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what is being questioned is not traditional medicaid for ltc but the special version of medicaid called MEC or extended medicaid which the partnership plans use .
there is no required spending down with some of these like the plan we have here in ny . all assets are protected 100% so no spending down , look back or asset shifting is needed once medicaid pays .
even income remains unlimited for the stay at home spouse although at this point they request you contribute 25% of income towards the care . regular medicaid will not allow the stay at home spouse to have more then 2990 or so a month which in nyc leaves you impoverished . so to have to give just 25% with no cap is an amazing deal .
the spouse receiving care still has income limitations though .
Are the rules different once the person is eligible for mediciaid and receiving nursing home services? Or are the rules different related to eligibility only? So it allows access without total spend down but once enrolled, the benefit is the same?
Hope I'm not hijacking the thread. I was confused by your exchange earlier and appreciate you clarifying. I'd like to understand this.
we took a ny partnership plan for ltc. the perks after the insurance are worth more then the insurance to us .
we have to take 3 years coverage but after that no asset shifting , no 5 year look back period and most important almost no restriction on the income allowed for the stay at home spouse when medicaid picks up the bills after the insurance runs out .
asset protection is unlimited if you take the total asset plan as opposed to the cheaper dollar for a dollar plan that ny offers as well .
I'm single but this is very useful information since I'm planning to retire in Massachusetts and you never know about marital status. It looks like Massachusetts has similar law and regulations.
It depends. On Non magi medicaid or Magi medicaid. Magi medicaid goes by your tax return. Inheritance would not effect it. Non Magi medicaid. Inheritance would effect it.
It depends. On Non magi medicaid or Magi medicaid. Magi medicaid goes by your tax return. Inheritance would not effect it. Non Magi medicaid. Inheritance would effect it.
the two types refer more to health insurance from medicaid , not long term care medicaid ... . non magi means you already meet the requirements for medicaid in a nutshell but in any case that would not apply to most with assets or income above the thresholds for medicaid
the two types refer more to health insurance from medicaid , not long term care medicaid ... . non magi means you already meet the requirements for medicaid in a nutshell but in any case that would not apply to most with assets or income above the thresholds for medicaid
Oh long term medicaid Is a completely different beast when i comes to inheritance. If i was her i would talk to an Attorney. Also i don't think she would be allowed to refuse or gift an inheritance if she is on long term medicaid or non magi.
Oh long term medicaid Is a completely different beast when i comes to inheritance. If i was her i would talk to an Attorney. Also i don't think she would be allowed to refuse or gift an inheritance if she is on long term medicaid or non magi.
yes , long term care medicaid is very very different from health insurance medicaid and requires professional advice
Look into setting up what is called a Special Needs Trust. My brother needs Medicaid coverage/disability but inherited some money from our parents. It went into a Special Needs Trust so that he could still get the benefits from the inheritance but it wouldn't affect his qualifications for Medicaid/disability.
Your mother's inheritance has likely put her in a position where she can afford to pay for an ACA policy with the after-tax income from IRA withdrawals for a few years.
But... she prefers to have the taxpayers fund her health care so she can give money to you and your brother?
Your mother's inheritance has likely put her in a position where she can afford to pay for an ACA policy with the after-tax income from IRA withdrawals for a few years.
But... she prefers to have the taxpayers fund her health care so she can give money to you and your brother?
1) This thread is from 2014.
2) Sigh
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