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Lane
Lane, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 3716
Experience:  Providing Financial & Tax advice since 1986
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Hello. We are applying for Medicaide for my mom going into

Resolved Question:

Hello. We are applying for Medicaide for my mom going into long term care nursing. We borrowed some of her funds last year for a plumbing emergency at our home, and are currently paying it back. IF this should be a "red flag" and we make arrangements (via a personal loan) to pay it back sooner, how long will it take for the application to be approved.
Submitted: 9 months ago.
Category: Finance
Expert:  Lane replied 9 months ago.

Lane :

Has the field office (whoever administers medicaid in your state) said that you need to do this seeing it a transfer?

Lane :

Or are you simply worried about it, as you are filling out the forms. What you might consider doing is making sure there is a legitimate loan document in placs and show this as part of her income ... IT a longer repayment plan still keeps her below the income limits, then youve done everything legitimately

Customer:

Technically we are just worried....I have documentation for what the $ was used for, however, it was not used for her exclusively. Her total income (social + small annunity) keeps her at just above the $2200 limit allowing her to keep only $2500. How can I be sure that it will "flag" ? If NOT, then I don't want to persue a personal loan.

Lane :

The way to do it, again is to have the loan be a real, document-able loan ... get a promissory note (you can find many on-line) and set up the payments so that the income coming back to her keeps the income under the line ... The best way to be sure (because every state and county is different) is to call ... services and ask the question (and ask them to point you to the documentation for it) .... Is an actual loan from the parent made because of a real issue, that/'s being paid, with the income being reported going to be considered available for Medicaid purposes .. and do that "for a friend."

Lane :

The answer to your question about being approved really has to do with what type of loan, etc (If you have equity, so that you could do it as a home equity loan or line, then that can go very quickly

Customer:

I'm not worried about "getting" the personal loan, I AM worried about the time it would take for APPROVAL for Medicaid once there is a flag issue.......so just wait and see ??

Lane :

That is SO specific to the state and county practices

Lane :

Can you give me that (with no personally identifying information please)?

Customer:

Montgomery County, Pennsylvania

Lane :

Just so you know... It won't affect GETTING approval or not ... what they will do is push bac the time of the Medicaid starting for the length of time that whatever amount of money you're talking about would have paid for the cost

Lane :

k, let me see what I can find

Lane :

Can you tell me the retail cost of the nursing home ( and this IS skilled nursing right? not assisted living)? AND the amount of money?

Customer:

So paying back directly upon getting the personal loan will not cause a delay. Yes, it is skilled care, and I am only presuming that it will start at $9000 / mo as there are no medical issues except Alzheimer's.....we're not sure where it will be, still looking for an opening.

Customer:

The balance available is just over 9K at this time, that will only cover 1 month of self pay.....then MA is a necessity.

Lane :

That's right - in your case it's more about finding the spot (I'm dealing with the same issue with my Mom) - although we have someting in GA called memory care (as an add on to personal care (what we used to call assisted living)

Lane :

Just as a heads up.. is it possible that her husband was a war time veteran?

Customer:

She is currently in an Assisted facility with memory care.

Lane :

ok

Customer:

but they do NOT take Medicaid

Lane :

right

Customer:

YES.....and we have had an application in with the VA for A&A pending for over 18 months !!!

Lane :

that's pretty universal ... sometime MEDICARE will paythe first (I believe it's 100 days) of skilled nursing

Lane :

ok

Customer:

so.....botXXXXX XXXXXne ??? get the loan and put it in her account to reflect repayment of borrowed funds and let the Nursing facility use it for self pay till Medicaid kicks in ??

Customer:

Oh...and VA says they are only expediting applications for Hospice or Deathbed circumstances......a lot of good its going to do her then !!

Lane :

So sorry - Yes, I would handle it that way ... not risk of medicaid fraud that way ...

Customer:

ok.....thanks.....will do

Lane :

YW, good luck

Lane :

If this HAS helped, I would appreciate a feedback rating of 3 (OK) or better … That's the only way they will pay us here.


HOWEVER, if you need more on this, PLEASE COME BACK here, so you won't be charged for another question.

Customer:

Thanks, XXXXX XXXXX good day.

Lane, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 3716
Experience: Providing Financial & Tax advice since 1986
Lane and 4 other Finance Specialists are ready to help you

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