Personal Investment & Financial Planning Q`s/What counts as assets for Medicare elibigility
I'm 34 years old and disabled. If I apply for Medicaid, will a significant amount of gold be counted against me as an asset? Will I be penalized for turning a cash asset into a gold investment? Thank you!
Hi Lori. Since I am not a Medicaid expert, please confirm the information I am providing is 100% accurate. With this being said, Medicaid will pay once a person has a total level of assets that is below a certain threshold. There are protections in place in regards to the home you live in and vehicle you use for transportation as well as very small amounts of cash/investments. Therefore, simply taking cash and putting into gold will not protect the asset from Medicaid and will be counted as an asset. In addition, Medicaid has "look back" provisions in which if you move eligible assets to non eligible assets for Medicaid planning, Medicaid will draw those assets back into the calculation for determining benefits. I believe this look back period is 3 years. This also pertains to gifting assets to others in order to remove them from your name for eligibility purposes. I hope this helps.