If you have too many assets or too much property, you should talk to a lawyer familiar with Medicaid law.
Asset management issues are complicated. The information below is intended to help you have a general understanding, but you should have expert help with any decisions you make about your assets or property.
Giving away assets or property, including your home, within 5 years of applying for Choices for Care (CFC), may mean that you will not qualify for long term care services for a period of time.
How much time depends on how much property you gave away (transferred). The penalty is based on the value of the asset or property you gave away, divided by the daily nursing facility rate ($269.72). The penalty period begins on the day you become eligible for CFC.
Example: If you gave away a property worth $53,944, you may not be eligible for long term care coverage for approximately 200 days ($53,944 ÷ $269.72 = 200) of your CFC eligibility.
Note: The transfer penalty only applies to long term care. Payments are made for all other covered Medicaid services during the penalty period.