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Long Term Care & Medicaid Look Back Period

An article out of New York State today discusses the current regulations for the Medicaid "look back" period for transferring assets.  Before making any financial decisions regarding taxes or Medicaid, contact an attorney and have them review current law and your particular situation.

In the article, an elder lawyer was talking about how under current interpretations of Medicaid's look back period, and after a clarification memo issued by the Office of Health Insurance Programs to New York's Medicaid directors on Sept. 24, 200, it appears that the look back period is just one month at this point.

About Medicaid 

Medicaid is widely misunderstood by the public.  The long term care component of Medicaid is designed for the impoverished, and virtually all assets must be spent down before people can qualify.  In short, if you have assets and are concerned about keeping them, having long term care insurance rather than relying on Medicaid would be a much better course of action. 

 

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External Links

Make sure the long term care insurance company offering your policy on financially solid ground, when it comes time to pay your claim.

AM Best 

Moody's Investors Services

Standard & Poor's Insurance Ratings Service

 

Federal Employee comparing long term care insurance at LTCFed? 

Research an insurance company in your state , at the Insurance Information Institute.

Review the pros and cons of women purchasing long term care insurance, at the National Center on Women and Aging.

State Health Insurance Assistance Program(SHIP) is a free service that advises seniors and baby-boomers about life and health insurance questions. SHIP advisers can assist you in deciding if long-term care insurance might be a good fit for you. SHIP can also review the actual long term care insurance contract that you considering buying.

United Seniors Health Council helps people research consumer health and health insurance questions. The council publishes a really in-depth newsletter and sells books on the topics of long-term care and long term care insurance.