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Chapter 13. Medicaid > Tactics for Increasing Assets to Achieve a Greater Spous...

Tactics for Increasing Assets to Achieve a Greater Spousal Resource Allowance, or Loopholes 102

In some states, the amount of countable assets that a community spouse can keep is limited to one-half the assets to the maximum amount, set in 2003, of $90,660. In those states, couples with countable assets of less than $181,320 need to find ways to increase their countable assets at the time the Medicaid snapshot is taken so as to keep more of their assets rather than spending them down to achieve eligibility.

It is important to remember that the critical date for determining how much of the countable assets the community spouse will be able to keep is the snapshot—the date when the institutionalized spouse first entered the nursing home, regardless of a later date on which a Medicaid application is filed. The snapshot date is the date that you want your countable assets to be at least $181,320 in order to keep the maximum amount of assets. Postpone paying your regular bills so that your accounts have as much money in them as possible. If you need to pay for something at that time, pay for it by credit card so that at the date of the snapshot, your assets are worth as much as you can make them. Remember, Medicaid is not interested in what you owe, only what you own. If you own a home, take out an equity credit line and take out enough money from the credit line to make your countable assets reach $181,320 at the time of the snapshot. Once the institutionalized spouse has been accepted for Medicaid, you can pay back the money you borrowed on the equity credit line.


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