The look back period?
Updated: Sep 13, 2019
The look back period.
You may have heard this statement before especially if you have inquired about applying for Mediciad. Basically any transfers of assets for less than fair market value for the 3-5 years prior to obtaining Medicaid are subject to possible penalty period.
One of the most common problems I run into when talking with my Medicaid applicants is that they have no idea what their elderly parent or relative spends their money on. Have they been giving their money away knowingly or unknowingly to friends, family members, scammers? Are they upset that they worked hard for this money and now they may possibly have to give it all to the state? Maybe they have tried to hide money by giving it to one particular person that refuses to use it to moms benefit.
Maybe you think they could have given money away, does this mean they shouldn't apply for Medicaid? Will they get caught? Can they get in trouble? These are all valid questions that can be easily answered by a Medicaid consultant. There are plenty of reasons why doing some inventory on moms spending habits well before needing Medicaid services would be beneficial, but this is not always possible. Some elderly parents are very private and refuse to share their financial information with their children. Then it is up to the person helping to apply for Medicaid to piece together a financial history which can be very exhausting and worrisome especially if their is a lot of activity in the bank accounts.
Hiring a Medicaid Consultant to help answer questions and take the worry away of what to expect when applying for Medicaid can relieve a lot of unnecessary stress from families. Call or email MedicaidXPress today to inquire about our application services. Do you need more help understanding the look back period?