Thursday, 23 February 2006
New Medicaid Barriers Restrict Senior Access To Long Term Care
In an effort to “tighten the loopholes” in the federal Medicaid program, President Bush finalized new regulations that will put more of the financial burden on families, reports the Washington Post.
Medicaid requires individuals to have limited savings and assets before being eligible for the funds that will pay for nursing care. Once eligible for the program, seniors are essentially required to spend all their remaining assets on their care.
Proponents claim the new rule will put an end to the practice of “well-off” seniors “gifting” large sums to their families in order to qualify for Medicaid. They hope this will encourage families to plan better for their loved ones long term care needs instead of depending on the government.
Under the new rules, seniors who “gift” or transfer their assets can be penalized with long waiting periods before qualifying for Medicaid.
Critics of the new rules predict that more needy seniors will be denied timely care than the well-off, loophole-seeking elderly. They also challenge the notion that enough families will be able to turn to private long term care insurance for assistance.
Technorati Tags: Senior Insurance
