by dailey » Sun Mar 01, 2009 11:30 pm
Can a Medicaid nursing home resident for over 5 years who has a surplus of $800.00 give monetary gifts to her family? Is there a time period the gifts may be given?[/size]
Posted: Mon Mar 02, 2009 09:18 am Post Subject:
Hi Dailey, I think in order to qualify for the Medicaid long-term care benefit the inpatient has to exhaust all but $2, 000 of his savings. The Medicaid administrator would look into the past five years of financial activity of the applicant & if any monetary gift has been made to the family or kids in this time period, they may apply a penalty upon his qualification.
As a penalty the Medicaid benefits may delay for some months, depending upon the amount of gift made.
Hope this information is helpful.
Thanks,
Rupert
Posted: Mon Mar 02, 2009 02:00 pm Post Subject:
Well Rupert, does it mean that the OP needs to be a Medicaid applicant at the time such penalties may occur?
Suppose, the OP already has Medicaid for the last 5 years..does it apply in that case?
Thanx, Delagent
Posted: Sat Mar 14, 2009 11:37 pm Post Subject:
If the surplus is above the $2000 allowance, then it would be closely scrutinized. If you mean that there is only $800 extra left in an account, it can be spent as needed with no restrictions.
The earnings of anyone on Medicaid is closely monitored, but there are souces of income that do not count (can't remember what all the exemptions are). If one is newly applying for Medicaid...they will definitely look back at least 6-12 months and make sure that significant assets were not unloaded to cause eligibility. By unloaded, I mean given to family...friends...etc. THIS WOULD BE FRAUD!
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