Do the Healthy Spouse's Assets Have to Stay Under the Limit After Medicaid Is Approved?
My husband is in a nursing home and is on Medicaid. All his income is going to the nursing home except for a small sum to pay...
Read moreAlthough Congress passed a new law February 1 further restricting the ability of the elderly to transfer assets before qualifying for Medicaid coverage of nursing home care, many people in most states will still have time to plan under the old rules. While the new law applies to all transfers made after the date of enactment (and perhaps those made on the date of enactment, though this in unclear), it gives the states a grace period to come into compliance if state legislation is required to put the new rules into effect. In most states, the old rules will likely apply to transfers if the Medicaid application is filed before the state passes the complying legislation. So it may not be too late to plan, and in many cases not too late to transfer assets.
Such states have until the first day of the first calendar quarter beginning after the end of the legislature's next session (or the end of the next year of a two-year session) to comply. For instance, if a state's next legislative session begins in September 2006 and ends in December 2006, the deadline is January 1, 2007. If the session ends in January 2007, then the deadline will be April 1, 2007.
If you have considered protecting some assets for your loved ones in case you later require long-term care, you should contact a qualified elder law attorney in your state without delay. To find an ElderLawAnswers member attorney in your area, click here.
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Read moreIn addition to nursing home care, Medicaid may cover home care and some care in an assisted living facility. Coverage in your state may depend on waivers of federal rules.
READ MORETo be eligible for Medicaid long-term care, recipients must have limited incomes and no more than $2,000 (in most states). Special rules apply for the home and other assets.
READ MORESpouses of Medicaid nursing home residents have special protections to keep them from becoming impoverished.
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READ MORETo be eligible for Medicaid long-term care, recipients must have limited incomes and no more than $2,000 (in most states). Special rules apply for the home and other assets.
READ MORESpouses of Medicaid nursing home residents have special protections to keep them from becoming impoverished.
READ MORECareful planning for potentially devastating long-term care costs can help protect your estate, whether for your spouse or for your children.
READ MOREIf steps aren't taken to protect the Medicaid recipient's house from the state’s attempts to recover benefits paid, the house may need to be sold.
READ MOREThere are ways to handle excess income or assets and still qualify for Medicaid long-term care, and programs that deliver care at home rather than in a nursing home.
READ MORECareful planning for potentially devastating long-term care costs can help protect your estate, whether for your spouse or for your children.
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READ MOREThere are ways to handle excess income or assets and still qualify for Medicaid long-term care, and programs that deliver care at home rather than in a nursing home.
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READ MOREMedicare's coverage of nursing home care is quite limited. For those who can afford it and who can qualify for coverage, long-term care insurance is the best alternative to Medicaid.
READ MOREMost states have laws on the books making adult children responsible if their parents can't afford to take care of themselves.
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