The Title 19 CT Medicaid application has a very specific look back period. There are a few things that you must prepare for in your Title 19 CT application. There is a five-year look back and disclosure period for Title 19, so we would suggest that you should be saving bank receipts, checking accounts, investment accounts, now going forward to set a history of your savings patterns. Gifts are penalized by a period of ineligibility.
The average monthly cost of nursing home care in CT is $10,586, so, for every $10,000 worth of gifts, there is a an approximate one-month penalty for the state of Connecticut. So if you happen to give $50,000 away, that would cause five months of ineligibility, or a penalty that you would end up self-paying.
However, if you were to gift today and look for some type of assistance (nursing home, convalescent home costs), within the five-year period, you would be penalized for the amount of the gift. So if you were to gift $50,000 to a child or children, then you would be expected to return the entire gift to not affect your eligibility for Title 19 CT.
There are several simple planning strategies that can help preserve your assets in this situation.
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Attorney Frank Herzog