1. Thinking that it is too late to plan.
It's almost never too
late to take planning steps. A family
can still plan even after a loved one has moved to a nursing home.
2. Applying for Medicaid too early.
This can result in a longer period of ineligibility in some instances.
3. Applying for Medicaid too late.
This can result in the loss of many months of eligibility and
additional out-of-pocket costs that can easily reach tens of thousands
of dollars. Such a disaster could have otherwise been avoided
with careful planning.
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4. Not getting expert help.
Medicaid eligibility is an extremely complicated field that most
people deal with only once in their lives. Tens of thousands
of dollars or more, hidden dangers, and unintended consequences
are at stake for the ill informed. It's penny wise and pound
foolish not to consult with an elder law attorney to seek guidance
through the Medicaid maze.
5. Failing to recognize the protections afforded the spouse of
a nursing home resident.
These protections may include, for example, purchasing a qualified
immediate annuity, petitioning for an increased community spouse
resource allowance, investing in upkeep of the house, and keeping
the maximum amount of assets allowed.
6. Ignoring important safe harbors created by Congress.
Certain transfers are allowable without jeopardizing Medicaid
eligibility. Such transfers include: transfers to disabled children,
caretaker children, and certain siblings.
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Their
experience in elder law made all the difference.