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.

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