The House Energy and Commerce Committee is looking at reducing Medicaid home equity caps and community spouse income. The Committee wishes to save money by making cuts in Medicaid expenses. But the Committee cannot exceed a minimum of $500,000 plus inflation according to the Deficit Reduction Act of 2005. However, the Act allows States to take the option to begin the equity at $750,000, which California did. Now, the maximum equity limit is $828,000 in California.
If we are going back to the initial cap of $500,000, elders will lose purchasing power. They will have no choice other than going to cheap nursing homes with poor care. But most of all they will have find other means of financing their retirement, like for example reverse mortgages that can create unfortunate situations.
By providing the necessary support for seniors and retirees, we are creating the first line of defense against financial elder abuse, a growing concern both for senior citizens and for the economy. Elder abuse costs hundreds of millions per years, and the most vulnerable citizens are often the most targeted. Many seniors simply require a little extra assistance to defend against medical or financial fraud.
If you feel that you or a loved one has been victimized financially or physically, contact Evans Law Firm at (415) 441-8669. Evans Law Firm is a plaintiff’s firm that combats financial and physical elder abuse, insurance, annuity, and banking fraud, and qui tam and whistleblower cases. We can also be reached by email at info@evanslaw.com
Dec 5, 2015 by Ingrid Evans | Share
