The new partnership policies allow consumer to protect a portion of their assets that they would the new partnership policies allow consumers to protect a portion of their assets that they would typically need to spend down prior to qualifying for medicaid coverage ensuring the more of the funds that are accumulated for retirements will be protected.
On August 17, 2006, the President signed into law The Pension Protection Act of 2006. Individuals owning annuity contracts can now have long-term care riders added with special tax advantages.
While Medicaid should be used as a last resort to pay for long-term care, there are two cases where this may be the only option for families protect assets. The first example is a married couple.
In the case of a married couple, the federal law allows for a division of assets to occur at the time that either spouse enters a nursing home. Simply put the couple, is able to divide their assets by two and the healthy spouse is able to keep half of the assets up to $115,920.
Aid and Attendance can help pay for care in the home, nursing home or assisted living facility. A veteran is eligible for up to $1,732 per month, while a surviving spouse is eligible for up to $1,113 per month. A couple is eligible for up to $2,054 per month.