On December 13, 2016, President Obama signed H.R. 34, the 21st Century Cures Act, into law. The bill included the Special Needs Trust Fairness Act (sec. 5007), which corrects an error in the law that had used the false presumption that all persons with disabilities lack the mental capacity to handle their own affairs. Elder Law…
Will You Need Long Term Care?
“The potentially catastrophic consequences of becoming disabled and needing long-term care is arguably the gravest financial risk that older adults face” says an Urban Institute report. But, will it happen to you? And, if so, have you saved enough money to pay for it? These are the worries we all face as we age. This…
Medicaid Misconceptions
There are many misconceptions about the Medicaid program (called MassHealth in Massachusetts). It is a complex Federal/State program controlled by multiple laws and regulations. The rules vary from state to state and, most importantly, they change over time. What worked for someone else may not work for you as the rules were different in the…
What will your Long Term Care Cost?
A USA Today headline says that Dementia care could cost $730,000! That’s a scary number that should make you want to plan for your aging needs. However, is it really a valid estimate? The newspaper got that number by using Genworth Financial’s figure of $91,250 for full-time (24 hour) care for eight years. Many Massachusetts…
Medicaid Planning not for Everyone
Many people come to me worried about “protecting” their assets and wanting to engage in “Medicaid Planning.” Most don’t understand what Medicaid is all about or even what the problem really is. The issue is the cost of Long Term Care. If you need physical help with your daily activities due to age or infirmity,…
Harry’s Law gets Medicaid Planning All Wrong
I usually enjoy David Kelley’s crazy law-related television shows like Boston Legal and Harry’s Law. They are great fun and often give some good portrayals of lawyers and legal issues. But, I’m always laughing at how a client comes in to the office in the morning and somehow they are in Court in the afternoon…
Medicaid Income and Asset allowances for 2012 increase!
After staying the same for two years, the community spouse resource allowance (CSRA) and the maximum monthly maintenance needs allowance (MMMNA) will increase for 2012, the Centers for Medicare and Medicaid Services just announced. The 2012 minimum CSRA is $22,728 and the maximum is $113,640. The new maximum monthly maintenance needs allowance is $2,841. The minimum monthly…
New CMS head gets recess appointment
On Wednesday, July 7, President Obama appointed Dr. Donald M. Berwick as administrator of the Centers for Medicare & Medicaid Services (CMS). Dr. Berwick has served as a pediatrician at Harvard Community Health Plan, and has taught health policy as a professor at Harvard Medical School and the Harvard School of Public Health. As president…
No Increase in Spousal Allowances under Medicaid for 2010
The Federal Centers for Medicare and Medicaid Services (CMS) has announced that there will be no change in the Community Spouse Resource Allowance (CSRA) nor the Maximum Monthly Maintenance Needs Allowance (MaxMMNA) for 2010. These amounts are what a community spouse may keep in assets or is allowed to have as income, when the other…
New Medicaid Figures for 2009
The Centers for Medicare & Medicaid Services (CMS) has released the community spouse resource allowances (CSRA) and the maximum monthly maintenance needs allowance for 2009. The new minimum CSRA is $21,912 and the new maximum is $109,560. The new maximum monthly maintenance needs allowance is $2,739. The minimum monthly maintenance needs allowance remains $1,750 until…