Elderly Individuals Transfer Assets to Obtain Long-Term Care Coverage

November 28, 2005 Elderly Individuals Transfer Assets to Obtain Long-Term Care Coverage About six million elderly households reported transferring assets in 2002 to obtain long-term care coverage under Medicaid. In the same year, over 80% of the 28 million elderly households had annual incomes of $50,000 or less, and about half had non-housing resources, excluding a primary residence, of less than $50,000. The higher the household income, the more likely the individual was to transfer assets in order to be eligible for Medicaid. Disabled households who were less likely to need long-term care services . . .