* As soon as you become aware that your loved one is going to require long-term care (i.e., the length of stay is anticipated to be longer than the insurance will cover) or permanent placement in a skilled nursing facility, you should consider contacting an attorney that specializes in elder law for advice and guidance. Bring a trusted family member or friend with you to also be attentive to the advice given. While laws vary from state to state, your loved one will likely require Medicaid assistance when insurance coverage is exceeded and it is imperative that certain steps are taken at specific times.
* Do not make any major financial changes before the individual is actually admitted to a facility. A “snapshot” of the person’s financial status is taken at time of admission to the facility and all judgments are made based on that. Do not give large amounts of money to children and grandchildren from individually or jointly held accounts. Do not begin to “spend-down” individually or jointly held monies to reduce balances. Money is considered a countable asset. The term, “spend-down” refers to the process of spending monies to pay for expenses but not necessarily medical care or facility costs. Items that may be purchased are those that will be needed in the future- home repairs, a vehicle, funeral expenses- you didn’t waste your asset, you converted it. Taking these actions prematurely could adversely impact you and your loved one’s financial well-being, as well as other family members. The legal advice you receive may be included in the spend-down expenses.
* Do not agree to have payments for facility care paid directly to the facility; if at some point in the future you would choose to or need to have your loved one relocated to another facility, you could encounter real problems trying to transfer payments from the existing facility to the new one.
* Read all paperwork before signing anything.
* If you are a family caregiver residing with the individual needing care, there are certain family caregiver/ personal care agreements that you may want to consider having in place to protect your future interests. These agreements may also assist you in obtaining reimbursements for caregiving, especially for individuals with VA (Veterans Administration) benefits. For more information, contact your region’s VA for benefits your loved one may be eligible to receive. These benefits are different from the VA health benefits they may already be receiving. You can call 1-800-827-1000 or at www.va.gov for further advice.
If your church, community group, or other local resources offer elder law seminars, I encourage you to attend. What you don’t know can definitely make a difference in the your well-being and that of your elderly loved one.
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