Using an Annuity to Keep the Spouse of a Medicaid Applicant from Becoming Impoverished
When one spouse qualifies for Medicaid to pay for a nursing home stay, the spouse who is at home is often left without many resources. While Medicaid has rules to prevent community spouses from impoverishment, the protections aren’t always enough. There are steps that you can take to increase the community spouse’s income, and as a recent case illustrates, an annuity may be a good option....
Read More“Obamacare” Should Be of No Concern to Medicare Beneficiaries, Although Scammers May Tell You Otherwise
Starting October 1, 2013, people who lack health insurance can start signing up for coverage through the new Internet-based health insurance marketplaces set up under the Affordable Care Act (aka Obamacare). Most of those who don’t already have insurance will have to buy coverage by March 31, 2014 or pay a penalty. But if you already have Medicare, you have nothing to worry about. You have...
Read MoreShould I Enroll in Medicare If I’m Still Working?
Many people keep working well beyond age 65–the age when most people become eligible for Medicare. If your employer offers health coverage, do you need to enroll in Medicare? What if the employer offers or does not offer prescription drug benefits? Most workers probably should enroll in Medicare Part A, which is free for most people and covers institutional care in hospitals and skilled...
Read MoreCan Life Insurance Affect Your Medicaid Eligibility?
In order to qualify for Medicaid, you can’t have more than $2,000 in assets (in most states). Many people forget about life insurance when calculating their assets, but depending on the type of life insurance and the value of the policy, it can count as an asset. Life insurance policies are usually either “term” life insurance or “whole” life insurance. If a...
Read MoreShould You Prepare a Medicaid Application Yourself?
Whether you should prepare and file a Medicaid application by yourself or should hire help depends on answers to the following questions: How old is the applicant? How complicated is the applicant’s financial situation? Is the individual applying for community or nursing home benefits? How much time do you have available? How organized are you? Medicaid is the health care program for...
Read MoreMedicaid Annuities
Annuities Bought for Medicaid Applicant’s Spouse Are Neither Income Nor Resource A U.S. district court has held that the annuities a Medicaid applicant purchased for his wife cannot be considered as either assets or income when determining Medicaid eligibility. Jackson v. Selig (U.S. Dist. Ct., E.D. Ark., No. 3:10–CV–00276–BRW, March 13, 2013). Richard Jackson lived in a nursing home and...
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