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Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 10142
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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If a spouse who is eligible home admission and all property

Customer Question

If a spouse who is eligible for nursing home admission and all property has been in the other spouses name for over 8 years and they are still married, will Medicaid go after the surviving spouses assets? Iowa law states that the married couple each own half of the assets.
Submitted: 10 months ago.
Category: Finance
Expert:  Lane replied 10 months ago.

Hi,

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I hold a JD (Juris Doctorate, a doctoral degree in the law), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial & tax advice since 1986.

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I can help you here

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IOWA in their administration of Medicaid uses the concept of "community Spouse," and exempts certain assets so that the community spouse (the spouse still in the community and not in a skilled nursing facility) is not impoverished because of the needs of the other spouse.

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Here are the key numbers for Iowa, for 2016:

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Community Spouse Resource Allowance (CSRA): Minimum: $24,000 ...Maximum: one-half of countable assets up to $119,220

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Annuities: Actuarially sound annuities are permitted. (meaning essentially any insurance Company facilitate annuity) and that they are not counted as available for Medicaid purposes.

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Monthly Maintenance Needs Allowance:Minimum: $2,980.50
Maximum: $2,980.50 (can be increased for "exceptional circumstances resulting in significant financial duress")

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These are all protections built into the Medicaid Law to protect the healthy spouse.

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you should know that there IS a home equity limit:

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The state Medicaid program will not cover long-term care services for those with home equity above this limit, with certain exceptions.$552,000

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So the answer to your question is generally NO .. but there are some limits

Expert:  Lane replied 10 months ago.

Please let me know if you have any questions at all

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If this HAS helped, (and you don’t have additional questions on this), I'd really appreciate your positive rating … (by using the stars or rating request on your screen) … … That’s the only way I'll be credited a portion of what you've paid JustAnswer.

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Thank you,

Lane

Expert:  Lane replied 10 months ago.

Hi,

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I’m just checking back in to see how things are going.

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Did my answer help?

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Let me know…

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Thanks

Lane

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