Stuff in the ‘Medicaid’ Category
Medicaid’s Power to Recoup Benefits Paid: Estate Recovery and Liens
Federal law requires the state to attempt to recover the long-term care benefits from a Medicaid recipient’s estate after the recipient’s death. If steps aren’t taken to protect the Medicaid recipient’s house, it may need to be sold to settle the claim. For Medicaid recipients aged 55 or older, states must seek recovery of payments […]READ POST »
Protecting Your House After You Move into a Nursing Home
While you generally do not have to sell your home in order to qualify for Medicaid coverage of nursing home care, it is possible the state can file a claim against your house after you die, so you may want to take steps to protect your house. If you get help from Medicaid to pay […]READ POST »
Three Reasons Why Giving Your House to Your Children Isn’t the Best Way to Protect It from Medicaid
You may be afraid of losing your home if you have to enter a nursing home and apply for Medicaid. While this fear is well-founded, transferring the home to your children is usually not the best way to protect it. Although you generally do not have to sell your home in order to qualify for […]READ POST »
Protecting Spouses of Medicaid Applicants: 2023 Guidelines
The Centers for Medicare & Medicaid Services (CMS) has released the 2023 federal guidelines for how much money the spouses of institutionalized Medicaid recipients may keep, as well as related Medicaid figures. What Are Spousal Impoverishment Rules? Spousal impoverishment is a concern for older couples when there is one spouse who requires long-term care and applies […]READ POST »
Who Should Purchase Long-Term Care Insurance?
Buying long-term care insurance is one way to protect against the high cost of long-term care. However, this type of insurance may not be for everyone, so consider all your options. Long-term care – care in a nursing home or at home – may be paid for in four main ways: Out-of-pocket. If you have […]READ POST »
The Attorney’s Role in Medicaid Planning
Do you need an attorney for even “simple” Medicaid planning? This depends on your situation, but in most cases, the prudent answer would be “yes.” The social worker at your mother’s nursing home assigned to assist in preparing a Medicaid application for your mother knows a lot about the program, but maybe not the rule […]READ POST »
Annuities and Medicaid Planning
In some circumstances, immediate annuities can be ideal Medicaid planning tools for spouses of nursing home residents. Careful planning is needed to make sure an annuity will work for you or your spouse. An immediate annuity, in its simplest form, is a contract with an insurance company under which the consumer pays a certain amount […]READ POST »
Receiving an Inheritance While on Medicaid
For most people, receiving an inheritance is something good, but for a nursing home resident on Medicaid, or those who rely on Medicaid as their primary form of insurance, an inheritance may not be such welcome news. Medicaid has strict income and resource limits, so an inheritance can make a Medicaid recipient ineligible for Medicaid. […]READ POST »
