More Numbers of 2019
In my blog post last week, I disclosed some of the important numbers that change year to year with respect to the Medicaid and VA Aid and Attendance programs that we work to obtain for many of our clients. Here are the rest of the important numbers
New Medicaid and VA Figures for 2019
The cost of living adjustment for 2019 for many of the government programs that affect our clients’ lives has been announced so here they are. For 2019, the Social Security Administration announced that Social Security recipients will receive an increase of 2.8%, which is greater
The Hidden Costs of Transferring Your Home (Part 2)
In my post last week I told you about Joe’s call concerning the sale of his mother’s home. A few years ago she went to an attorney to prepare a deed transferring the home to Joe and his sister, but keeping a life estate for herself. A life estate
The Hidden Cost of Transferring Your Home (Part 1)
Joe sounded upset when he called us. His mother wanted to protect her home from the cost of long term care so a few years ago she transferred the house to Joe and his sister, keeping a life estate for herself. Now they want to sell the
A Family Theft – Part 2
In last week’s post I told you about Joe’s problem. He needed to apply for Medicaid for his sister, Sophie. His sister, Mary, however, had told him that she took some of Sophie’s money and spent it herself. He had confirmed at least $100,000 and counting. As I explained
A Family Theft – Part 1
What happens if a family member takes money from another family member without permission and the second family member needs to apply for Medicaid? That is exactly the scenario faced by Joe who called me about his two sisters, Mary and Sophie.
What Medicaid Covers – Part 2
In last week’s post I was telling you about a call I received revealing a very common misconception about Medicaid. Julie will lose her alimony payments in 6 months, dropping her income from $5000 per month down to $1000 per month. She is 69 years old and
What Medicaid Covers – Part 1
The call we received last week raised a common misunderstanding about Medicaid. Julie called regarding getting Medicaid benefits. Julie is 69 and in relatively good health for her age. She is selling her home and will be moving to a rental unit in a senior housing complex.
Julie expects to sell her home and net $200,000 after paying off a $250,000 balance on her mortgage. She has another $200,000 of savings. Julie also has a long term care insurance policy that pays as much as $300 a day for long term care in a nursing home, assisted living facility or care at home for 3 years. She also has income of $1000 per month from Social Security and she receives $4000 per month of alimony from her ex-husband.
So why is Julie asking about Medicaid? It appears that $5000 of income per month is enough to support her lifestyle. Julie is concerned because her alimony payments will terminate in 6 months and she is looking to replace the $4000 of alimony income that she will lose. With only $1000 a month of income, Julie will need to dip into her savings to meet her monthly expenses. Julie figured that Medicaid could help plug that gap.
Lack of Verification – Worse than a Medicaid Penalty (Part 2)
In last week’s post, I was talking about how Medicaid eligibility hinges in large part on the State’s scrutiny of 5 years of records under Medicaid’s look back period. Transfers of money out of the applicant’s accounts for less than fair value trigger a Medicaid penalty or
Lack of Verification – Worse than a Medicaid Penalty? Part 1
Whenever we are preparing to file a Medicaid application on behalf of a client we closely examine the 5 years of records that we will need to provide to the State together with the 16 page application. Those records include every statement for every asset the client