2. Gift or Give Away Assets
Simply transfer ownership by gifting or giving away your assets is regarded as a violation of Medicaid rules since the assets you have transferred could have been used for your long-term care costs. Instead, there are a variety of different spend-down options you could utilize to decrease your assets including home and car maintenance, funeral trust or annuity purchase and debts payments, etc.
- Medicaid Fraud
Medicaid fraud could include failing to reveal all the resources of your assets/incomes and intentionally providing false information to mislead Medicaid caseworkers. Headache problems would arise during the investigation if you have missing or improper documentation. People who are involved in a Medicaid fraud could be denied Medicaid coverage or even face prison sentences. Therefore, keep clear and detailed records of all your assets and income is crucial for Medicaid application.
- Failing to Find an Adequate Attorney
Medicaid application requires advance planning under the professional guidance of an attorney who specializes in elder law and estate planning. Unlike general practice lawyers, well-trained elder law attorneys have years of Medicaid practice and know how to protect your asset from Medicaid spend-down. Additionally, finding an adequate attorney could increase the chances of Medicaid enrollment and reduce the waiting time to receiving the coverage. It is recommended to hire a Medicaid attorney for assistance with complex legal documents, and it would turn out to be cost-effective in the long run.