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Medicaid News
Medicaid May Be Only Answer for Many Elderly but
Rules have Changed
ElderLawAnswers.com summarizes asset
transfer provisions
 March
7, 2007 - Maybe you have been diagnosed with early stages of
Alzheimer's, or have a chronic condition that you know will eventually
lead to expensive long-term care. You consider the cost of this care and
easily calculate it will eat up the nest egg you had saved for
retirement and an inheritance for your children. There is also a
potential of financial ruin for your children, if they assume your care.
You see the Medicaid program as the only solution to survive and pass on
something to your children. Changes in the law, however, have set
specific rules for asset transfers before you can qualify for Medicaid.
ElderLawAnswers.com has added to their Website a
new section to that briefly summarizes the provisions of the Deficit
Reduction Act of 2005 (DRA) affecting Medicaid coverage of long-term
care.
The DRA cuts nearly $40 billion over five years
from Medicare, Medicaid, and other programs and places severe new
restrictions on the ability of the elderly to transfer assets before
qualifying for Medicaid coverage of nursing home care. The new section
provides a summary of all the changes brought on by the DRA.
It is part of the section on ElderLawAnswers.com
named "ElderLaw Info-Medicaid."
To go directly to the section on asset transfer
rules,
click here.
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