Look Back Period

 

Elder Law Report

Look Back Periods

     Medicaid can be a scary time for families. If someone needs Medicaid it’s likely they’re searching for help with Long Term Care, Nursing Home or Assisted Living Care and how to save their hard-earned money and property while doing so. They are hoping Medicaid will step in and help pay for these things.

There are a lot of rules surrounding this process. One area of concern is look back periods.

What are look back periods?

      Let’s say you are applying for benefits today.

A look back period is the area of time Medicaid will examine all your financial history. For VA and Assisted Living Facilities they’re going to look back three years into your financial history. For Nursing Homes, Skilled Nursing Facilities or Long-Term Care Medicaid it will be a five year look back.

If we put in a Medicaid application today, Medicaid will look back at all your bank statements, all property (real estate) transfers (for the three to five year period) and make sure all the transactions were done correctly under the spend down rules.

Let’s say, (within a three year look back), you put a Ladybird Deed on your home one year ago, that would be acceptable because under Medicaid policy they allow you to do that. It is also okay under VA Pension Benefits because they allow you to have a home and two acres before they start to count value.

They are going to see this and say, we’re okay with that because that’s our policy. So, you can protect that home, get the benefit and they know they cannot back collect that home. (Ladybird Deeds protect the home and surrounding property up to about $550,000).

If you had transferred out-right (that is deeded your house to another person or a trust) three and half years ago, (and we were going for Assisted Living Medicaid with a three look back period), you would also be okay because it’s outside the look back period. This could also have been a money or wealth transfer.

However, Nursing Home Care has a five year look back period. If we stick with the above example and you transferred your house within the five year look back period, it must conform with the spend down rules, otherwise it will be flagged.

Remember, if you don’t transfer things correctly according to the spend down rules, you can find yourself in a lot of trouble and heartache. The penalty for working outside the rules can be either a penalty period, so within that time frame you would need to put the money back, or sacrifice the home when that person passes away because of the Medicaid lien, or you would have the person in need denied the benefits altogether.

We can help you in this process using Medicaid Planning and Asset Protection, Medicaid Activation and also Veteran’s Pension Benefits and Disability.


Related Articles:

https://mcelderlaw.com/eliminating-the-look-back-period-with-long-term-care-insurance/
https://mcelderlaw.com/how-do-i-qualify-my-loved-one-for-nursing-home-medicaid-in-nc/
https://mcelderlaw.com/how-to-pay-for-a-nursing-home-stay/

If you have questions about Spend Downs, call me, Greg McIntyre and schedule a consult at 704-998-5800 for Charlotte, or 704-259-7040 for Shelby, or visit our website mcelderlaw.com and we will do what we can to help you.

 

Greg Mcintyre

Elder Law Attorney

Schedule Free Consult

Blog Categories
Get the Latest Updates
Greg McIntyre, JD, MBA

Meet Greg McIntyre

Greg McIntyre, founder of McIntyre Elder Law, is more than just an attorney. As a Navy Veteran, father to six kids, and a loving husband, he values family deeply. This drives his commitment to helping clients safeguard their futures and pass down legacies.

Greg has a passion to help people. Beyond just legal advice, he loves having conversations and strives to build a long-term relationship with every clients that comes through his door.

Connect with Greg

Act now to secure your legacy and protect your loved ones.

At McIntyre Elder Law, we’re dedicated to assisting North Carolina families, seniors, and their loved ones as they plan for the future.

Whether you need to prepare for future long-term care, access Medicaid or nursing home benefits, or need help settling a loved one’s estate, we’re here to support you.

Contact us for a complimentary consultation to take the first steps towards safeguarding your lifestyle, your legacy, and your family’s wellbeing.

Before you go!

The Elder Law Handbook

Your comprehensive guide to safeguarding your financial well-being and ensuring your legacy stands the test of time. Download the FREE handbook today.

By providing your phone number, you agree to receive text messages from McIntyre Elder Law. Message and data rates may apply. Message frequency varies.

Skip to content