Articles Posted in Medicaid & Medicare

medicaid claimBy Lara Schneider-Bomzer

A new Connecticut Supreme Court decision, Pikula v. Department of Social Services, establishes clear guidelines for determining if a trust should be considered a “supplemental needs trust” or a “general support trust.”

In general, assets held in a supplemental needs trust are considered unavailable in determining Medicaid eligibility for the trust beneficiary. Continue reading

Grunge Stempel rot PREPAIDYou have probably heard the phrase “spend down” – something you could do to reduce your assets which would help to qualify you for Medicaid.

A prepaid funeral contract is one of those items that are considered exempt. In other words, its value won’t be counted when the Department of Social Services is reviewing your total assets.

And that value has just gone up.

Pile of documents on desk stack up high waiting to be managed.In a recent post we talked about the eligibility requirements for Medicaid and the various Medicaid planning strategies.

But how do you actually apply for Medicaid?

If your situation is simple – say you have one bank account, never been married, don’t own a home and you live on your Social Security check – it’s a matter of filling out the application and sending it to the Department of Social Services with some basic documentation.

That situation is rare, however.

Many of us have a much more complicated lifestyle and portfolio. And when this is the case, you have to be extremely careful when applying for Medicaid. Continue reading

Complex formula

By Kathleen Michalak

“Live long and prosper” is a blessing made famous by the TV series Star Trek.

But living a long life can be a mixed blessing, when care needs increase, and finances decrease.

When assets are depleted, Medicaid is a safety net you want to look into. It often covers the cost of long-term care either in nursing homes or in the community. Continue reading

LATEST NEWSBy Brendan F. Daly

It’s hard enough dealing with the emotional impact of a spouse residing in a nursing home. But the financial stress of paying for the cost of long-term care—averaging $15,000/month in Connecticut—can be devastating.

Many spouses seek Medicaid benefits to cover the cost of nursing home care. In fact, 70% of Connecticut nursing home residents receive Medicaid, and for married couples, there are many ways to protect assets while ensuring financial eligibility. Continue reading

Safe and moneyBy Lara Schneider-Bomzer

Purchasing annuities is a good way for married couples to protect assets, but doing it wrong could mean huge penalties. Here is what you need to know about annuities as it relates to Medicaid planning in Connecticut:

If your spouse is residing in a nursing home or is in need of home care, chances are you’ve read our blogs about the ways to protect your assets and qualify your spouse for Medicaid benefits. But not all strategies apply to all couples. Continue reading

Happy senior mother and daughter portraitTransfers of assets generally raise a red flag when it comes to applying for Medicaid. They can trigger a penalty period, or a period of ineligibility. The good news is the Connecticut Department of Social Services (DSS) will allow certain types of Medicaid asset transfers.

For example, a family caregiver can be compensated for providing care to a loved one if the care they provide is necessary.

Make a caregiver agreement

The individual must demonstrate a functional need for assistance with one or more activities of daily living. The type of care provided must be spelled out in a caregiver agreement, and certain conditions must be met. We will discuss the conditions later in this post. Continue reading

iStock_000016746886Smallby Carmine Perri

You want to apply for Medicaid – a complicated process – but you’ve heard that hiring an attorney specializing in Medicaid planning is expensive.

So why not use one of those new services that say they’ll do the same thing for less?

But do they really do the same thing?

The State of Florida doesn’t think so. Continue reading

SocialSecurityWe are often asked this question…

When am I eligible for Medicare and Social Security?

…especially as our clients reach their 60s and start dreaming of retirement. Here are some answers to your questions about Medicare and Social Security.

When Can I Apply for Medicare

If you worked and paid Medicare taxes for 10 years, and you are not disabled, you are eligible to enroll in Medicare beginning three months before the month you turn 65. Continue reading

Worried womanIf you want Medicaid in Connecticut to pay for your long-term care, one thing you should NOT to do is give away your assets – unless you think you won’t need Medicaid within the next five years.

When you apply for Medicaid for long-term care in either a nursing home or in the community, you are required to provide financial records for the past five years. This is called the “look back” period. Continue reading

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