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Junior Member
 
Group: Forum Members
Last Login: 7/6/2008 4:07:14 AM
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| I am sorry, I meant to say gifts made before Feb 06. I thought any gift made before that date would be subject to the 3 year rule regardless of the amount of the gift.
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Forum Member
Group: Forum Members
Last Login: 6/23/2008 1:27:21 PM
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| Consider this example: An application is made this month and the applicant made a $10,000 gift in January, 2006. The gift is within the 3-year lookback and an ineligiblity period is established. And because the gift was made PRIOR to the DRA 2005 that was signed into law on 2/8/06, the ineligibility period starts running the month the transfer occurred (January, 2006). Here in KY, $10,000 creates an ineligibility period of 64 days. So, the 64 day ineligibility period runs January, February and a couple of days into March of 2006 and has absoleutly no impact on the application now being made. Only a very large gift made before 2/8/06 would have an ineligibility period long enough to have an impact on an application made now. Consider the $10,000 gift was made on or after 2/8/06. In this case the ineligibility period is still 64 days; however, the penalty period doesn't start running until the applicant is otherwise eligible AND an application is filed. So, assuming the individual is otherwise eligible in all respects except for the $10,000 gift, and an application is made now, the individual can't get Medicaid for this month, next month and a few days into the following month because of the gift made on or after 2/8/06. Joe Whitehouse, Louisville, Ky
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Junior Member
Group: Forum Members
Last Login: 7/6/2008 4:07:14 AM
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| OK, Yes, I do understand the penalty rules, I guess what I am saying I thought a gift no matter how large would be safe as long as it had been 3 years before you apply for gifts made before Feb 06. Example Gift $200,000 given October 05, Apply for Medicaid Nov 08, no penalty because the 3 years have past and the gift was before Feb 06. Am I correct on this???? Thank you for your help.
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Forum Newbie
Group: Forum Members
Last Login: 10/2/2008 6:51:55 AM
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| to snapdragon - there are legal ways of applying for medicaid that can save you money. It's just that most people don't explore them. That's why you really need someone who specializes in the elder care arena. look around, shop a few different people if need be. Or look one up on this website! This is definitely one resource where they'll be! to JR - divide the 200K by the average cost of nursing home in your state/city per month, thats your ineligibility period. the rules changed in 2/06. the new rules took effect on that date so after that the new rules apply. The new look back period will START when you put in the application AND the person qualifies. don't quote me on that but I think that's how it is. but definitely ask an expert about it.
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