The Information For Your Queries About Medicaid
Figuring out what you need to know about Medicaid can be overwhelming. At Vincent & Romeo, LLC, our elder law attorneys can help you navigate Medicaid and many other issues, including asset protection. On this page, we have responded to some of the questions about Medicaid that we frequently hear from our clients.
How long does it take to be approved?
In Colorado, as in every state, the Medicaid agency has a deadline of 45 days in which to approve or deny your application. The deadline extends to 90 days if the agency needs to make a disability determination.
What options are available to protect my assets?
You have several strategies you can use to protect your assets without spending them down. Two of the most important include:
- Asset protection trusts: Five years before applying for Medicaid, you open this type of trust to meet the eligibility requirements while preserving assets.
- Pooled income trusts: You name a nonprofit organization as the trust administrator and receive distributions to pay for your expenses.
The key is to begin your Medicaid planning strategy early by consulting a knowledgeable long-term care planning lawyer.
How does a special needs trust affect Medicaid eligibility?
A special needs trust restricts your access to the funds in the trust. This way, they do not count toward your assets, allowing you to meet the eligibility requirements to receive Medicaid benefits.
What can I do to still support my children through the way of gifts or giving them my home?
You can give assets and gifts – including the house – to your children as long as you do so at least five years before you apply for Medicaid. Under the Medicaid Lookback Rule, if you dissipate assets before the five-year lookback period, you may have to pay a fine and wait longer to apply for Medicaid again.
Get In Touch With Us For More Answers
This all may seem complicated, but you do not have to figure out Medicaid on your own – Vincent & Romeo, LLC, can assist you. Contact us today. To learn more, please schedule an initial consultation. You can call us at 303-500-5859 in Englewood or 303-720-7260 in Boulder County or send us an email.
