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This document serves as a guide only. Please contact your Medicaid Senior and Disability Services office with questions, or clarification regarding the transfer of assets and expenditures. Assets include bank accounts, vehicles, home or other property investments.
*Oregon Administrative Rules Transfer of Assets OAR 461-140-0210 through 461-140-0300
Single Person
- Purchase a prepaid irrevocable burial plan or irrevocable burial bank Purchase an account term life insurance for burial ($1,500.00)
- Purchase exempt burial merchandise ( casket, plot, headstone)
- Pay verifiable to the participant’s credit/debit card debts
- Purchase items for the participant’s use, (recliner, TV, clothing)
- Repay the State for past assistance
- Pay privately for current insurance and benefits program (ElderPlace) until assets are reduced to $6-8,000.
- Purchase an annuity payable within the lifetime of the participant
Married Couple
- Complete a resource assessment with Medicaid eligibility worker to determine amount to be retained by the spouse not receiving services.
- Once the resources are separated, the participant will spend down to Medicaid eligibility standards.
- Purchase a prepaid irrevocable burial plan or irrevocable burial bank for participant and spouse
- Purchase an account term life insurance for burial ($1,500.00) for participant and spouse
- Purchase exempt burial merchandise, casket, plot, headstone for participant and spouse
- Pay verifiable to the participant and spouse to the credit/debit card debts
- Purchase items for the participant and/or spouse (recliner, TV, clothing) for participant and spouse
- Repay the State for past assistance
- Pay privately for current insurance and benefit program for the participant (ElderPlace) until assets are reduced to $6-8,000.
- Purchase an annuity payable within the lifetime of the participant and/or spouse
Spending Down of Assets Worksheet
Record of Spending (expenditure of more than $500.00 require receipts, bills, bank statements)
| Date | Expenditure | Total Amount |
|---|---|---|
| 5/1/17 | Payment to ACH for room & Board | $571.00 |
Record of Consolidation of Bank Accounts as part of Spend Down
Provide All Bank Statements-ending balances, closing transactions
| Date | Account Location | Account # | Ending Balance |
|---|---|---|---|
| 5/1/17 | Bank of America | 5678 | $5,500.00 |
After Spend Down Account Closure and Fund Transfers
| Date | Account Location | Account # | End Balance | Date | Closure or Transfer? |
|---|---|---|---|---|---|
| 5/1/17 | Bank of America | 5678 | $5,500.00 | 4/30/17 | Transfer from Wells Fargo to Bank of America |
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