A: Medicaid is a needs-based program to fund long-term medical care for individuals who have exhausted their own resources.
A: In New Hampshire a person who has exhausted their financial assets below $2,500.00 can apply for eligibility for the Medicaid program. This application process requires providing the State of New Hampshire with documentation of financial assets and transfers for a five-year period from the date of application and additional documentation such as Medicare cards, birth certificates, social security cards and other similar documentation.
A: The Medicaid regulations allow for a "stay at home spouse" to remain in the homestead without fear of having to sell the real estate to pay for nursing home care. In addition, the "stay at home spouse" is allowed to retain a portion of the couple's joint assets to pay for their living expenses, upkeep of the real estate, real estate taxes and other ordinary expenses.
Q 4: When should I initiate an application for Medicaid for my loved one?
A: Because of the complexity of the Medicaid application process, it is helpful to pursue an application sooner than later. Even if your loved one will be ineligible due to the presence of assets, an initial application and "resource assessment" by Medicaid will help orient you to the process and its requirements and will help provide you with a timetable as to when a formal application should be filed.
A: While this is a highly complicated question and is dependent upon individual facts and circumstances of each case, under the appropriate circumstances gifting of a portion of the person's assets is not prohibited. However, it is highly advisable that you consult with an attorney knowledgeable in the area of Medicaid planning prior to the gifting of assets.