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008: What if Tutu has Too Much to Qualify for Medicaid?
Manage episode 440565459 series 3567633
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In our last episode of Taking Care of Tutu, we learned what tutu is allowed to own and still qualify for Medicaid in Hawaii. But what if tutu has more than that? What if she has a house, or more than $2000? Does she have any options?
On this episode of "Taking Care of Tutu," we’ll discuss tutu’s options to qualify for Medicaid while still preserving her hard-earned savings. From investing in a prepaid funeral plan to making crucial home improvements and even acquiring a new vehicle, we will explore practical methods to convert assets that Medicaid counts into assets that Medicaid exempts. These strategies will help tutu meet Medicaid's stringent requirements while also offering tangible benefits to her family.
In this episode, you will hear:
- Strategies to convert countable assets into exempt ones for Medicaid eligibility
- Examples of spending down assets, such as prepaid funeral plans, home improvements, specialized vehicles
- Understanding the Medicaid exemption that allows someone to give a house to their adult child
- Rules and penalties for transferring properties to children, siblings, or children with disabilities
- Exploring Medicaid's five-year look-back period and its impact on asset gifting
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Episode Credits
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