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posted by hnelderlaw on May 10, 2013 14:17 as Medicaid
By Fredrick P. Niemann, Esq. a New Jersey Medicaid Attorney
According the New Jersey state Medicaid Manual, an annuity must have several different characteristics in order to avoid being considered an available asset for purposes of Medicaid qualification, including:
1. The annuity must be irrevocable and non-assignable;
2. The annuity must pay out on an actuarially sound basis;
3. The annuity must pay out in level installments;
4. The state must be named as a remainder beneficiary to the extent of
Medicaid benefits received.
All standard commercial annuities do not comply with these rules and as such are considered to be subject to penalty. But any annuity that does comply with these rules can be beneficially used in a number of ways including paying the cost of long term care.
As an elder law attorney knowledgeable in ... full
posted by hnelderlaw on April 05, 2013 13:10 as Medicaid
By Fredrick P. Niemann, Esq. a Medicaid Application Attorney in New Jersey
Understanding the concept of income eligibility sounds simple but how New Jersey treats income differs under different scenarios. The following are some of the more common examples. For one, money received from the sale of an asset (resource) is not income. Another example, the sale of a home does not create income.
Loans received in the past by a Medicaid applicant, which are due and payable are not counted as income. However regular payments to the Medicaid applicant from family members over an extended period of time which are impossible to repay, given the applicant’s current and/or future financial status, are not considered loans by New Jersey. They are instead treated as income.
Where children have been paying for their parent’s care, we can often get that money back to the ... full
posted by hnelderlaw on March 22, 2013 13:47 as Medicaid
By Fredrick P. Niemann, Esq. a NJ Applying for Medicaid Attorney
In New Jersey, Medicaid applications are getting tougher to get approved these days. The State has created a new application form that requires more detail and information. Many families call us to handle their Medicaid application. Often I advise clients we have to work quickly.
For starters, we have to review and produce 5 years of financial records needed for Medicaid under its 5 year look back period. You should never wait till the State asks for the documentation because they typically will give you just 10 days to produce it under the threat of a denial for lack of documentation. If Medicaid were to deny our application 5 months after we file it, we can only refile and ask for 3 months of retroactive benefits, losing out on 2 months and subjecting ... full
posted by hnelderlaw on March 15, 2013 14:25 as Medicaid
By Fredrick P. Niemann, Esq. a NJ Medicaid Attorney
Here is a simple question to test your NJ Medicaid IQ. If I owe someone money but it’s still in my account do I really still own it; or do I owe it? Would your answer be different if that "someone” is the IRS?
The answer is Yes. You still own it and yes you still owe it. Here is how this question works under NJ and Medicaid eligibility in the following actual case.
A client calls me concerning her dad. "He’s in a nursing home and has spent down his assets,” she said. "I applied for Medicaid but hit a snag. Dad has a whole life insurance policy with $20,000 cash value and the Medicaid caseworker says we have to cash it in.” I tell her the caseworker is correct.
The reason is because cash value counts ... full
posted by hnelderlaw on January 25, 2013 14:20 as Medicaid
By Fredrick P. Niemann, Esq. a New Jersey Medicaid Attorney
Annuities can be converted into guaranteed income streams. Once this is done, the annuity no longer has any cash value, but will instead pay out a fixed sum of money on a regular basis for a period of time. This process is often called "annuitizing” the annuity. Once annuitized, the funds placed in an annuity can no longer be accessed. What has really happened here is that an asset, the annuity or cash used to purchase the annuity, has been converted into an income stream. This is a permissible form of spending down for Medicaid eligibility provided that the requirements of Medicaid law are met. An annuity that will meet these requirements is fairly described as "Medicaid friendly.”
