Planning In Advance To Qualify For Medicaid
In years past, one could qualify for Medicaid by simply transferring assets to family members and loved ones and waiting a relatively short period of time. Federal legislation enacted in 2006 makes this more difficult. It is still possible to qualify for Medicaid by disbursing assets, but unless it is done properly and in accordance with the law, the elderly person could face costly financial penalties.
The Manna Helmy Law Group is an experienced Medicaid planning and elder law firm. Our Ridgewood Medicaid planning lawyers understand the law and how to use it to qualify for Medicaid while retaining assets or transferring them legally to family members.
Looking Back, And Looking Forward
Federal law subjects asset transfers prior to application for Medicaid to a five-year look-back period for all transfers made on or after February 8, 2006. In other words, if you transfer assets on or after February 8, 2006, you will be ineligible for Medicaid for a period of time for the next five years. There are significant exceptions to this general rule, and properly structured transfers can reduce or eliminate this ineligibility period and significantly reduce financial penalties.
Using these provisions in the law may provide a means to get around these penalties. Our attorneys understand these provisions. In most cases, we usually devise a strategy to qualify for Medicaid while legally transferring assets to another family member. Your loved one gets the Medicaid he or she needs, and the relatives can receive a portion of those assets. If the person seeking Medicaid is married, it works even better — in many cases married couples can save significantly more assets than a single person.
Experienced Medicaid Planning Attorneys
The Manna Helmy Law Group has helped hundreds of New Jersey and New York residents plan for Medicaid and transfer assets legally to family members and loved ones.
With our help, your loved one can get the medical care he or she needs — without large financial penalties. As we guide you through your Medicaid planning needs, we can also answer your questions along the way, including:
How do I qualify for Medicaid?
To qualify for Medicaid in New Jersey, you must meet specific income and asset limits based on household size and the Federal Poverty Level. You also need to be a resident of New Jersey and a U.S. citizen or qualified noncitizen. It’s essential to apply through the state’s Medicaid program and provide documentation of your financial status, as well as any other required information.
What happens if my Medicaid application is rejected?
The road to Medicaid does not end with a rejected application. You have the right to appeal your rejection, and we can help you through that appeal. We can review the reasons for it, gather more evidence to support your position and pursue the outcome you deserve.
When should I apply/reapply for Medicaid?
The best time to apply for Medicaid is the moment you believe that you will need long-term care, either now or in the near future. The application process can take months or longer to get approval for this benefit, so it is important not to waste any time in starting the application process.
Get Assistance With Your Transferring Asset Needs
We will thoroughly review your situation to determine your Medicaid qualification options. Contact our Ridgewood Medicaid planning attorneys online or call 201-345-3018 to schedule a free initial consultation to discuss your situation. We represent clients throughout New Jersey and New York.