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. ...
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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 ...
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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.
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