Top Ten Myths of Medicaid Planning

1. If you own a home, you are automatically ineligible for Medicaid benefits.
   
   
2. There is no way to expedite the turnaround time of a Medicaid application.
   
   
3. Filing a Medicaid application is a standard procedure, and does not need to be customized for the individual.
   
   
4. Medicaid planning is only necessary for individuals without private health insurance or Medicare.
   
   
5. A joint account is not considered a countable asset for Medicaid purposes.
   
   
6. Medicaid planning is only applicable if one plans to be placed in a nursing home.
   
   
7. Medicaid services can never be obtained immediately, and most often require a five-year wait.
   
   
8. An IRS tax-free gift is not taken into consideration for Medicaid purposes.
   
   
9. Young people need not concern themselves with Medicaid planning until they are ready to apply.
   
   
10. An IRA is a countable asset for Medicaid benefits.
    
    

Find out why all of these common misconceptions are not true, and get the latest, most accurate information, inside the pages of SeniorCare's web site.