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Medicaid: How To Plan Ahead For Long Term Care Coverage

Transfer Assets For A Reason Other Than To Be Eligible For Medicaid

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Transfers of assets are not penalized if it can be shown they were transferred for a reason other than to qualify for Medicaid. For example:

  • Pay for a child's wedding.
  • Pay off debts.
  • Pre-pay a child's education costs.
  • Enter into a contract with a person who is close to you to provide care giving services (see Caregiver Contract below).
  • Fix or upgrade your car, or pay off the debt on an existing vehicle. (One vehicle is not counted as a resource.)
  • Pre-pay rent, say for one year.
  • Prepay medical expenses

Jacques M. Chambers, a benefits counselor in Los Angeles, suggests that while some of these ideas might provide a haven from the penalty, don't go overboard or stretch it too far. It could be considered fraud.

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