Turning Life Insurance into Long Term Care Insurance (Part 2)
So your parent has an insurance policy that they can no longer afford and they are in spend down mode to qualify for Medicaid. Cashing in the policy and spending the proceeds is necessary before Medicaid will kick in. But last week I mentioned another option, something called a
Turning Life Insurance into Long Term Care Insurance (Part 1)
For 20 years now, I’ve been guiding clients and their families on the spend down of assets before applying for Medicaid. Successful applicants must spend down just about everything before getting Medicaid approval, including any life insurance policies that have cash surrender value. For many seniors the cash surrender value of
VA Pension is not Income for Medicaid Purposes
An important decision by federal court judge two weeks ago will have a big impact on many New Jersey assisted living residents – in a positive way. The case, Galletta v. Velez, directly addresses the relationship between VA and Medicaid benefits, which don’t always work well together. Some Medicaid programs have
Medicaid and Same Sex Couples
Since I wrote about the issue of same sex partnerships and Medicaid 4 years ago in this blog (February 1, 2010), much has happened in the area of same sex marriage. Last fall, the United States Supreme Court struck down a 1996 federal law, the Defense of Marriage Act (DOMA)
New Jersey Finally Updates Medicaid Divisor
As most people know, in order to qualify for Medicaid, one must have no more than $2000 in countable assets. But to get under that limit you cannot simply transfer assets out of your name, or gift them. That’s because Medicaid imposes a penalty – a waiting period actually –
The Difference between Obamacare and Long Term Care
I am often questioned about how Obamacare has affected long term care and Medicaid. My answer is that it really hasn’t at all because mostly Obamacare addresses this country’s health insurance problem. The Medicaid programs that pay for long term care haven’t changed as a result of the Affordable Care
Think the State will Help You? Think Again
For as long as I can remember, I have explained to clients that although Medicaid covers long term care in non-nursing home settings under what is now known as the Global Options program, it is very difficult to qualify and even if you can meet the requirements, more times than
When Disputing a Bill can Cause You to Lose Medicaid (Part 2)
Last week I was telling you about Sheila’s call. Her husband Sam needs nursing home care and they have very little to spend down, approximately $33,000. Sheila would be able to keep the rest, not a whole lot for her to live on. But, she would need to act quickly and
When Disputing a Bill Can Cause You to Lose Medicaid
So many ways to get tripped up by the New Jersey Medicaid process. Here’s another one. Sheila called us because her husband was in a nursing home with very little money to spend down. Combined, she and her husband, Sam, had less than $75,000. Sheila first called towards the beginning of
What to Do When You Get a Medicaid Estate Recovery Letter (Part 2)
Last week I was telling you about Joe’s problem with Medicaid. After his Dad died he received a Medicaid estate recovery letter from the State of New Jersey looking to recoup $150,000 in benefits. He was not happy when I explained to him that under Medicaid rules they are owed that