Medicaid Matters has received several requests for assistance from clients, who have been told to apply for Medicaid in order to get on waiting lists for nursing homes. Unfortunately, someone who is eligible for Medicaid to help cover costs of care in a nursing home, may not eligible for "community-based" Medicaid. The purpose of the article is to better inform families of their options (limited) and to avoid clogging an already overwhelmed Medicaid system.
Medicaid Matters has put together a list of the Top Ten things people should know about Medicaid Planning (in Illinois) from #10 Know your Choices for Care, #7 Lack of documentation is no excuse, #5 The Community Spouse Asset Allowance (CSAA) can be more than $109,560.00, #3 I've heard that I can qualify for Medicaid if I... to #1 Don't Panic! http://medicaidmatters.weebly.com/newsletters.html. Comments can be posted on the blog page.
When looking into options for financing long term care, it is sometimes difficult to sort out which program will benefit a client most. Medicaid Matters has written an article that attempts to provide some guidelines, along with a comparison table.
http://medicaidmatters.weebly.com/newsletters.html. Comments can be posted on the blog page. An article in my March 2010 Newsletter discusses the problems involved with transferring certain assets to the Community Spouse. Although some transfers are allowed, there can be tax consequences for "transfers" of individual retirement accounts such as IRAs. Perhaps seniors should balance withdrawals from regular savings and investments with taking distributions from their retirement accounts. The article is very basic and targeted towards families and/or Elder Care Professionals who might not see a reason for tapping into retirement accounts. Medicaid Matters welcomes comments and suggestions from Financial Planners, Accountants, Tax Advisors, and Elder Law Attorneys.
Click: http://medicaidmatters.weebly.com/newsletters.html, then click on Newsletter Downloads (or March 2010 for the current newsletter). Comments can be left on the blog page. An article in my January 2010 Newsletter featured reasons for having a Power of Attorney and how not having one could cause Medicaid benefits to be delayed (by requiring a spend-down) due to the inability of a now incapacitated person to transfer or assign their Life Insurance Policy. This could mean the difference between having a decent funeral or a being buried in a pauper's grave. The article is very basic and targeted towards families and/or Elder Care Professionals who might not see a reason for "poor people" to get legal documents. Since there are Pro Bono legal clinics, cost should not be a deterrent to getting Advanced Directives. Click: http://medicaidmatters.weebly.com/newsletters.html, then click on Newsletter Downloads (or January 2010 if still the current newsletter).
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