When you get to the point in life that you need to use Medicaid for your healthcare, you won’t want to be ineligible because of assets such as your home, savings and life insurance policies. Medicaid is only available to people on a limited income. While your income may be limited in the future, your assets can cause you to be ineligible. Your home may not always count against you, though. It’s important to talk to an estate planning attorney to find out exactly what the regulations are in your state.
Simply giving away your assets to a friend or relative may not solve the problem. Medicaid has a policy called the “look back.” It is period of time that can be anywhere from three to five years, depending on the date that you let go of your assets. Medicaid now checks what assets you have, what assets you have sold or given away, and when you took action.
Because of the “look back” policy, it behooves you to plan years in advance. The imperative thing is to get all the facts about Medicaid before applying, and to find a professional who understands all of the rules and regulations. A professional estate planning attorney can help you with Medicaid asset protection.