What seems like a minor mistake in the application process can turn out to be a big issue down the road. Partnering with a New Jersey Medicaid planning attorney early on gives you the best possible opportunity to protect your interests.
Mistake #1: Assuming that Medicare Will Pay for Your Bills
Medicare does not cover the vast majority of long term care expenses, meaning that your personal savings can be decimated quickly or your spouse is forced to sell assets to pay for the necessary health care. Without the proper planning you could be exposed to risks.
Mistake #2: Thinking that It’s Too Late to Do Any Planning
It is always beneficial to do planning well in advance but you should still consult with an experienced Medicaid lawyer if a loved one has recently entered a facility or is on the cusp of doing so. There may still be legal planning opportunities available to you.
Mistake #3: Gifting Assets Too Early or Too Late
Don’t risk your financial security by transferring everything else to your children. This can also cause difficult health care, tax and Medicaid eligibility issues. Make sure that you have an awareness of the five year lookback and penalty period before obtaining public benefits eligibility. Proper planning can help you avoid the vast majority of these problems and put you in a good position to be able to leverage New Jersey Medicaid benefits as soon as possible.