The Deficit Reduction Act really punishes seniors for helping their families, charities, religious organizations, grand-children etc.
The Deficit Reduction Act states if a Medicaid applicant gives away property or money during the increased “look back” period (from 3 to 5 years), the amount will be figured to into a formula that dictates how long applicants are ineligible for Medicaid coverage.
The Deficit Reduction Act really punishes seniors for helping their families, charities, religious organizations, grand-children etc. If a senior gives away assets to help their grandchild pay for school, or give money to charity, they shouldn’t be punished when something happens to them within the five-year look back period.
Nursing-home residents has gifted some monies, and then apply for Medicaid they are judged ineligible for those benefits for at least several months, when their private assets have been exhausted. Who pays the bill? Will the charity return the money? How about the grandchild who spent the money on a college education, but can’t get a job because of the economy, will they return the money?
If that’s impossible, families might have to borrow money to pay the nursing-home care or risk their loved one being evicted from the nursing home facility.
To increase your monthly income, please contact us about a FREE HANDBOOK about VA Benefits, written by David Wingate, an accredited VA Attorney, of Senior Life Care Planning, LLC, go to email@example.com or if you require additional information about VA Benefits, visit our Senior LCP's Website.
We also have a Blog on Elder Issues and Veteran's Benefits.Tags: Alzheimer's Association, Alzheimer's disease, asset protection, elders, life care planning, long term care, ltc, medicaid, Medical Assistance, nursing home, senior life care planning, seniors health