Liquidating assets before medicaid
This is a set period of time prior to the individual’s application during which the Medicaid administering agency reviews all the financial transactions that the senior has made.
If a transaction is found in violation of the look back period’s rules, the applicant will be assessed a penalty.
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.
Phrased differently, a non-applicant spouse is permitted to retain up to 6,420 of the couple’s assets.
This is referred to as the Community Spouse Resource Allowance (CSRA).
Even payments to a caregiver can be found in violation of the look-back period if done informally, meaning no written agreement has been made.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).The dollar amount changes on an annual basis, and there is some variance to this exception dependent on one’s state of residence.However, in reality, an applicant spouse can transfer unlimited assets to their non-applicant spouse without violating the look back period.
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The average daily cost for nursing home care in her state is $200.