Medicaid is funded through September 2019. Moreover, the State of Nebraska administers Medicaid and it is not shutdown.
Therefore, Medicaid applications and payments will proceed normally. ...
Read More
Medicaid compliant annuities are not a countable resource.
Husband entered the nursing home on July 21, 2010. His wife was well. The wife consulted an attorney and she reconfigured her assets in a conventional way and clearly permitted by North Dakota law. The wife also purchased a single-premium (lump sum) immediate annuity for $400,000. The annuity was required to pay the wife $2,734 per month over 13 years.
The State of North Dakota denied the husband's application of Medicaid benefits. The State was of the opinion that the annuity was a countable resource. The couple filed a lawsuit in the federal district court and won. North Dakota, and eight other states, appealed to the Eighth ...
Read More
One hundred thousand dollars. That’s the national average annual cost for a nursing home.
Genworth Financial is one of the nation's leading underwriters of long-term care insurance policies so its data is good. In Alaska, the cost is over $300,000 per year so there is a wide range in costs throughout the United States.
The median cost per year grew 6.7% from 2017 to 2018. That well out-paced inflation.
Long-term care insurance is one way to shift that risk but some people can't qualify for a policy because it is medically underwritten. In fact, the number of long-term care policy purchases have declined in recent years.
One of my services involves asset protection from the high cost of nursing homes.
...
Read More