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Posts Tagged ‘medicaid application’

What is the Medicaid Penalty Period?

The Deficit Reduction Act (DRA), signed by then President George Bush significantly changed the rules regarding transfers, for non-services, or gifts of assets (Gifts). Any Gifts made prior to enactment of the DRA on February 8, 2006, Maryland Medicaid officials review all documentation, bank statements, mutual funds, CD’s etc. for any Gifts made within the 36 months of the Medicaid application (or 60 months if the Gift was made to an irrevocable trust). However, for Gifts made after the enactment of the DRA the so-called "look back" period for all Gifts is 60 months. The “look back” period determines what…

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Some More Medicaid Myths

1. Myth: “I can hide my assets and get eligible for Medicaid.” The Truth: Intentional misrepresentation in a Medicaid application is a crime and can be costly. The IRS shares any information concerning income or assets you have with the Medicaid agency. These reports include interest income and the sale of stocks or bonds. You or whoever applied may have to pay Medicaid back to avoid prosecution. 2. Myth: “I can give away $10,000 per year under Medicaid rules.” The Truth: This is a rule under federal gift tax law, not under Medicaid law. (Actually, the amount has changed to…

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