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

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