Clarification of the Medicaid 36 month "look back" period please. Does anyone know how this works?
Essentially any action taken to hide or shield assets in the 36 month period before application is made for medicade is void. For example, if you change the ownership rental to remove the name of the person who is making application for medicade, then the government says this change in ownership was made only to avoid having the rental property be sold and the money used to pay bills being sent to medicade. (Note in this example I am assuming the rental property was joint between a couple or solely with one of the couple and after the change of ownership, the rental property was solely in the name of the non-medicade recipient.)The time frame used to be shorter then 36 months, but when AIDS came on the scene, a longer look back period was deemed necessary so the law was changed.
I would add to this that the lookback time frame varies from state to state. I believe Minnesota is now 5 years.
What people need to realize is that look-back periods are for individuals who did not plan. All of this can be avoided. States do not want to spend money on long-term care. The aging population is living longer and needing care. It is only a matter or time that you will need to be totally broke to become a ward of the state, do the right thing take control of this situation before the control is taken from you.
Medicaid is for poor people.Will poor people eventually be denied benefits ? Because the other "poor" people , those with attorney's and rental property , $600,000 in the bank and assets will drain the system. How do you feel when someone uses food stamps in line ahead of you at the grocery store then walks out to a brand new $35,000 car in the parking lot ? Playing this "asset allocation" game will only cost us all in the long run and eventually will run out. Oh thats right we can just print more money.
Letizia, do not try to hide assets 3 years prior to applying for welfare benefits. You have to know when you will apply and do it at least 4 years just to be safe.
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