Assets are considered for eligibility, unless they are exempt. Here is a list of exempt assets.
Here are the requirements for Pennsylvania.
Even if one is named as a beneficiary, that does not allow the owner (potential Medicaid recipient) to transfer that asset to the beneficiary without possibly affecting eligibility. This is because there is a 5 year look back period, so that if the individual needs assistance in the next 5 years, the transfer, if a gift or less than fair market value, disqualifies that person for assistance. The time frame depends on the amount of the gift, and the determined cost of nursing home care.
So for example, if the average nursing home care costs $5,000, and the gift was for $15,000, the individual would need to self pay the first 3 months of care.
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Information provided is for educational purposes only. Consultation with a personal attorney is always recommended so your particular facts may be considered. Thank you and take care.