We’ve previously discussed the income and asset limits required in order to qualify for Medical Assistance. The asset limit for an individual is $3,000.00 and $6,000.00 for a couple. Thus, many individuals and couples are tasked with reducing excess assets in order to qualify for Medical Assistance.
The following is a list of allowable expenses for goods and services:
The following is a list of some of the permissible transfers:
In the case of married couples, if the community spouse’s gross income does not meet the minimum monthly income allowance, as determined by Medical Assistance calculations, additional income-producing assets of the Medical Assistance applicant may be transferred to the community spouse without penalty.
The transfer of assets or income for less than the fair marker value may result in a period of ineligibility for the applicant if the applicant or their spouse:
If you're interested in learning more about Medical Assistance and how to protect your assets, check out one of our upcoming free educational seminars.
Medical Assistance is a very complex and ever-changing program. There are many rules, exceptions, and implications that are not discussed here that factor into eligibility and allowable transfers. Protecting your assets through proper asset reduction strategies is possible. It requires diligent and careful planning, and the earlier you start the more you can protect. Our attorneys are here to discuss your estate planning and long-term care needs. Contact our office or book an appointment online to schedule an initial consultation.