Commonwealth Advisory Group advises elders about new Medicaid regulations
April 22, 2007 (PRLEAP.COM) Health NewsAccording to the Commonwealth Advisory Group, MassHealth has revised the regulations for the treatment of a married couple’s assets for when one spouse enters a nursing home. The new regulations state that a couple will be allowed to have:
• A combined total of countable assets, which has been increased to $99,540 or
• A court-ordered amount or
• An amount determined by a fair hearing.
MassHealth has also revised the way the period of ineligibility is calculated when a Medicaid applicant has gifted away or transferred assets.
The Commonwealth Advisory Group recommends that seniors and their families seek guidance from a professional who is well-versed in Medicaid law to help maneuver through the lengthy Medicaid application process.
According to Philip C. Amaru, General Counsel and co-founder of Commonwealth Advisory Group, “Under the new regulations, a couple who own a home and has worked hard and saved all their lives is entitled to $99,540 in assets. That’s not a lot, considering the expense to maintain the couple’s home and the expenses the at-home spouse needs to pay to live. But, there are ways to preserve what the spouse at home has which would be deemed an ‘excess asset’ that would be taken.”
He continued, “Contrary to popular belief, a couple would not have to ‘spend down’ all their assets to reach an amount that qualifies them for Medicaid. And, speaking to the regulations about gifted and transferred assets, yes, there may be a penalty period, but if properly implemented in advance, their assets will be safe. With special planning done in accordance with Medicaid laws and regulations, Medicaid applicants in both these cases will be able to preserve their excess assets and decrease a period of ineligibility due to gifted and transferred assets.”
Over the past 15 years, the Commonwealth Advisory Group has helped over 1,500 clients preserve assets (which includes property, gifted assets, retirement accounts, insurance policies, investments and savings) prior to and during an admission to a nursing home.
For questions or more information, contact Commonwealth Advisory Group directly at 800-705-1415.
Asset Preservation Planning
Commonwealth Advisory Group provides seniors and their families with professional guidance when a loved one needs skilled nursing home care. Unlike investment advisors, Commonwealth Advisory Group specializes in asset preservation; enabling seniors and their families to protect what they have worked a lifetime to obtain – property, retirement savings, insurance policies, investments and more.
In addition to providing asset protection services to clients, Attorney Amaru and Executive Director Laureen Vaughn serve as educational speakers for hospitals, elder agencies and businesses throughout Southeastern Massachusetts. Commonwealth Advisory Group has appeared with Jordan Rich of WBZ News Radio 1030 in variety of seminars on the topic of Senior Asset Protection.
Attorney Amaru is a member of the National Academy of Elder Law Attorneys; the National Network of Estate Planning Attorneys; the Massachusetts Academy of Trial Attorneys; the Massachusetts Bar Association and the American Bar Association.
Commonwealth Advisory Group is located just off Route 128 at 3 Allied Drive, Ste. 125, Dedam, MA. For more information, contact 800-705-1415 or visit www.CommAdvise.com.