First Up for 2006 – A Window of Opportunity
The Medicaid Reconciliation Act of 2005:

Contact us at: 312-787-5533 or info@hwchicagolaw.com

One of the first priorities for a returning Congress in 2006 is passage of the Medicaid Reconciliation Act of 2005.   

Just before year end 2005, the House reported back on the Senate - House conference committee report of the Medicaid Reconciliation Act of 2005 and after working out a few inconsistencies between the two versions, many veteran congressional watchers are predicting not only passage but a Presidential signing ceremony shortly after February 1, 2006.   

Here's what it means to you if you are in the "sandwich generation"; what it means to your family; what it means to the elderly; and what it means if you are approaching your "super senior" years:

1.  The look back period for making asset transfers exempt from Medicaid is expected to be increased to 5 years from 3 years; and

2.  The annuity method of exempting money from Medicaid qualification calculations will no longer be available; and

3.  The "ineligibility periods" for asset transfers are being recomputed and based upon relationship to "date of application"; and

4.  Previous strategies to shelter equity in a Medicaid applicant's residence may be limited to the first $500,000.00.

5.  The previously available strategy of using "Retirement Community Entrance Fees" to exempt assets will no longer be available.

What all this means to you, your family, and the elderly is that if you were contemplating Medicaid counseling or applying for Medicaid you ought to do so sooner rather than later because sometime on or after February 1, 2006 the entire Medicaid world is expected to change dramatically.

We can assist you by contacting us at: 312 787 5533 or info@hwchicagolaw.com