The institutionalized spouse has $200,000 of assets protected through a Partnership policy.
Wednesday, Jan. 12th 2022 5:29 AM
The institutionalized spouse has $200,000 of assets protected through a Partnership policy. The spouse at home gives $200,000 to a child on January 1,1999, and applies for Medi-Cal on February 28, 2000. Is there a penalty under the rules for transfer of property?
In this example, assuming the couple has no other countable property (all they have is $200,000 in assets) at the time of the transfer, the transfer of the protected assets is considered a transfer of exempt property. Therefore, there is no period of ineligibility for nursing facility level of care. This above exemption only applies during the lifetime of the institutionalized spouse for eligibility purposes. After the institutionalized spouse dies, this exemption no longer applies. For estate recovery purposes, however, the $200,000 of asset protection continues even after the death of the protected spouse
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Posted on Wednesday, Jan. 12th 2022 5:29 AM | by Share of Cost | in Medi-Cal, Share of Cost | Comments Off on The institutionalized spouse has $200,000 of assets protected through a Partnership policy.