Medicaid Benefits | Elder financial abuse occurs when someone knowingly or willfully takes advantage of an older adult for personal monetary gain. Sadly, family members, caretakers, and healthcare providers are typically the ones committing financial abuse most often. Financial exploitation can devastate low-income older adults, who rely on Medicaid for their health and long-term care
Not only does it harm the victim financially, but the consequences can lead to the denial of much-needed Medicaid benefits. Here are several ways that financial abuse can create stress for a Medicaid applicant or recipient:
General Denial: The Medicaid program requires the beneficiary to provide specific supporting documentation to prove their eligibility. If the beneficiary’s “advocate” provides misleading or inaccurate records, the Medicaid benefits can be denied or stopped.
Gifting Penalties: If someone is giving away the beneficiary’s assets or does not receive fair market value for them, Medicaid administrators can deny benefits or impose a penalty period. Under Medicaid law, if you transfer certain assets within five years before applying for Medicaid, you will be ineligible for a period of time. This is called a transfer penalty. Any amount of money that you gift may come under scrutiny when reviewing your qualifications for Medicaid Benefits. Even small transfers can affect eligibility. So be watchful if someone is “gifting” away your money, property or other.
Contact Mortellaro Law to Start the Medicaid Benefit Process Today
The Medicaid qualification process is complex. You’re busy providing the care your loved one needs at this crucial time. You don’t need the stress of filing government paperwork you don’t understand. Turn the Medicaid qualifying process over to us. We’ll find the right ways to protect your home, bank accounts, investment accounts, retirement accounts, additional properties and business interests. To date, our firm has protected more than $190 million in assets for our clients.
Financial exploitation should not happen to our most vulnerable family members. Contact Mortellaro Law to speak with an elder law attorney and learn how to avoid pitfalls in the Medicaid benefits world. Call 813-367-1500 to set up a free, no-obligation consultation.
