Can’t I Just Transfer Assets If I Need Medicaid?
Typically, the answer is “no.” Medicaid imposes a 60-month “look-back” rule that prevents an applicant from transferring assets for less than the fair market value during the 60-month period leading up to an application. Any transfers for less than market value will likely cause Medicaid to impose a waiting period, the length of which is determined by dividing the amount of your excess assets by the average monthly cost of LTC in your area. Once again, you will be forced to rely on your “excess” assets to cover your LTC expenses during the waiting period.