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: federal law
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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Stimulus Check, SSI, and Medicaid
The Coronavirus Aid, Relief and Economic Security Act, also known as the CARES Act, was enacted on March 27, 2020 as Public Law 116-136. It is a $2 trillion economic stimulus bill. The goal of this legislation is to provide…
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…
Read More Change in Medicaid Laws: Minimum Amount Increases for Healthier Spouse
Additional Rules Concerning a Qualified Income Trust
New Jersey permits a person to reduce his or her monthly income below the Medicaid income cap through the use of a Qualified Income Trust, also known as a QIT. There are legal requirements, however, for the establishment of a…
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