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Look-Back Rule and Delay in Eligibility

In this fourth of a six part series on the Medicaid Look-Back Rule and Transfer Penalties, Wes Coulson discusses the Look-Back rule and how the delay in eligibility is determined when gifts are made.

Look-Back Rule and Delay in Eligibility

Transcript:

Hi, I’m Wes Coulson and this your elder law minute. This is the fourth in our six part series on the Medicaid Look-back rules and Transfer penalties.

One of the questions we get is, “if somebody has made gifts, how long does that delay their eligibility for Medicaid?” The common misconception is that it delays eligibility for five years, that’s not at all the case. It’s done by a math formula. Basically, what they’re going to do is add up all the gifts made within five years, and divide that by what is known as a penalty divisor. In Illinois, it’s the actual cost of the nursing home that the person is in when they apply. In Missouri, as of right now, that penalty divisor is statewide at $4,744 a month. For Example, in Illinois, someone in a nursing home that costs $5,000 a month, and they’ve given away $50,000, that’s going to be a ten month penalty. Thanks.

For the complete Medicaid Look Back Rule and Transfer Penalties series, visit these articles:

  • Will routine gifts cause a Medicaid Transfer Penalty?
  • Withdrawals from Joint Accounts: Are they subject to transfer penalties?
  • Will transferring assets between spouses cause a Medicaid Transfer Penalty?
  • Gifts and the Five-Year Look Back

Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.

 

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There are several myths and misunderstandings about Medicare and Medicaid and exactly what the benefits are in regards to paying for long term care. I Coulson Elder Law

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Medicaid Look Back & Transfer Penalties Series

For information on the Medicaid Look Back rule and transfer penalties, visit these Elder Law Minute videos.

Will routine gifts cause a Medicaid Transfer Penalty?

Withdrawals from Joint Accounts: Are they subject to transfer penalties?

Will transferring assets between spouses cause a Medicaid Transfer Penalty?

Look Back Rule and Delay in Eligibility

Gifts and the Five-Year Look Back

Strategies for Transfer Penalties

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