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legalgems, Lawyer
Category: Legal
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I have a Medicaid question. My Mom owns EE savings bonds

Customer Question

I have a Medicaid question. My Mom owns EE savings bonds that she bought about 30 ears ago that she owns and has me as the beneficiary. If she starts to receive Medicaid benefits (she does not currently) can Medicaid go after those if she still owns them? Or if she transfers them to me being the owner in the near future? Thank you
Submitted: 9 months ago.
Category: Legal
Expert:  legalgems replied 9 months ago.

Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

Expert:  legalgems replied 9 months ago.

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.

Expert:  legalgems replied 9 months ago.

Hello again; just checking in to see how things worked out;
if you have further questions please don't hesitate to reach out to me here on Just Answer.