Contact me personally today to discuss your New Jersey Medicaid matter. I am easy to talk to, very approachable and ... full
posted by hnelderlaw on October 19, 2012 14:17 as Medicaid
By Fredrick P. Niemann, Esq. a New Jersey Medicaid Attorney
Annuities are really confusing yet it is common to hear annuities described as "Medicaid friendly.” What does "Medicaid friendly” mean? Simply stated, they are assets placed in an annuity that will be protected from the cost of long term care. Under New Jersey law a traditional commercial annuity does nothing to protect assets from the cost of long term care. In fact, without careful planning, simply investing in an annuity will result in the unnecessary loss of assets. Understanding why this is the case requires some understanding of estate planning, elder law, and annuities. By taking the time to understand annuities you can easily save tens if not hundreds of thousands of dollars. Planning for disability will greatly increase the likelihood of having something to pass on to heirs, while at the same time reducing stress and maximizing one’ ... full
posted by hnelderlaw on September 07, 2012 14:03 as Medicaid
By Fredrick P. Niemann, Esq. a New Jersey Appealing Medicaid Denial Attorney
In the state of New Jersey, you have the right to a fair hearing if your Medicaid application is denied. This will occur after filing a request for appeal and gathering the appropriate financial information to prepare for your hearing. You have the right to an appeal within 20 days of receiving your Medicaid denial.
You will be assigned a Case Worker, who will update you on the status of your appeal periodically.
Legal counsel is generally necessary for your Medicaid appeal hearing. The NJ legal system has many procedures and filings, so a Medicaid attorney is best suited to assist you.
Medicaid appeals are especially useful when the amount requested is a large sum of money. Medicaid will cover the cost of an assisted living or nursing home facility. These costs can also be substantial, ...
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posted by hnelderlaw on September 07, 2012 14:00 as Medicaid
Medicaid frequently denies coverage to people for many different reasons. Some reasons are medical, while others result from a person’s financial situation. The reasons for denial vary from case to case.
Health reasons are a common reason why Medicaid is denied to people. Medicaid is designed to help people that are the worst off. Therefore, frivolous claims are typically denied.
Another common reason is that you have reached your maximum beneficial level of care. This is true for people who have serious health conditions and need high-priced care. However, you can appeal this with the help of an attorney.
Often, denials occur by mistake. If you can prove this in court, you can easily have the Medicaid claim overturned in your favor.
You also have to be careful to file within the allotted time frame for Medicaid claims. ...
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posted by hnelderlaw on August 31, 2012 13:37 as Medicaid
By Fredrick P. Niemann, Esq. a New Jersey Medicaid Attorney
Once a person files an application with the County Board of Social Services, they will disclose all monies they spent over the past 5 years and what they have left. If everything is in order, New Jersey will approve that person as qualified for Medicaid. Once the assets are down to $2,000, the individual will then have to turn over their income, social security or pension, and keep an amount known as a "personal needs allowance” (which also varies by state; but is $35 in New Jersey) and also retain enough money to pay their health insurance. Any funds that remain after these allocations are paid to the nursing home as continuous copay. For married couples, specifically when only one person requires care, qualifying for Medicaid is much more involved. Simply put, it’s all about exemptions and conversions. For ... full
posted by hnelderlaw on August 31, 2012 13:33 as Medicaid
By Fredrick P. Niemann, Esq. a New Jersey Medicaid Attorney
If a person needs long term care to be paid for, that person needs to qualify for Medicaid. New Jersey says that certain assets are exempt from what is considered "countable” but everything else counts. There are exempt assets under limited conditions like: a house, a car, a prepaid funeral plan , $1500 cash value life insurance or term insurance, household goods: furniture, clothing, appliances. Nothing else is exempt meaning that checking accounts, bank accounts, IRA’s, bonds, stocks, mutual funds; counts in what is referred to as your "countable assets.” New Jersey says that once you’ve exempted what you can, the person looking to qualify must then spend the rest of their assets down to $2,000.
Say there’s a single person with Alzheimer’s who needs nursing home care, and their countable assets are $100,000. Until they have spent ... full
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