What are the basic asset rules of Medicaid eligibility?

Are there any penalties for transferring assets?

Are there any exceptions to the Transfer Penalty?

Is there an application process?

Do I have to pay Medicaid back?

What are the basic asset rules of Medicaid eligibility?
In Ohio, Medicaid is administered by the Department of Job and Family Services (the DJFS). However, in order to qualify for federal reimbursement, the state program must comply with applicable federal statutes and regulations. So the following explanation includes both Ohio and federal law as applicable. The basic rule of nursing home Medicaid eligibility is that an unmarried applicant may have no more than $2,000 in “countable” assets in his or her name. “Countable” assets generally include all belongings except for (1) personal possessions, such as clothing, furniture, and jewelry, (2) one motor vehicle, (3) the applicant’s principal residence (if it is in Ohio), and (4) assets that are considered inaccessible for one reason or another. Prior to applying for Medicaid, an applicant can spend down “countable” assets by purchasing items or services for his or her benefit, such as clothing, a television or furnishings for the nursing home room, medical appliances not routinely covered by Medicaid or only covered at a minimal level (such as hearing aides, dental care), an irrevocable pre-need burial plan, care coordination, legal services, etc. [Top of Page]

Are there any penalties for transferring assets?
The other major rule of Medicaid eligibility is the penalty for transferring assets.