The Listen to Lawrence Letter: When all your funds are depleted

January 24, 2025
January 21, 2025 • Volume 6 Issue 315
CLIENT QUESTION:

Good morning –

 

Attended one of your seminars and it was most interesting and informative.

 

My question – Say you are residing in either an assisted living arrangement or in a community like Jefferson Ferry or Beach House – when ALL your funds available are depleted, except Social Security, does Medicaid automatically assume responsibility for payments thereof and is there still a backlog of 5 years in force and does Medicaid take your Social Security as “payment”?

 

Thank you and a happy and healthy New Year to you and your family and staff!

MY RESPONSE:

The bottom line is that if you have no money because you spent it all, and then you need a nursing home, Medicaid will pay for your nursing home but you must first spend all of your income (except $50) on the nursing home before they will pay.

However, Medicaid is not automatic. You have to apply for it and prove that no transfers were made within the last 5 years. This is like a full-blown IRS audit. Among other things, our law firm is a Medicaid application law firm, so, please allow us to prepare your application for you.

I hope this helps!

Please forward this information to your friends and relatives to share these informative answers to some very commonly asked questions.

 

And, if anyone you know would like to receive this

Listen to Lawrence Letter, just have them email me at

info@davidowlaw.com and I’ll add them to the list!

 

As always, please send me your questions. If you are thinking about it, others are probably too, so my answers will no doubt help you and many others.

Let’s stay connected.

Stay safe!