Does giving gifts affect Medicaid eligibility?
Posted on December 5, 2022 by shieldsandboris
Does giving gifts affect Medicaid eligibility?
It is not uncommon for parents or grandparents to make gifts around the holidays, birthdays, or even graduation gifts, in cash or check form.
Grandparents feel pride and joy writing their favorite grandchild a check for $500. But is this a good idea?
What if you make periodic gifts to charities throughout the year? Do those gifts count against you?
The simple answer is: yes, they all count!
Medicaid has a five-year (60 month) lookback period from the date of application. The Medicaid office will scrutinize all cash or asset transfers during this period to determine eligibility and if any penalty period will be assessed on the applicant.
Before making any such gifts, you should consult with our office to avoid any pitfalls from making such gifts.
We can help you determine if transfers can be made without consequences and which transfers will be subject to penalties.
We specialize in educating and helping you protect what you have for the people you love the most. Contact us to learn more about how we can help you and your family.
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