SSI and gifting home asset

What is the name of your state? PA
My question is regarding elderly people (74,75) who are already on SSI (not medicaid) and own a home. They would like to give away their home asset to their child, who lives seperately. How is the penalty time figured out? They are trying to determine the amout of time they will be penalized.

Also, how does it effect their food stamps and Medicair (part A & B)?

Thank you for your information.

blueFlower said:

What is the name of your state? PA
My question is regarding elderly people (74,75) who are already on SSI (not medicaid) and own a home. They would like to give away their home asset to their child, who lives seperately. How is the penalty time figured out? They are trying to determine the amout of time they will be penalized.

Also, how does it effect their food stamps and Medicair (part A & B)?

Thank you for your information.

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The transfer of resource penalty only applies if the client is transferring a countable asset in order to get on SSI. Since your parents already receive SSI, this law does not apply in this case. However, their new living arrangements could affect their payment amount and/or their eligibility. It would be best to contact your local office with specifics for a more detainled explanation. Ownership/sale of homes do not affect Medicare at all.