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Custodial care is that level of care which is merely assistance with what are known as the Activities of Daily Living (ADL's).
This type of personal care, such as assistance with eating, bathing, dressing, toileting, transferring in and out of bed and supervision of medications usually do not require the assistance of professionally trained and licensed personnel.
But in that setting, immediate annuities can be of great benefit in protecting spouses of nursing home residents and to a lesser extent can help preserve assets for the children of nursing home residents who are unmarried or widowed, which will be the subject of another blog post.
Following are the most significant rules governing eligibility for Mass Health coverage of nursing home care: Before going any further, at this point I generally advise my clients to ignore logic when considering taking Mass Health planning steps.
In addition, those who do purchase immediate annuities need to shop around to make sure they are purchasing them from reliable companies paying the best return.
In one case, we were able to save a spouse 0,000 in cumulative annuity payments since her broker had sold her an annuity paying a lousy return.
The following discussion of the use of immediate annuities applies only to the nursing home setting.
With that said, in the case of married couples the use of immediate annuities essentially involves transforming excess assets, on which there are strict limits, into income on which there are no limits.
We need to understand the nature of an immediate annuity.
You must be hospitalized for medically necessary inpatient hospital care for at least three consecutive calendar days, not counting the day of discharge. The notice must include a statement that observation status may impact the patient's coverage for the hospital services, and advise the patient to contact his or her insurance plan to better understand the implications of being placed in observation status.
The patient or their legal representative must sign the notice to acknowledge receipt.
Margolis Medicaid (Mass Health in Massachusetts) is the primary source of payment for long-term care services in the United States.