Follow
Share

I do not know a lot about Medicaid as only lived her 2 years. During the Medicaid application and related to the 5 year look back you are not allowed to give money away as a gift, is there a set amount that starts as a gift ?
 For example:


1: Anything over $100 is classed as a gift !
2: Any total sum of money is classed as a gift ?

This question has been closed for answers. Ask a New Question.
Find Care & Housing
Good questions. I wish I that I new the answers. I hope someone who does will chime in.
Helpful Answer (0)
Report

It's my understanding that there is no minimum amount that can be gifted to avoid the Medicaid penalty.
Helpful Answer (0)
Report

Many Thanks for your replies and only being my assumption I believe any gift no matter how small or large will be classed as a "Gift". Not 100% sure though.
Helpful Answer (0)
Report

You are correct. Any amount gifted including property, homes, cars will be classified as gifts and subject to the five year look back by Medicaid and penalty.
Helpful Answer (0)
Report

Just curious but are folks really expected to itemize every dollar spent for 5-years?
Helpful Answer (1)
Report

I was wondering that myself. I take care of my fathers bills and have done that for 6 months. Every receipt is kept in a box. If I buy something on my credit card I leave a copy with an explanation of what it was for. That still does not count the cash he may take out every few months so he has spending money. I'm not keeping track of that. I think the 5 years is ridiculous. I certainly get a 2 year look back but 5 is too much.

As long as my father continues on as he is we are ok with 5 years but if he needs more expensive care we are going to have a problem.
Helpful Answer (1)
Report

This question has been closed for answers. Ask a New Question.
Ask a Question
Subscribe to
Our Newsletter