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Title 8: Medicaid Page 42 Iowa Department of Health and Human Services Employees’ Manual Chapter D: Resources Transfer of Assets Revised September 13, 2024 Penalties for Transferring Assets Penalties for Transferring Assets Legal reference: 441 IAC 75.23(1) Transfer of assets after August 10, 1993, for less than fair market value by either a Medicaid applicant or member or the applicant or member’s spouse disqualifies the applicant or member for Medicaid payment for:  Nursing facility services.  Level of care in a medical institution equivalent to that of nursing facility services.  Home- and community-based (HCBS) waiver services. (A person receiving HCBS waiver services is considered as an institutionalized person.)  Program for All-Inclusive Care for the Elderly (PACE) services. (A person receiving PACE services is considered as an institutionalized person.)  Home health care services.  Home and community care for functionally disabled elderly people.  Personal care services.  Other long-term care services. The penalty period for transferring assets depends on when the assets were transferred and how much the assets were worth at the time the transfer occurred.