Congress has passed sweeping legislation that significantly affects Medicaid Nursing Home benefits. The new law takes effect on November 1, 2007 and applies to all gifts and applications after that date.

The new law imposes punitive new restrictions on the ability of the elderly to transfer their assets before qualifying for Medicaid coverage in a nursing home. These changes can have far reaching implications regarding an individual's ability to access quality and affordable long-term care.

Some of the more draconian provisions are:

• The look back period for gifts is extended from 3 to 5 years.

• The value of a house that can be exempt is $500,000.

• Annuities and many other planning tools will be eliminated.

• Monthly gifts are severely curtailed.

This is the time for seniors to plan for or readjust their long-term care plan. Failure to do so can cost you and your family a great deal of money.

Please feel free to contact our office for an appointment. Also feel free to share this information with family members who can assist in planning for the future.

Click here for more News You Can Use