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Category Archives for Medicaid and Asset Protection
5 Medicare Tips: Open Enrollment October 15 to December 7, 2019
Medicare’s Open Enrollment Period runs from October 15 to December 7, 2019.5 tips to consider during this period:Read your Annual Notice of Change mailed to you every September informing you of any changes to your plan, such as changes in premiums, co-pays, pharmacies and prescription drug coverage.Review your coverage, costs and doctors to determine if […]
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Maintaining Medicaid Eligibility After the Death of a Spouse
It goes without saying that a spouse’s death is traumatic for the whole family. But for a surviving spouse who receives Medicaid benefits, it is even more stressful and harrowing as their eligibility for Medicaid may now be in jeopardy. Under New York’s estate laws, a surviving spouse is entitled to the greater of $50,000 or […]
Continue readingTax Planning vs. Medicaid Planning Avoid These Costly Mistakes
As you prepare to file your tax return this year, it’s a good time to re-visit the difference between the IRS rules and the Medicaid eligibility rules in order to avoid costly mistakes. Take this example: you may wish to give a gift of $15,000 to each of your children and grandchildren to benefit from the […]
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Trust Lending for Medicaid Asset Protection Trusts: Your Clients Do Have A Choice!
Guest blogger Frank Melia of Quontic Bank answers questions regarding trust borrowing options for clients who have transferred their property into a Medicaid Asset Protection Trust (M.A.P.T.). Why most Banks do not offer Mortgages to Properties held in M.A.P.T.s: Historically, Brokers & Banks follow guidelines set by Fannie Mae & Freddie Mac and they do […]
Continue readingMedicaid Spotlight: What is Spousal Refusal?
Federal law allows a spouse who requires long term care to transfer assets to the other spouse in order to receive Medicaid benefits immediately. Transfers between spouses are exempt, meaning there is no penalty or waiting period even if the transfers are made within the 5-year look back period. Once the assets have been transferred to […]
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Experts: It’s Never Too Early or Too Late to Plan for Your Golden Years
Far too many people wait much too long to make plans for their retirements, as well as all aspects of old age for that matter, with some never making such plans at all. The consequences of not planning can be devastating for them and their families, according to a group of experts who discussed aging on […]
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Medicaid Home Care Update – Guildnet Closing in January
Guildnet MLTC, FIDA and Medicaid Advantage Plus plans are closing as of January 1, 2019. Official notices are being sent to all Guildnet members in mid-October 2018. What You Need to Know ♦ You will receive a notice from New York Medicaid Choice advising you to choose a new plan. ♦ You will have 60 days to select and […]
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Slow Medicaid Processing Leaves Patients in Limbo
Many applications take months to be ruled on while families rack up big bills.by Claude Solnik Morris Wiener, a 94-year-old Medford resident who developed diabetes and a host of other diseases, wanted to stay at home and receive care instead of going to a skilled nursing facility. So his grandson Oren Wiener on March 14, 2008, […]
Continue readingThe CRACKDOWN on Medicaid Planning
by Mary Beth Franklin For some individuals, long-term care insurance may not be an option. And some people give away their money and property in order to qualify for Medicaid help sooner, a practice known as Medicaid planning. One way to deal with both situations is to earmark funds sufficient to pay for care, establishing an […]
Continue readingRetirement Assets and Medicaid Eligibility
In order to become eligible for Medicaid benefits for home health care or nursing home care, an individual must have less than the resource allowance amount as set by the State. But not all assets are treated the same. Retirement assets are in a category of their own. A qualified retirement account such as an IRA […]
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