, accountants, nursing home staff, and even some Medicaid case workers themselves. But the hidden truth is this: A good certified elder law attorney has learned the state, federal, and even the county rules governing Medicaid. You’ll find that in this area, you should expect to save money with the right help, not cost you.

BIG MONEY MISTAKE NUMBER 3: Dealing with the State can be frightening and intimidating. The right elder law attorney can take that worry away from you and make your life better today. He or she will know the rules and the right answers for YOUR peace of mind. Let your elder law attorney deal with the State so you don’t have to. There are honest, legal and ethical ways to make sure that your loved one doesn’t die broke in a nursing home. Getting the right help is the best place to start.