affordable long term care insurance virginia

difficult.
Most states permit Medicaid beneficiaries to keep no more than about ,000 in liquid assets.
The value of the home generally is exempt(provided equity does not exceed 0,000 or at
state discretion 0,000). Eligibility is denied if the applicant has transferred assets in order to
qualify for Medicaid. The state looks back five years to determine whether asset transfer rules have been abused.The Deficit Reduction Act of 2005 implemented new policies that prevent people who transferred assets even for legitimate purposes from accessing Medicaid coverage
for LTC. Medicaid also has a program for recovering the value of LTC services from the estates of deceased beneficiaries.

AARP Public Policy Institute, Myths about the Medicaid
Program and the People it Helps, November 2008

MY FAMILY WILL TAKE CARE OF ME.

Of course they will. That is what families do.But have you considered what it will do to them emotionally and financially, especially if they
don’t live near you? The loss of wages, health insurance and other job benefits, retirement savings, and Social Security benefits holds serious
consequences for caregivers. More than one-third (37%) of caregivers to persons age 50 and older reported quitting their job or reducing their work hours in 2007.Caregivers to persons age 50 or older reported spending an average of ,531 out-of-pocket in
2007. Long-distance caregivers had the highest annual expenses, ,728.

AARP Public Policy Institute, Valuing the Invaluable: The
Economic Value of Family Caregiving, 2008 Update

The information contained in this material describing certain
aspects of the Deficit Reduction Act of 2005 is based on our
current understanding of the law. It is not intended to provide
legal advice and is subject to interpretation. Consult your
attorney for information related to your particular situation.

Insurance and annuity products:
. Are not deposits.
. May decrease in value.
. Are not insured by the FDIC or any other federal government agency.
. Are not guaranteed by the bank or its affiliates.

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