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Your IRA Can Affect Your Medicaid Eligibility

Long Term Care PlanningWhen you are planning for Medicaid coverage in a nursing home, it’s important to take any IRAs you own into account.

Medicaid applicants can keep only a small amount of resources (usually $2,400) in order to be eligible for benefits. Certain resources may be exempt from this rule. Whether your IRA is exempt often depends on whether it is in “payout status.”

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Veterans Face New Limits On Long-Term Care Help

Senior Veterans BenefitsThe U.S. Department of Veterans Affairs offers a pension benefit to low-income veterans (and their spouses) who are in an assisted living facility or who need help at home with everyday tasks such as dressing or bathing. The program is called “Aid and Attendance.”

Unfortunately for many veterans, the government recently proposed new regulations that will tighten the qualification rules and impose a look-back period and transfer penalties similar to those under Medicaid. As a result of these changes, anyone who may be eligible for Aid and Attendance should probably talk to an attorney about how to proceed.

Continue Reading Veterans Face New Limits On Long-Term Care Help