Whole life policy transfer prior to NH

[inreverse]

If Gladys is worried about needing to go into a NH and qualifying for Medicaid, and transfers her life policy into her daughters name, doesn’t that trigger a 5 year look back to recover the cv asset by the county? Probably a question for Newby

 

[goillini52]

If Gladys is worried about needing to go into a NH and qualifying for Medicaid, and transfers her life policy into her daughters name, doesn’t that trigger a 5 year look back to recover the cv asset by the county? Probably a question for Newby

Yes.

 

[Allen Trent]

If Gladys is worried about needing to go into a NH and qualifying for Medicaid, and transfers her life policy into her daughters name, doesn’t that trigger a 5 year look back to recover the cv asset by the county? Probably a question for Newby

Kind of. The 5 year look back doesnt recover any asset because the asset is already given away and may no longer exist.

It merely means the person would be ineligible for Medicaid for as long as that cash asset that was transferred would have paid for NH care. so, if the CV of the life was say $10,000 & the person already had $2,000 in a bank account, they wouldnt be eligible for 1-2 months because the $10,000 asset they gave away would have paid for 1 month or so of care.