If a person provides gifts within five years of a Medicaid application then he or she will be denied Medicaid assistance for a period of time known as the penalty period. The penalty period is calculated by taking the value…
Tag: assets
Special Needs Trust
A person must own less than $2,000 of resources in order to obtain Medicaid assistance to pay for long-term care. Both federal and state laws prohibit an individual from gifting assets within five years of the Medicaid application in order…
Life Insurance and Medicaid
Medicaid considers some life insurance policies to be an asset subject to the spend-down process. According to the New Jersey Medicaid regulations, the first step in analyzing life insurance policies is to determine the face value of all of the…
Married Couples Can Now Protect More Assets
The cost of long-term care is catastrophic. If a husband or wife needs long-term care then the family’s assets are quickly depleted on the cost of that care. Once the assets have been spent down then the family can acquire…
Medicaid Trap: First Moment Rule
Applying for Medicaid assistance to help pay for long-term care can be a daunting task. There are numerous rules and regulations that often present significant problems for individuals who are attempting to obtain Medicaid. Many people refer to these as…
