Can I Give Away Assets To Qualify for Medicaid

ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF

CAN I GIVE AWAY ASSETS TO

QUALIFY FOR MEDICAID?


TWILIGHT YEARS

When retirement planning crosses your mind, you probably think about the good

times that lie ahead.


If you accumulate enough resources, you may be able to live

your retirement dream.



LIVING ASSISTANCE


A very significant percentage of senior citizens will someday need help with their day-to-day needs.


The figure is 70 percent according to the United States Department of

Health and Human Services.


NURSING HOME CARE


Many people who require long-term care will eventually reside in nursing homes.


The United States Census Bureau tells us that 24.5 percent of people

who are at least 85 are nursing home residents.


Half of people who are at least 95 are residing in nursing homes.


LONGEVITY


If you are thinking that most people do not live until they are in their mid-eighties and beyond, you should understand the facts.


The life expectancy for someone who is turning 67 today is at least

85.


THE COST OF CARE


Genworth Financial has been conducting an ongoing study that provides a great deal of

information about nursing home costs.


We practice law in Annapolis, Bowie, Millersville and Waldorf, MD.


According to the study, the median charge for a year in a private room

in Maryland is over $110,000.


MEDICARE


Most elders will qualify for Medicare when they reach the age of 65.


This is a valuable health insurance program, but it does not cover everything in full.


Plus, Medicare does not pay for nursing home care at all.


THE MEDICAID PROGRAM


Medicaid is another government health insurance program that does

pay for nursing home care.


This is the good news, but the bad news is that you cannot qualify if you have more than $2500

in countable assets in your own name.


GIVING AWAY ASSETS


However, you have to act in advance if you want to become

eligible at the ideal time.


You have to complete your gift giving at least five years before you

apply for Medicaid.


If you violate this rule, your application will be denied at first, and you will have to pay out-of-

pocket for a certain period of time.


SCHEDULE A MEDICAID PLANNING

CONSULTATION


Careful, informed planning is the key to nursing home asset

protection.


If you would like to discuss things with a licensed elder law attorney,

contact us to schedule a consultation.


Or visit our website www.sinclairprosserlaw.com

Nicole Livingston

Jon J. Gasior

Colleen SinclairProsser

Victor A. Lembo

Law

Can I Give Away Assets To Qualify for Medicaid