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9 Cards in this Set
- Front
- Back
Home health services vs home care |
HHS: medical care provided in the home by trained professionals (doctors or nurses) Home care: personal care, provided by family members or paid caregivers |
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Eligible income for Medicaid |
Social Security retirement or disability payments, veteran benefits, pensions, salaries, wages, interest from bank accounts, stocks, and bonds Does NOT Assets that do not count towards Medicaid include… Food stamps, housing assistance, home, energy assistance |
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Assets that do NOT count towards Medicaid eligibility |
Primary residence (<$688k equity), personal property and household belongings, 1 motor vehicle life insurance face value under 1500, pre-burial arrangements, assets under specific trusts |
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Community spouse resource allowance |
When both spouses are in a nursing home, the couples limited to $3000 of assets… But when only one spouse enters a nursing home, the other can maintain assets up to $148,620 |
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Partnership-qualified (PQ) long-term care policies |
Must be tax qualified, contain certain consumer protections, and must include an inflation adjustment for applicants under age 75 in most states |
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Medicaid penalty period |
Divide the value of the property transferred by the average monthly cost of a nursing home in the state For gifts given during the look back period (5yrs) |
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Allowable transfers that do NOT cause Medicaid in eligibility |
Transfer to a spouse, to a child, who is blind or disabled, to a trust for the benefit of a person under the age 65 and disabled, a home to a child under the age 21 or child who has lived in the home for at least two years to provide care for the applicant, of a home to a sibling who has equity interest in it, and lived there at least one year before the applicant entered nursing home |
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Roll of thumb for LTCI premiums |
No more than 7% of income |
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3 ways benefits are paid… |
•Expense incurred (reimbursement) which is most common •Indemnity (per diem) set dollar amount; will never last longer than the benefit pd selected • disability: only need to meet the criteria once |