State tightens Medicaid rules
Tuesday, October 31st, 2006
By Chris Fitzsimon
More scrutiny for asset transfers
Thomas Goldsmith, Staff Writer
People who need to go into a nursing home in North Carolina will face much tougher rules about how they spend their money if they apply for Medicaid coverage for their care.
Already, the state raises questions when people shift their assets to family members, churches or charities within three years of needing nursing home care — which can easily cost $50,000 a year and quickly drain an older person’s remaining nest egg.
But under provisions of the Deficit Reduction Act that are slated to go into effect in January, the state will search back five years for evidence that an older person has tried to shelter assets from Medicaid. The change is aimed at people who can afford to pay for nursing care, but instead give their money away so they’ll appear to be poor enough to qualify for the federal insurance program. (more…)
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