A Medicaid compliant annuity is a single premium immediate annuity that is purchased on or after February 8, 2006, that meets the guidelines described in the Deficit Reduction Act of 2005. In order to qualify for Medicaid you must meet…
Injured People receiving favorable settlements or judgments in the areas of personal injury and medical malpractice were guaranteed that they would receive money. Effective October 1, 2014, with the reversal of the Ahlborn decision, this may not be the case. …
The Medicaid Committee of the Elder Law Section of the New York State Bar Association recently demanded that the New York City Medicaid Program stop the illegal practice of failing to budget a Community Spouse Monthly Income Allowance (CSMIA) when…
Giving assets will not automatically qualify you for Medicaid. The Medicaid program is very complex and irrational. A gift to your child will subject you to a Medicaid transfer penalty for nursing home care coverage if made within five years…
1. Why should I take steps to protect my home? If you suffer a long term illness and you have not taken steps to protect your home, your home may have to be sold to pay for your care. 2…
What is the difference between Medicare and Medicaid? Medicare is a government program that provides health care benefits to senior citizens, disabled individuals and individuals with certain chronic illnesses. Medicaid is a need-based government program available to individuals with low…
If you are receiving, or are applying to receive, community Medicaid benefits, a Pooled Income Trust is an important planning tool to consider. For 2013, the Medicaid monthly income allowance is $820 per month. Any income above the $820 per…
What is the Spousal Transfer Exception? When applying for Medicaid Nursing Home Care, there is no transfer penalty for any asset transfers between spouses. The Medicaid Applicant Spouse will not be denied Medicaid benefits as a result of any asset…
Monitor beneficiary designations. John implemented an estate plan to protect his son, Charlie who has special needs. In fact, Charlie receives government assistance under the Medicaid and SSI programs. John made sure that his Will provided for a Supplemental Needs…
It’s true what they say, "there’s no place like home." Most seniors understand the truth in that saying and want to live at home. Unfortunately some seniors who have difficulties with certain activities of daily living may need some help…