New York State considers end to 'spousal refusal' to pay for nursing home care New York is considering ending a practice that allows one spouse to legally refuse to pay for nursing home care for the other — while passing the bill to Medicaid. While some see the practice as a scheme benefiting the wealthy, a growing number of advocates for middle-class elderly New Yorkers strongly support it as an essential option to keep a “well” spouse out of poverty when health care costs are exploding. The last five governors targeted the maneuver, known as "spousal refusal," for repeal 28 times. New York and Florida are the only states that allow the practice. But this year, the state Medicaid Redesign Team is considering whether to scrap the decades-old practice, said state budget spokesman Freeman Klopett. Gov. Andrew M. Cuomo appointed the group of health care leaders to cut $2.5 billion from Medicaid, a federal and state health care system. The team's recommendations for cuts are due by mid-March. ----------------- FEATURED GUEST: Charles Massimo, CEO, Wealth Manager of CJM Wealth Management CJM Wealth is always researching next generation solutions today. We do this through deep working relationships with leading financial economists. CJM Wealth has created investment strategies and consulting technologies to meet the evolving needs of investors. CJM Wealth’s process explores every aspect of dynamic real-world markets, including portfolio architecture, trading methodology, and tax management. The Fama-French Formula proved its prowwess through sophisticated analysis of every stock on the NYSE and NASDAQ since 1927....(read more)
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New York State Considers End to 'Spousal Refusal' to Pay for Nursing Home Care In New York State, a long-standing policy known as 'spousal refusal' has allowed married couples to avoid paying for nursing home care by refusing to contribute their income and assets towards the cost. However, as the state grapples with increasing Medicaid costs and an aging population, lawmakers are considering ending this practice. Currently, Medicaid rules require individuals to deplete their assets before becoming eligible for nursing home care assistance. However, under 'spousal refusal,' the healthy spouse can protect their assets, leaving the government to foot the bill for their partner's care. This policy has allowed couples to preserve their wealth for future generations or other purposes. Proponents of ending 'spousal refusal' argue that it is an unfair loophole which places an undue burden on taxpayers. As Medicaid costs continue to rise, the state government has been actively seeking ways to address the financial strain. The elimination of this policy could potentially save the state millions of dollars each year. Critics of the proposed change, on the other hand, contend that 'spousal refusal' offers important protection for the healthy spouse who may require financial support in the future. They argue that forcing couples to deplete their assets could leave the healthy spouse impoverished, without any resources to rely on. It is worth noting that some states have already phased out or modified their 'spousal refusal' policies. For instance, in Massachusetts, the practice was abolished in 2012, resulting in significant cost savings for the state. In New York, the debate surrounding 'spousal refusal' is ongoing. Governor Kathy Hochul has expressed her intention to review the policy and assess its impact on the Medicaid program. As of now, no definitive decision has been made, and it remains unclear whether the state will ultimately move forward with ending 'spousal refusal.' In the event that the policy does change, it is essential for couples to plan and prepare for potential long-term care expenses. Exploring other options such as long-term care insurance or setting up specialized trusts may become more crucial to safeguard financial resources. As New York State continues to evaluate its Medicaid policies, it is vital to strike a balance between ensuring the provision of quality care for elderly individuals and addressing the financial challenges faced by the state. Ultimately, the decision on whether to end 'spousal refusal' will have a significant impact on both taxpayers and the senior population in need of nursing home care. https://inflationprotection.org/consideration-of-ending-spousal-refusal-payment-exemption-for-nursing-home-care-in-new-york-state/?feed_id=123250&_unique_id=64c979868015b #Inflation #Retirement #GoldIRA #Wealth #Investing #CJMWealthManagement #elderlawmatters #estateplanning #GenersConaElderLaw #legal #Medicare #seniorcare #spousalrefusal #SpousalIRA #CJMWealthManagement #elderlawmatters #estateplanning #GenersConaElderLaw #legal #Medicare #seniorcare #spousalrefusal
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