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Exempt assets from Medicaid spend down.

  
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GarySpicuzza
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GarySpicuzza



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Location: West Pasco County, FL


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PostPosted: Tue Apr 22, 2008 9:19 am   Post subject: Exempt assets from Medicaid spend down.  
Exempt assets from Medicaid with Long Term Care insurance. (LTCi)

There are 25 states with Long Term Care Partnership Programs.

This is significant legislation as a person can now LEGALLY exempt their assets from nursing home and Medicaid spend down by simply obtaining Long Term Care insurance.

Click HERE to read Florida Statute 409.9102.

Quote:
(b) Provide a mechanism to qualify for coverage of the costs of long-term care needs under Medicaid without first being required to substantially exhaust his or her assets, including a provision for the disregard of any assets in an amount equal to the insurance benefit payments that are made to or on behalf of an individual who is a beneficiary under the program.

(4) The Department of Children and Family Services, when determining eligibility for Medicaid long-term care services for an individual who is the beneficiary of an approved long-term care partnership program policy, shall reduce the total countable assets of the individual by an amount equal to the insurance benefit payments that are made to or on behalf of the individual.


States with Partnership Legislation:

Arkansas
Iowa
NorthDakota
Colorado
Maryland
Ohio
Florida
Massachusetts
Oklahoma
Georgia
Michigan
Pennsylvania
Hawaii
Missouri
Rhode Island
Idaho
Montana
Virginia
Illinois
Nebraska
Washington
New York
Indiana
Connecticut
California
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fireyone
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PostPosted: Mon Apr 28, 2008 3:55 pm   Post subject:   
Good info.Keep up the good work
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InsTeacher
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PostPosted: Fri May 02, 2008 10:04 pm   Post subject:   
Add Oregon to the LTC Partnership states. They just got approved. WooHoo!

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