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I want to talk to you about two important planning opportunities if you have a family member or loved one who will be having a short term rehabilitation stay in a skilled nursing facility. So, this presents two important planning opportunities during the stay.
1) One option is to establish eligibility for Medicaid while they are in the nursing home and then upon your loved one's return to their home you can transition those benefits with them which will add services in the home, giving them a better chance in being able to stay at home for a longer period of time. This is referred to as Medicaid Transition and it's important because you have this unfettered access or ability to apply for Medicaid while they're in the nursing home that they don't have when they're in the community. In the community they would be facing long waiting lists.
2) The second option is a gifting strategy. So, under this strategy, your loved one would divest themselves of their assets and then make an application for Medicaid. What would result would be a period of ineligibility for Medicaid but that period of ineligibility continues even after they return home. So, this can result in transferring assets in a manner that doesn't result in any serious financial penalty.
At Walt Shurden Law we have all kind of strategies to help you apply and plan for Medicaid eligibility. If we can assist you, please call our office.
