Some More Medicaid Myths

1. Myth: “I can hide my assets and get eligible for Medicaid.” The Truth: Intentional misrepresentation in a Medicaid application is a crime and can be costly. The IRS shares any information concerning income or assets you have with the Medicaid agency. These reports include interest income and the sale of stocks or bonds. You or whoever applied may have to pay Medicaid back to avoid prosecution. 2. Myth: “I can give away $10,000 per year under Medicaid rules.” The Truth: This is a rule under federal gift tax law, not under Medicaid law. (Actually, the amount has changed to…

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