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2001 SESSION

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HB 1979 Medicaid eligibility; uncompensated transfers of property.

Introduced by: Robert D. (Bobby) Orrock, Sr. | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED HOUSE: (all summaries)

Medicaid eligibility; uncompensated transfers of property. Provides that for purposes of satisfying requirements related to the fair market value of real property when determining Medicaid eligibility, the assessed value of property that has been under land use assessment for at least 10 years prior to a conveyance, and, pursuant to restrictions placed upon the deed, remains under land use assessment for at least five years after such conveyance, shall be deemed to be the fair market value. If a person seeking Medicaid maintains long-term care insurance with a minimum of at least three years coverage after the conveyance of the property, the bill allows a five-year restriction to satisfy the requirement.


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