COVID-19 Update : We hope everyone is staying safe and healthy. We have limited staff in the office for the mandated real estate closings, and staff working from home to complete all your legal needs. We are now setup for outdoor (under cover) social distance Will signings, Power of Attorneys and Health Care Proxies. You can contact Robert Gurbacki at
716-652-0828 Ext. 304 or email at [email protected]. Of course, we would have rather personal meetings with our clients, but until we can do it safely, everything will be done remotely and at a safe social distance for necessary signatures. No contact will be made. Thank you for your support and understanding.

What do my parents need to think about to qualify for Medicaid?

| Mar 20, 2020 | Medicaid Planning |

It is no secret that medical care is expensive. For seniors, it is a huge expense that many cannot afford. While they will have Medicare coverage that will provide some assistance with medical costs, it often does not offer enough coverage to make all care affordable. The Medicaid program offers an option for extensive assistance with medical costs but only for those who meet financial limits. This limitation often creates issues for seniors who have assets in their names. It could leave you scrambling to try to qualify your parents for the program. 

According to The CPA Journal, Medicaid will examine your parents’ assets, looking at all non-exempt assets. Luckily, there is a certain amount of assets they can have, such as a vehicle and their personal property, that do not count against them. 

Selling off or transferring assets 

If your parents are over the income limit for Medicaid, they may be able to sell or transfer assets to lower their overall holdings. However, Medicaid can look back over the past 60 months to see what assets your parents did have. It will review any sales or transfers. In some cases, the property they sold will still count towards their assets Medicaid will use to qualify them. 

Medicaid planning 

It is important as you prepare for the long-term care of your parents that you understand the Medicaid rules. If your parents own substantial assets, it is often a good idea to seek some assistance in planning their Medicaid application. Getting help can make it easier to avoid a loss of assets while also ensuring that they can meet the eligibility requirements and get the healthcare coverage they need. 

FindLaw Network