If you’ve heard anything about Medicaid, you’ve probably heard about the lookback period. In Iowa, the lookback period is the period of time starting with the day you apply for Medicaid and extending back through time for sixty months. We break that definition down after the jump. [Read More]
Devils, Details, and Deadlines: Calculating the Penalty Period
If you can’t prove you didn’t make a transfer to get on Medicaid, that transfer becomes a disallowed transfer. And that’s bad because a disallowed transfer means a penalty period will be imposed, delaying the time you are allowed to receive Medicaid coverage for the nursing home. The real question becomes: how do you calculate the penalty period? [Read More]
The length of the penalty period depends on the value of the assets transferred.
Watch Your Language: Penalty Period
A transfer occurs anytime you sell, trade, or give away money or property. Sometimes a transfer is for fair value, such as when you trade in your car or buy groceries. Sometimes, though, you make a transfer without expecting anything in return – like a birthday or Christmas gift. This is called a disallowed transfer, and it means you will not be eligible for Medicaid for a certain period of time called the penalty period. [Read More]
Watch Your Language: Transfer
Seems obvious, right? In daily life, a transfer happens when property changes hands. You can transfer money between bank accounts or transfer germs between school children. In grilling and smoking, “transfer” means removing food from the grill or smoker. Unfortunately, it’s not that simple in the Medicaid world. [Read More]
You Need a Medicaid Guidebook – and an Expert Guide, too
Iowa Medicaid – sometimes called Title XIX (Title 19) – is a mashup of federal statutes and regulations, state-specific rule tweaks, and both formal and informal agency policies. The system itself is intricate enough, but then the individual case workers who process Medicaid applications don’t always apply the rules in the same way. It’s virtually impossible to navigate the maze without a guide. [Read More]
Why do Long-Term Care Planning?
As we grow older, our healthcare and financial needs change. Check out this video to find out why you need to plan for those changing needs and how we can help. [Read More]
Long-Term Care Planning with Joe Friday and Columbo
One thing you could always count on from Joe Friday was direct questions meant to collect the information he needed to solve his case. Columbo was famous for collecting every detail needed to close his cases. And, like Joe Friday, Columbo followed the facts to their logical conclusion. An elder law expert will follow much the same approach, collecting detail upon detail through one or more interviews with you and your family then using those details to analyze and apply the multitude of tools available. [Read More]
The Planning Effect
Sitting bedside with her husband after his stroke, Jane is talking with the discharge planner for the local hospital. After discussing the level of care John will need, Jane and the planner have decided that the nursing home connected with the hospital is the only viable option for John’s needs. Now Jane needs to visit the nursing home and figure out how she will pay for John’s care. [Read More]
The Biggest Mistake You Shouldn’t Make Before Turning 65
We are about to experience – some say we’re already experiencing – the biggest workforce shift from full time work to retirement in United States history. If you’re a Baby Boomer, you are a part of this generational transition. If you can see retirement on the horizon, then I have a warning for you: there’s a train following close behind retirement that you absolutely must plan for: nursing home care. [Read More]