Medicaid Myths Part 2

Medicaid myths cause too many of society’s most vulnerable citizens to make mistakes that can cost them thousands of dollars or cause them to spend every last dime of their life savings before seeking help with nursing home and medication costs. That’s why we’ve again chosen to write about the common Medicaid myths we hear in the community. “I have to give away everything I own before I can get Medicaid” All Medicaid recipients are able to keep some of their assets and still qualify for benefits. […]

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Medicaid Myths Part 1

Medicaid was considered a complicated Program w when President Lyndon B. Johnson first signed the it into law at Truman Library in Independence, Missouri, and it has grown even more complex during each of the thirty years since. Although it is a national program, it is administered by each state. The rules and regulations are constantly changing and can vary widely from state to state. So, it’s no wonder there are many myths and inaccuracies surrounding the program. This month, we are taking a look […]

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Medicaid Law Changes Enacted

On February 8, 2006, the Deficit Reduction Act of as 2005 was signed by President Bush, thus making major changes in the Medicaid eligibility rules. As with any major legislative initiative, the full ramifications of these changes won’t be known for several months. In the meantime, certain aspects of the bill are clear at this time. The first is that the Medicaid gifting or asset transfer rules have been changed so that the “lookback” period for all asset transfers is now 5 years. This includes […]

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Does An Inheritance Count for Medicaid?

Timing is everything. How often have you heard someone express that sentiment? And while it’s often true of life in general, it’s certainly true in Long Term Care planning. So does an inheritance count as an asset for Medicaid purposes? For a single person, the answer is clearly, “Yes.” If a single individual is spending down his or her assets, and before the spend-down is completed, that individual receives an inheritance, then those assets are added into whatever that person has and must be spent […]

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Estate Recovery

Henry and Marge Smith have lived on their family farm in Kansas for over forty years. Recently, Henry suffered a stroke and was told by his doctor he needed nursing home care. “Finding a nursing home is not the problem,” Marge says when she comes to your office. “There is a nursing home in town where my parents lived for several years. Our family was very happy with the care they received. My concern is finding the money to pay for his care.” She starts […]

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