55 or older? New to Medicaid? Call your lawyer

[OvenMaster]

I know it's been awhile since I've been here, but I feel I need to tell people about this.

Thanks to all the bull$hit that is 0bamacare, a lot more people are now qualified for Medicaid in many states.

If you are 55 or older, your estate will now be subject to the Medicaid Estate Recovery Act of 1993.

What this means is that if you are on Medicaid - as a lot will now be thanks to expanded enrollment - and you are 55 or older, your state now has a claim on your estate. You or your heirs are expected to repay your Medicaid benefits.

Each state's individual rules are different, but at the very least, Federal law requires each state to attempt Medicaid benefit repayment from your probated estate. This means if you're the sole owner of your home, or you have bank accounts in your name only, or you have personal possessions - stereos, anyone? and so on. In some states - like mine, luckily - the state canNOT take a home or bank account that's jointly owned with rights of survivorship. People living in other states, well, they're not so lucky.

Before 0bamacare, most Medicaid recipients didn't have any assets worth recovering. But with expanded Medicaid, now there will be plenty of people with assets worth grabbing by the states for repayment. In some states, the state can even put a repayment lien on your house if you want to sell it while you're still alive.

Here are some links to get you started.

http://www.thenewamerican.com/usnews...state-recovery

http://www.dummies.com/how-to/conten...ate-recov.html

Some people think that this only applies to those who end up in Medicaid-paid nursing home care. Nope. This applies to all persons on Medicaid starting at age 55. Every dime you get in benefits must be repaid.

If you are 55 or older and will be on Medicaid starting in January 2014, your very next phone call should be to your lawyer to help make sure your assets are protected as much as possible before you die.

"Your estate is what you own when you die — your home and what’s in it, other real estate you may own, your bank account, annuities and so on.

[Under estate recovery] even if you have a will, your heirs are chopped liver.

Low-income people often have only one major asset — the home in which they live and, in some cases, this has been the family home through several generations.

What this boils down to is this: if you are put into Medicaid — congratulations! — you just got a mandated collateral loan if you use Medicaid benefits."

Merry Christmas and Happy New Year from your federal and state governments.

[bobabode]

TANSTAAFL unless you believe in the Tooth Fairy and even that's a limited resource...

[Charles]

First I've heard of this.

Chas

[bobabode]

Originally Posted by Charles

First I've heard of this.

Chas

Here ya go, Chas. http://en.wikipedia.org/wiki/Omnibus...on_Act_of_1993

[Rajoo]

This is absolute horse shit. Is this to justify your signature?

[bobabode]

He does seem to be implying that this is all President Obama's fault. This is twenty year old legislation. Maybe it's latent ODS.

[Rex E.]

Originally Posted by BeamOn

This is absolute horse shit. Is this to justify your signature?

I'd sure like to know which "country" he wants back........pass around the Halcion as we all go back............

[Rajoo]

Originally Posted by Rex E.

I'd sure like to know which "country" he wants back........pass around the Halcion as we all go back............

Imagine a town out west with Palin as sheriff and Bachman as the preacher and the Koch's own the town.

[d-ray657]

Of course, these people can also be financially responsible and purchase insurance.

Regards,

D-Ray

[Zeke]

Originally Posted by d-ray657

Of course, these people can also be financially responsible and purchase insurance.

Regards,

D-Ray

In fact, I am told there is a hard fought government program newly in place designed to foster additional responsibility through an overall reduction in costs?