Transfer Of Your Home And Medicaid Eligibility

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Transfer of Your Home and Medicaid Eligibility 2024

Transferring your home can have significant implications for your eligibility for Medicaid benefits in New York. Medicaid is a state and federally-funded program that provides healthcare coverage to eligible individuals, including seniors and those with disabilities. However, Medicaid eligibility is subject to strict asset and income limits, and transferring assets such as your home can affect your eligibility.

Understanding Medicaid Eligibility

Medicaid eligibility is determined based on financial need, and applicants must meet certain income and asset requirements to qualify for benefits. In New York, individuals must have limited income and assets to be eligible for Medicaid coverage.

When assessing eligibility, Medicaid considers both countable and non-countable assets. Countable assets include cash, bank accounts, stocks, bonds, and real estate properties. Non-countable assets may include the applicant’s primary residence, household furnishings, personal belongings, and certain retirement accounts.

Impact of Home Transfers on Medicaid Eligibility

Transferring ownership of your home can affect your Medicaid eligibility, particularly if the transfer occurs within the Medicaid look-back period. The look-back period is a period of time during which Medicaid examines past asset transfers to determine if any disqualifying transfers were made for less than fair market value.

In New York, the Medicaid look-back period is currently five years. This means that any asset transfers made within the five years prior to applying for Medicaid benefits will be subject to scrutiny. If Medicaid determines that a disqualifying transfer was made, a penalty period may be imposed, during which the applicant will be ineligible for Medicaid coverage.

Exceptions to Medicaid Transfer Rules

While transferring your home can impact Medicaid eligibility, there are some exceptions to the transfer rules that may allow you to transfer your home without jeopardizing your eligibility. These exceptions may include:

  • Transfer to a spouse or minor child
  • Transfer to a disabled or blind child
  • Transfer to a caretaker child who has lived in the home for at least two years and provided care that allowed the homeowner to remain at home rather than in a nursing home
  • Transfer to a sibling with an equity interest in the home who has resided in the home for at least one year prior to the homeowner’s admission to a nursing home

Seeking Legal Guidance

Given the complexities of Medicaid eligibility and asset transfers, it’s essential to seek guidance from an experienced elder law attorney when considering transferring your home. An attorney can help you understand the rules and regulations surrounding asset transfers and Medicaid planning in New York and develop a strategy to protect your assets while ensuring eligibility for Medicaid benefits.

At Morgan Legal Group, we specialize in elder law and Medicaid planning. Our team of attorneys can provide personalized guidance tailored to your unique circumstances and help you navigate the complexities of transferring your home while preserving your Medicaid eligibility.

Don’t jeopardize your Medicaid eligibility by making uninformed decisions about your assets. Contact us today to schedule a consultation and learn how we can help you protect your assets and plan for your future.

DISCLAIMER: The information provided in this blog is for informational purposes only and should not be considered legal advice. The content of this blog may not reflect the most current legal developments. No attorney-client relationship is formed by reading this blog or contacting Morgan Legal Group PLLP.

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