Division of Assets is the name commonly s used for the Spousal Impoverishment s provisions of the Medicare Catastrophic Act of 1988. It applies only to married couples. The intent of the law was to change the eligibility requirements for Medicaid in situations where one spouse needs nursing home care while the other spouse remains in the community (i.e. at home or in an assisted living facility). The law, in effect, recognizes that it makes little sense to impoverish both spouses when only one needs […]
Tag Archives: community spouse
Does An Inheritance Count for Medicaid?
Timing is everything. How often have you heard someone express that sentiment? And while it’s often true of life in general, it’s certainly true in Long Term Care planning. So does an inheritance count as an asset for Medicaid purposes? For a single person, the answer is clearly, “Yes.” If a single individual is spending down his or her assets, and before the spend-down is completed, that individual receives an inheritance, then those assets are added into whatever that person has and must be spent […]