If a person obtains a long-term care insurance policy that satisfies federal law, then assets can be protected from Medicaid and the cost of long-term care. Congress passed a law approximately 15 years ago that provides an incentive to acquire…
Tag: assets
Federal Court Allows Annuity Strategy to Protect Assets
The United States District Court for the District of New Jersey has issued an important decision concerning the use of annuities for Medicaid planning. The Honorable William J. Martini rendered this favorable decision in the case of Jane Cushing v.…
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Change in Medicaid Laws Allow a Spouse to Keep More Assets
If a husband or wife requires long-term care in a nursing home facility, then that care can quickly deplete their life savings. Most nursing home facilities in this area charge more than $120,000.00 a year for a basic semi-private room. …
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Change in Medicaid Laws: Minimum Amount Increases for Healthier Spouse
When a healthier spouse requires long-term care in a nursing home facility, then that care can quickly deplete the family’s life savings. Fortunately, there are federal and state laws that prevent the healthier spouse from being impoverished. When a spouse…
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Qualified Income Trust Can Reduce Income to Qualify for Medicaid
In order to qualify for Medicaid to pay for long-term care, a person must have little assets and must also have a monthly income that is less than the “income cap”. Beginning January 2020, the Medicaid income cap in the…
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