“The Truth About Federal Law Requiring States to Seek Reimbursement From Assets of Long Term Care Medicaid Benefit Recipients”
Did you know that federal law requires states to seek reimbursement from the assets, usually the home, of people who died after receiving benefits for long-term care? This means that if you or a loved one received long-term care benefits and then passed away, the state may come after your assets to recoup those costs.
This can come as a shock to many families who were not aware of this law. It’s important to understand the implications of accepting long-term care benefits and what it could mean for your estate after you pass away.While it’s important to plan for long-term care needs, it’s also crucial to be aware of the potential consequences of accepting benefits and how it could impact your assets later on. Make sure to speak with a legal professional to fully understand your rights and options when it comes to long-term care benefits and asset reimbursement. You may have never heard of it but You Must Be Aware of the Look-Back Period
This means that if you spent, gave away, or funded a trust with the bulk of your assets for the purpose of qualifying for Medicaid in the last five years, that money will be counted in your assets, and you will not qualify for Medicaid when you need it most. Make sure to subscribe to our channel for more informative content on important legal matters like this one.
