“Many families are facing the need for nursing or in-home care. As the costs of long-term care rise, the financial hardship of long-term care is a very real concern. At the Koler Law Office, we walk you through the maze of Medicaid eligibility, the look-back period and tax implications. We are here to help you navigate through this complex area.”
QUESTION: Do I have to 'spend down' all my assets to be eligible for Medicaid?
A person is permitted to own some property and be eligible for Medicaid. The trick is knowing what assets are "countable" and "not countable." The rules are different for individuals and married couples.
QUESTION: I gave away assets, now do I have to wait 5 years to qualify for Medicaid?
The period of time one may be ineligible for Medicaid assistance can vary depending on what is given away, to whom, and when. It may be less than 5 years and sometimes there is no disqualification at all. Yes, there is a 5-year “lookback” period for most asset transfers under the Medicaid rules. Which means Medicaid will look back at all transfers of property, including transfers for less than fair market value. It does not mean a person is automatically excluded from Medicaid assistance for that 5 year period. So again, it is complicated. Consult with the Koler Law Office, we are experienced in this area of the law and can answer your questions.
QUESTION: Can I keep all the property in my name, if my spouse needs Medicaid?
The assets of both spouses are considered for Medicaid purposes. However, some assets will not be “countable” and you may keep some as an asset allowance if your spouse enters a nursing home.