Mother inherited 30K which is not enough for long term care. Plan to use to help pay her medical bills. None has been gifted to family. Is this included in Medicaid 5 year look back.
She also had a life insurance policy. We cashed that in last year so that she could stay in her apartment in a retirement community. That money has been exhausted. Is that subject to the look back.
She has an annuity. We do not know where she purchased it but are investigating. She purchased it decades ago. We do not think it has a cash value nor are any of her family members named as beneficiaries. So am I correct in assuming that the annuity would not be counted as an asset in the 5 year look back for Medicaid eligibility.
She receives social security and the monthly annuity. Together they are well below the FL income level needed to qualify for Medicaid.
Should we spend down the 30k now or save for medical bills. If included in the look back period and would disqualify her from Medicaid, can we put it into a trust that will not be counted as an asset?