The Medicaid Look-Back Period

To obtain Medicaid, you must satisfy the asset requirements that Medicaid entails. But, that is not all: you must also satisfy the requirements of Medicaid’s five year look-back period.

Going over the requirements of Medicaid’s look-back period, and speaking with a lawyer who specializes in Medicaid planning, will allow you to obtain the medical care you need.

What Is The Medicaid Look-Back Period? 

The Medicaid look-back period is a period of time that allows Medicaid to look at your assets and determine whether or not you have:

• Gifted the assets you would need to get rid of – giving them to a friend, for example – in order to meet Medicaid’s asset limits.
• Selling the assets you would need to get rid of, under their fair market value, in order to meet Medicaid’s asset limits.

If one of the above has occurred, then there will be a penalty period. This penalty period is levied for the following reason: if you hadn’t gifted those assets, or sold them under fair market value, you could’ve used them to pay for your medical care, rather than relying on Medicaid.

The Medicaid look-back period begins on the day that one applies for Medicaid. And, as a general rule, it starts on that day and goes back five years.

Just as an example, if, four years ago, you gifted lots of assets, in order to be eligible for Medicaid, then this can lead to you having to go through a penalty period.

What Is A Penalty Period? 

A penalty period is a period of time in which you are ineligible for Medicaid.

The penalty period that you can face will begin on the day that they are denied Medicaid.

During this penalty period, you must pay for your medical expenses.

Other penalties can, and often do, arise. But, the above is the most notable, as you can no longer use Medicaid to pay for the care that you need.

The best way to avoid a penalty period is to avoid violating Medicaid’s look-back period. But, if you are given a penalty period, and did not do so, then you will need to speak with a lawyer to deal with the situation.

What Is The Asset Limit For Medicaid In The State Of Florida? 

The asset limit for Medicaid, in the state of Florida, is $2,000.

If you have over $2,000 worth of assets, then you do not qualify for Medicaid. But, this does not include your home or your automobile.

Outside of the above, if you have more than $2,829 in monthly income, then you also do not qualify for Medicaid in the state of Florida.

With proper Medicaid planning, you can arrange your assets in such a way that you satisfy those limits. By doing so, you can obtain Medicaid and, then, use it to take care of your medical expenses.

Speak With A Florida Medicaid Planning Lawyer Today 

If you would like to obtain Medicaid, but don’t want to deal with a penalty period, then you need to speak with a Florida Medicaid planning lawyer at the Millhorn Elder Law Planning Group today.

 Sources:

medicaid.gov/medicaid/eligibility/index.html

benefits.gov/benefit/1625