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Medicaid Compliant Products
A recent court case, Hutcherson v. Arizona Health Care Cost Containment System Administration ("AHCCCS"), brought a ruling down regarding the State's recovery rights as a beneficiary of a Medicaid Compliant Annuity. Within the decision:
"We hold that the 2006 amendment to 42 U.S.C. § 1396p(c)(1)(F)(i) creates a right in the State to recover as a remainder beneficiary against a community spouse's annuity for an institutionalized spouse's medical costs. We further hold that the St ...
Does an annuity utilized in VA planning have to follow the same guidelines as that of an annuity utilized in Medicaid planning (i.e. irrevocable, non-assignable, zero cash value, etc.)? I hear this question quite often, which is completely understandable - the VA does not provide for specific annuity requirements, unlike Medicaid.
Notwithstanding the above, the VA program does not require that an immediate annuity contract be compliant with the Deficit Reduction Act of 2005 in order to ...
The majority of elder law attorneys are very familiar with the Deficit Reduction Act of 2005 ("DRA"); however, I have found that much confusion still surrounds the requirements regarding designating the state Medicaid agency as a beneficiary of a Medicaid Compliant Annuity.
While Krause Financial Services rarely experiences an annuitant predeceasing the term of his or her Medicaid Compliant Annuity, in the rare occurrence of a premature death, if the designation is not correct the result ...
I have received several questions through the Ask Dale section regarding the applicability of the Deficit Reduction Act of 2005 ("DRA") provisions on an annuity purchased by a spouse of an institutionalized individual. While the language contained within 42 U.S.C.A. § 1396p(c)(1)(G) seems to apply only to the "annuitant who has applied for medical assistance," most post-DRA states apply the provisions also to an annuitant that is the spouse of an individual who has applied for medical as ...
With so many annuities for Medicaid planning purposes now being offered by way of insurance agents, financial planners, and insurance companies, I feel that it is necessary to distinguish the products offered by Krause Financial Services from the group.
In recent months the term "Medicaid Friendly Annuity" has been heavily used in the Medicaid Annuity marketplace. It is important to know that Krause Financial Services does not provide Medicaid Friendly Annuities, nor do we recommend tha ...
In Florida, Personal Services Contracts ("PSK"), which are also referred to as Caregiver Agreements, are widely used as a spend-down tool for Medicaid and/or VA benefits planning.
The PSK generally serves four purposes:
It reduces an applicant's countable resources to an acceptable level, which entitles the applicant to receive benefits;
It outlines the duties and obligations of the parties;
It establishes the compensation that will be paid to the caregiver; and
It dicta ...
Almost four years have passed since President Bush signed the Deficit Reduction Act of 2005 ("DRA") into law. Forty-eight states have since passed the legislation, yet many elder law attorneys are not aware of an immense planning opportunity that still exists.
When DRA was signed into law in 2006, it was clear that some annuities required the state Medicaid program to be named as the beneficiary. If that was the case, the beneficiary designation was only to the extent that Medicai ...
Whenever a caregiver agreement is utilized in a Florida Medicaid or VA Planning case, there are always questions regarding income taxes. When, and to what extent, does the care recipient get to deduct the payment or payments? When, and to what extent, does the caregiver child have to recognize taxable compensation or income?
Section 61(a) of the Internal Revenue Code ("IRC") defines "gross income" as compensation for services... Thus, it is clear that when a caregiver child ...
At Krause Financial Services we specialize in Crisis Medicaid Planning and Veterans Benefits Planning.
Obtain all of your Medicaid and VA compliant insurance products in one convenient place. You no longer have to waste your time searching for insurance companies and insurance agents that claim to offer the products and services you need.
When clients plan to pay for long-term care services, they have certain options, including: private pay, VA benefits, Medicaid, or a combination thereof. As would be expected, private pay is the preferred method, in that cash is king and those with cash are in the catbird's seat. They can choose from 24 hour home health care to assisted living to a single room in a nursing home.
But who has sufficient cash to meet the objective? Very few! For most, unless they purchase ...
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