Didn the new Deficit Reduction Act (DRA) Medicaid laws passed by Congress in 2006 make it impossible to protect assets from Medicaid?
Not at all. The rules are certainly different, but it just means that there has to be some adjustments in the Medicaid asset protection strategies we employ. Some strategies that were useful in the past may no longer be effective. On the other hand, new rules mean new opportunities and new strategies, which is what you will find in the MAPP Video Package. – Return to top Several years ago, my father bought an annuity, which the financial representative said would be protected from Medicaid. Now, Medicaid is saying that is not the case and that he will have to spend it all on care before he can qualify for benfits. What’s the truth? Deferred annuities (lump-sum version with a cash-in value) do not now, nor have they in the past, provided protection from Mediciad. Prior to the Deficit Reduction Act, annuitized or immediate annuities (contracts that had been irrevocably converted into a guaranteed income stream) where sometimes used with single Medicaid patients, as, in many states, the h
Related Questions
- Didn the new Deficit Reduction Act (DRA) Medicaid laws passed by Congress in 2006 make it impossible to protect assets from Medicaid?
- What impact will new TANF provisions in the Deficit Reduction Act (DRA) have on how state governments implement TANF?
- Is Cash & Counseling part of the Deficit Reduction Act (DRA)?
