We wrote an article today on our health insurance site about how some Colorado lawmakers are pushing for the return of asset testing in determining eligibility for the state’s Medicaid program. The federal government – via the Children’s Health Insurance Program Reauthorization Act – has been encouraging states to expand access to public health insurance […]
If you’re researching long term care insurance, you’re probably aware that the 2005 Deficit Reduction Act (DRA) extended the “look back” period for Medicaid eligibility from three years to five years – ie, assets transferred to someone else anytime in the five years prior to applying for Medicaid will be taken into consideration when determining […]
[…] 44% of respondents said that they didn’t have long term care because it was too expensive, but overall, respondents greatly over-estimated the cost of a long term care policy. The average annual premium in 2009 was $2207, but respondents in the Prudential study estimated it to be $3900. This misperception could be a factor keeping people from purchasing long term care insurance, despite their concerns about their ability to pay for future long term care needs.
[…] But if it does pass, hopefully all of the nuances of it will be thoroughly explained to eligible Medicaid enrollees before they make the switch away from the traditional program. The program would be voluntary, and does include a provision to allow participants to withdraw with 30 days notice provided to the state. It may end up being a good fit for some seniors, but if mis-handled (for example, by encouraging seniors to join the program without adequate explanation), it could also be an erosion of a vital safety net for cash-strapped seniors.