With the President’s signature on 2006 amendments to the Deficit Reduction Act of 2005, the Federal government has changed the rules for older Americans trying to find suitable long-term care arrangements.
Great Barrington, MA (PRWEB) February 11, 2006 -- With the President’s signature on 2006 amendments to the Deficit Reduction Act of 2005, the Federal government has changed the rules for older Americans trying to find suitable long-term care arrangements. The new laws, designed to protect the long-term viability of the Medicaid safety net, now place many more Americans at risk for devastating financial losses in the event they need long-term care.
Key provisions include:
1. The “look-back” period for all asset transfers has increased from 3 to 5 years, making it more difficult to qualify for Medicaid coverage.
2. The penalty period now starts at the time you apply for Medicaid benefits, meaning you could get stuck without any coverage for months.
3. Medicaid can now deny benefits if you have more than $500,000 equity in your primary home.
4. Limitations in the protection provided by annuities.
5. Fees paid to continuing care retirement communities are countable assets for Medicaid qualifications.
Wheeler & Taylor, Inc. announced today that it has hired long-term care insurance specialist, Lou Serpe, to help clients determine suitable insurance strategies to protect their assets. A regionally recognized long-term care expert, Serpe is a graduate of New York University. He and his wife Somer recently relocated to Great Barrington, MA with their two daughters, Isabella and Mia, from Fairfield County, CT.
Serpe has been awarded the Long Term Care Specialist title by General Electric Capital, the nation’s leader in Long Term Care Insurance. He has been ranked in the top 10 of long-term care insurance producers in the State of Connecticut Partnership program.
Before becoming a Long-Term Care Specialist, Lou worked on Wall Street for 20 years. During his financial career, Lou was dedicated to helping people understand their financial options and create portfolios that would sustain them through any economical environment.
Wheeler and Taylor, Inc., founded in Great Barrington in 1871, is an independent insurance agency with offices in the Berkshires. It has been honored with the prestigious 5 star designation by MAIA, Massachusetts Association of Insurance Agents. Wheeler and Taylor can be reached at www.wheelertaylor.com or by calling 413-528-1000.
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