Posts Tagged ‘community spouse’

Protecting Your home From the Nursing Home.

Medicaid transfer rules are something the average family should be concerned with! The facts are, as we live longer, more than half will spend time in a nursing facility.     As a general rule, when assets are transferred to others for less than fair market value, this transfer will result in a period of Medicaid ineligibility. Here are four instances where transferring the family home or principle residence for less than fair market value may be permissible and not result in Medicaid ineligibility or penalty. First, the principle residence can be transferred to the spouse who is not in…

Read More »

What ia a Community Spouse?

Community Spouse, Community Spouse Resource Allowance (Minimum and Maximum), Monthly Maintenance Needs Allowance (Minimum and Maximum), Penalty Divisor, Resource Limit, Exempt and non-Exempt Resources — should you care what these terms are? Well, if you're part of a married couple and you're concerned about the possible need for nursing home care for you and/or your spouse, you should. The option for paying for the nursing home are discussed in our previous article “Who will pay for the nursing Home?” Let's start first with the average monthly cost of nursing home care is approximately $10,000 per month, i.e. $120,000 per year….

Read More »

Immediate annuities is a Medicaid planning tool for spouses of nursing home residents.

A single premium immediate annuity (SPIA) is a contract with an insurance company where the non-nursing home spouse pays a sum of money to an insurance company.  Consequently, the insurance company sends a monthly check to the non-nursing home spouse for a certain time period or for the rest of their life. In Maryland, and some states, the purchase of a SPIA is not considered to be a transfer (gift) for purposes of Medicaid eligibility, because it is an income stream. Therefore, it transfers countable assets into a non-countable assets. In order for the annuity purchase not to be considered…

Read More »

What happens to a Veteran’s VA Benefits if they receive Medicaid?

The veteran, if qualified for Medicaid, will receive $90.00 for personal needs only. This is non-countable by Medicaid; however, some Medicaid agencies make it countable income. Additionally, $90 is only for single claimants; not married veterans.  However, if the community spouse has sufficient Unreimbursed Medical Expenses, and the veteran’s out-of-pocket expenses, this offsets total household gross income. Therefore, if the veteran is on Medicaid, continues to receive the full pension plus Aid and Attendance of $1,949.00 per month. For more in to increase your monthly income, please contact us about a FREE HANDBOOK about VA Benefits, written by David Wingate,…

Read More »

Five More Medicaid Myths

1. Myth: “I can find out all I need to know about Medicaid from the nursing home or the Medicaid agency. The Truth: The Medicaid law is very complex and counter-intuitive. It was written by Congress, after all! The nursing homes and Medicaid agencies do not have lawyers to interpret the law in your favor. 2. Myth: “I have to lose my home and everything I own to get Medicaid assistance.” The Truth: A person is permitted to own “exempt property” and be eligible for Medicaid. In addition the “community spouse” is entitled to keep a share of the assets….

Read More »

Beware of Medicaid Information on the internet

This information is wrong, the spouse who is not in the nursing home, the community spouse, does not have to be left impoverished, for Medicaid qualification.

The Use of a “Medicaid” Annuity to Protect Assets

The annuity creates an income stream, (non countable) that repays the full amount of the annuity plus interest, over a term of years or the spouse’s actuarial life expectancy.