Can’t I Just Gift Away My Assets In Order To Qualify For Medicaid?
No. In fact, without properly planning for such a gift, that may be the worst thing you can do. Medicaid has instituted a five-year look-back period, which means any uncompensated transfer of property (a gift) occurring within five years and one month of your application date will be looked at and will create a penalty period. During the time of the penalty, Medicaid will not pay for vendor payments (payments to the nursing facility). Instead, you or your family will have to make those payments to the nursing home. The length of penalty is determined by the amount of transferred property (gift amount).