New KCMU Brief Finds Most Elderly Do Not Have Assets Sufficient to Pay For a One Year Nursing Home Stay

A new KFF Report on The Distribution of Assets in the Elderly Population Living in the Community reports:

Individualscannot qualify for Medicaid nursing home care or home andcommunity-based services unless they meet their state’s asseteligibility standards. Currently, states are required to examine alltransfers for less than fair market value that occurred within 36months prior to an individual’s application for Medicaid. This issuepaper examines the assets of elderly people living in the community,focusing on those most at risk of using nursing home care. The paperfinds that most elderly people living in the community do not haveassets, excluding home equity, sufficient to finance a nursing homestay of one year or more. Of the one million elderly at high risk fornursing home use, 84 percent have asset levels that would be exhaustedwithin one year of nursing home care.

So much for the theory that millions of millionaires are hiding their assets to qualify for Medicaid….