For those couples who have a spouse in Long Term Care, this current Bear Market may actually represent an important opportunity. Eligibility for Nursing Home Benefits under Medicaid is partially dependent on “countable resources.” But, the test is not simply a number. The number is determined for a married couple at two different points in time.
The first point in time is called the “PRA Date.” That is the first day of the month during which the spouse entered nursing home care. This establishes a base line to determine how much money the community spouse ( the spouse at home ) can retain without it being counted against eligibility.
The second point in time is called the “Snapshot Date.” That is the first day of any given month during which an applicant applies for benefits. In many, if not most situations, in order to obtain eligibility we have to advise people how to manage their affairs so that the Snapshot values are below the PRA Date values.
However, in a Bear market, it is often the case that market values fall enough that without having to liquidate investments the market, essentially, creates eligibility because portfolio values fall below PRA Date values enough to qualify. If your family has not looked into qualifying for Nursing Home Benefits because you think you have too much investments, now is a good time to obtain helpful information and advice from an Elder Law attorney.
This article is written by an attorney at Attorney Donald Wyatt PC. Always consult an attorney before making any legal decisions. To make an appointment today, please click here to contact us.