Medicaid and VA Pension Comparisons, Part II
My last post discussed some of the differences between Medicaid and the Veterans Improved Pension programs with respect to the treatment of assets, trusts and transfers.
The treatment of income is also different among these programs. Here is a chart that will give you these comparisons at a glance.
2014 VA Pension and Medicaid income resource chart
Income eligibility for Veterans Improved...
Trust & Transfer Planning for VA Benefits may not be effective for Medicaid Planning
A Medicaid application for nursing home level services is not filed until your countable, available assets are below a specific limit. Transfers (gifts) and Trusts can be used in certain circumstances. When our attorneys are analyzing the laws and developing your asset protection plan, the two major issues in this regard are (1) whether the funds in the Trust continue to be countable assets,...
Finally, Insurors are Developing Billing Codes for End-of-Life Medical Counselling
The NY TImes reported on August 31 that the American Medical Association (AMA) has created billing codes for doctors to use when they spend time with a patient discussing and explaining the options for medical treatment at the end of life. http://www.nytimes.com/2014/08/31/health/end-of-life-talks-may-finally-overcome-politics.html
The billing codes have been submitted to the Centers for...
CMS provides guidance to sort out the alphabet soup of the Affordable Care Act and Medicare
Understanding Medicare and the Affordable Care Act (ACA)
The federal Centers for Medicare and Medicaid Services (CMS) has recently published a terrific FAQs sheet (Frequently Asked Questions) to help people understand the interplay between Medicare and the Affordable Care Act (ACA). take a look at...
When parents retire, SSI recipients should update look at their beneits
Are you thinking about starting to collect your Social Security retirement benefits soon? When the parent of an SSI recipient retires, there may be an opportunity for the child to apply for Social Security Disabled Adult Child Benefits (DAC) based on the earnings record of the parent. This can be highly beneficial because (1) the benefit may be higher than SSI, (2) the child can receive...
Not all Discretionary Trusts are Special Needs Trusts
Over the years in my practice I have encountered many situations in which a discretionary trust was written into a Will to receive the inheritance of a person who had disabilities. Often the testator (person who was signing the Will) specifically wanted to protect the funds becuse they knew the person with disabilities relied on government programs like Medicaid or SSI. However, since the...
Don’t guarantee that nursing home bill unless you plan to pay it
When an individual moves into a nursing home for long-term care, there are an array of admissions documents that get signed. These include everything from personal preferences information to insurance and financial disclosures, medical releases, selection of physicians etc. One of these documents contains the contract for payment for the services being rendered.
Typically, the contract...
Get help with your paperwork when you struggle with illness
I recently had the occasion to make a house call to meet with a client who had stopped working about 4 years ago in his early 50’s. He became gravely, permanently ill and eventually needed to apply for Social Security Disability benefits, which were approved. He had to endure the two-year wait until he could receive Medicare. As he got caught up in the throes of his illness, with...
Thinking of retiring? Review your estate plans
As you begin making your plans for retirement, don’t neglect to prepare or update your estate plan. Your plan may be decades-old, or maybe you never even signed any documents for a plan. It’s a good idea to start thinking about a variety of issues at this time. Here are some of them.
It’s important to sign a Durable Power of Attorney and Health Care proxy to designate the...
Thinking about Retiring? See how Medicare fits with your retiree health plan
If you are an active employee who is starting to think about retirement, make sure you check the terms of your employer health insurance plan to see how it would fit with Medicare. Medicare health care coverage isn’t available to you until you reach age 65. There is an Initial Enrollment Period (IEP) which begins 3 months before your 65th birthday, includes the month you turn 65, and...