Medicaid Long-Term Care: Few Transferred Assets Before Applying for Nursing Home Coverage; Impact of Deficit Reduction Act on Eligibility Is Uncertain

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DIANE Publishing, 2007 - 55 pages
To be eligible for Medicaid long-term care (LTC), individ. may transfer assets to others to ensure that their assets fall below certain limits. Individ. who make transfers for less than fair market value (FMV) can be subject to a penalty that may delay Medicaid coverage. An Act (DRA) in 2005 changed the calculation & timing of the penalty period & set require. for the treat. of certain types of assets. This report provides data on the extent to which asset transfers for less than FMV occur. Covers: the finżl character. of elderly nursing home (NH) residents; the demographic & financial character. of Medicaid NH applicants; the extent to which these applicants transferred assets for less than FMV; & the potential effects of the DRA prov. related to medicaid eligibility for LTC.
 

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Page 1 - The Honorable John D. Dingell Chairman, Committee on Energy and Commerce House of Representatives The Honorable Dan Rostenkowski Chairman, Committee on Ways and Means House of Representatives The Honorable Barbara B.
Page 45 - Decoration Day. — Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada (<>), New Hampshire, New Jersey, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Porto Rico, Rhode Island, South Dakota, Tennessee, Utah, Vermont, Washington, West Virginia, Wisconsin, and Wyoming.
Page 41 - Agency Comments and Our Evaluation We provided copies of a draft of this report to the Department of Transportation and the Federal Aviation Administration (FAA) for review and comment.
Page 8 - ... activities of daily living (ADL) and instrumental activities of daily living (IADL).
Page 50 - Comments from the Centers for Medicare & Medicaid Services DEPARTMENT OF HEALTH & HUMAN SERVICES CĞnlĞrs tor Medicare * Medcaxl Serve..
Page 42 - CMS provided several technical comments that we incorporated as appropriate. As arranged with your offices, unless you publicly announce its contents earlier, we plan no further distribution of this report until 30 days after its issue date. At that time, we will send copies of this report to the Administrator of the Centers for Medicare & Medicaid Services and appropriate congressional committees. We also will make copies available to others upon request. In addition, the report will be available...
Page 2 - Feb. 1, 2005); 21st Century Challenges: Transforming Government to Meet Current and Emerging Challenges, GAO-05-830T (Washington, DC: July 13, 2005); and 21st Century: Addressing LongTerm Fiscal Challenges Must Include a Re-examination of Mandatory Spending, GAO06-456T (Washington, DC: Feb.
Page 16 - The exact language reads that the state "be named the remainder beneficiary in the first position for at least the total amount of medical assistance paid on behalf of the annuitant.
Page 16 - FMV unless the repayment terms are actuarially sound, provide for payments to be made in equal amounts during the term of the loan with no deferral or balloon payments, and prohibit the cancellation of the balance upon the death of the lender.
Page 10 - A trust is any arrangement in which a grantor transfers property to a trustee with the intention that it be held, managed, or administered by the trustee for the benefit of the grantor or certain designated individuals.

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