Posted on: 31st Mar, 2009 07:39 pm
The Mom and Dad have a Quitclaim deed on their home to a Family Trust that when into effect on 4/17/2007. My father is going into a nursing facility and I understand medicaid can use a formula of to determine if they can claim the home after my Mom's death to satisfy the monies owed from my Father's nursing care. I understand the exclusion of medicaid is based on the value of the house divided by $5,000.00 to get the number of months from the date of the Quitdeed until he is able to get medicaid assistance without the house being in the picture. Is this true?
Brenda
Brenda
Hi brendalong
Medicaid has a look back period of 5 years. It is the period of time during which the state "looks back" to see whether the medicaid recipient or his/her spouse transferred the property to someone. If there has been a transfer of property, then the person would not be eligible for the Medicaid benefits till the 5 year time period is not over. In your case, as your parents transferred the property in 2007, your father will have to wait for 3 more years to get the Medicaid benefits.
Thanks.
Medicaid has a look back period of 5 years. It is the period of time during which the state "looks back" to see whether the medicaid recipient or his/her spouse transferred the property to someone. If there has been a transfer of property, then the person would not be eligible for the Medicaid benefits till the 5 year time period is not over. In your case, as your parents transferred the property in 2007, your father will have to wait for 3 more years to get the Medicaid benefits.
Thanks.