Should I Disclose Assets to Nursing Homes Upfront?
Dealing with all the different sorts of paperwork that come along with providing long-term care can be more than a little overwhelming. There is a lot to look through and a lot that you can miss. However, there’s one important question that needs to be addressed: should you disclose all your assets to the nursing home or long-term care center upfront? The answer to that question is: yes, you should. This is because any asset of which the applicant has any incidence of ownership has to be disclosed.
It should be known that if you don’t disclose all the funds and the facility finds out, you could be in a lot of trouble. You could be charged with Medicare fraud, and that can carry significant criminal penalties.
Don’t be afraid to clue them in on all the details. After all, this is something that is necessary in order to make sure that Medicaid isn’t being defrauded, and that they’re able to pay for the care necessary to your loved one’s well-being.