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Overview Of Medicaid Qualification These are general statements regarding the federal guidelines In order to be eligible for Medicaid benefits a nursing home resident may have no more than $2,000 in "countable" assets. The spouse of a nursing home resident is limited to one half of the couple's joint assets up to $110,000 (in 2009) in "countable" assets. - All assets are counted against these limits unless the assets fall within the short list of "noncountable" assets. These include:
Medicaid Lookback Periods for Asset Transfers: As a general rule, the state will look back 5 years from the date of your application to determine if you have made an asset transfer for less than fail market value. If an individual transferred assets for less than fair market value withn the 5 year lookback period, the state will calculate a penalty period which would begin to run from the 1st day of the month in which the Transferor is receiving institutional care and would have otherwise been qualified for Medicaid Assistance. The transferor will be disqualified from receiving Medicaid benefits until such disqualification period has expired. If such an asset transfer is found, the disqualification period will be based on the value of the transfer. For example, an asset transfer valued at $88,560 would result in a disqualification period of approximately 12 months from the date of the transfer ($88,560 divided by average monthly cost of a nursing home ($7380 or $246/day) is 12 months). It is important to note that these are general guidelines and there are several exceptions to these general asset transfer rules that could have a significant impact on your eligibility for Medicaid Assistance. Income Rules The Nursing Home applicant is allowed to keep $72/month in income. There are no restrictions on the amount of income that is allowed for the 'At Home' spouse.
William F.
Smith
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