Liquidating assets before medicaid
Please note, asset transfers by the applicant’s spouse can also affect the applicant and can result in a Medicaid penalty period for the applicant.The reason for this penalty period is that these assets could have been used to help cover the cost of long-term care, had they not been gifted or transferred.
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15, 2015) The penalty for violating the Medicaid look-back is a period of time that one is made ineligible for Medicaid.
This period of ineligibility, called the penalty period, is determined based on the dollar amount of transferred assets divided by either the average monthly private patient rate or daily private patient rate of nursing home care in the state in which the elderly individual lives.
Less fortunately, these options are often confusing and difficult to implement without the expertise of a Medicaid planning professional.
An applicant is permitted to transfer up to $126,420 (in 2019) to their spouse, given their spouse is not also applying for long-term care Medicaid and will continue to live independently in the community.
Given the look-back period is just 5 years, the great aunt is only in violation of the look-back period for 5 of the 8 years.
Therefore, there is a sum of ,000 that falls within this penalty time frame.
The average cost of private pay nursing home care in her state is ,000 / month.
This means the great aunt’s period of Medicaid ineligibility will be for 5 months (,000 / ,000 = 5 months).
(,000 gifted divided by ,000 average monthly cost = 15 months).Tags: Adult Dating, affair dating, sex dating