As this blog has discussed previously, there are many people in Oklahoma, both in Edmund, around Oklahoma City and throughout the state, who are not in absolute poverty but who at the same time do not have the means both to pay for the medical care that they will need when they age and have any hope of leaving some property to their loved ones when they die.
Residents who find themselves in this situation should consider the benefits of Medicaid Planning long-term care planning for an anticipated stay in a nursing home or other assisted living community. Although this sort of preparation has a number of aspects, many Oklahoman’s may find themselves in a situation where they need to make themselves ready to qualify for Medicaid, a program funded by the federal government and administered by the states for the purpose of ensuring that certain people of limited means get the medical care they need.
For those who have some modest assets, going on Medicaid could mean first having to spend almost all of one’s wealth on medical care so as to qualify for the program, even the wealth that was set aside as a legacy for children or other relatives. It is therefore a good idea for people who think they might need Medicaid to start giving gifts to their children now, as it is permissible to do so, with one important caveat.
The catch is that Medicaid will “look back” at what gifts a person who is applying for the program made over the previous five years. Those gifts will subject the person applying for Medicaid to a penalty, the results of which will mean the person has to wait longer or find additional resources to pay their medical bills.
