Everyone should know that Pennsylvania imposes a five-year lookback period when applying for Medicaid for skilled nursing care.
When you apply for Medicaid, the state reviews your financial transactions from the past five years. This is to ensure that you haven’t given anything away just to qualify for benefits.
If you’ve gifted significant assets during this period, the state will impose a penalty, making you ineligible for Medicaid for a certain time. The penalty is calculated based on the value of the assets you transferred divided by the average monthly cost of nursing home care in Pennsylvania.
Take a moment to review your gifting and plan accordingly. Proper planning can help protect your assets and ensure that you qualify for Medicaid when you need it.
Remember: Preparing for the five-year lookback period can save you from unexpected penalties and ensure you get the care you need.
For expert guidance, contact us for more information.