Pre-Planning Services
The enactment of the Deficit Reduction Act of 2005 made pre-planning more important than ever. Prior to the DRA…
Services
Pre-Planning
The enactment of the Deficit Reduction Act of 2005 made pre-planning more important than ever. Prior to the DRA, if you were unprepared for a Medicaid spend down, you still had a number of tools at your disposal. But the DRA did two things that made it harder to plan in a crisis.
To adjust to the new rules, pre-planning has taken on new importance.
- They extended the look-back period for all gifts or transfers (known as divestments) from 3 years to 5 years and
- they made all penalties for gifts prospective from the point in time when the patient is “otherwise eligible” for Medicaid.
A person should pre-plan for Medicaid if they do not have long-term care insurance and they are concerned about preparing for the risk of paying the huge expenses of long-term care.
A person should pre-plan for Medicaid if they do not have long-term care insurance and they are concerned about preparing for the risk of paying the huge expenses of long-term care.
A person should pre-plan for Medicaid if they do not have long-term care insurance and they are concerned about preparing for the risk of paying the huge expenses of long-term care.
Call us or email us to see if Pre-Planning is right for you!