Thursday, January 30, 2014
Mark Warshawsky: Millionaires on Medicaid - WSJ.com
One wouldn't think that this was possible.
That being said, we all know that government programs are full of loopholes; and, many work hard to exploit them...
That being said, we all know that government programs are full of loopholes; and, many work hard to exploit them...
Here is just part of an article by Mark Warshawsky that appeared in the Wall Street Journal:
"In many states, an elderly person may own a home valued at $802,000, plus home furnishings, jewelry and an automobile of uncapped value while receiving long-term Medicaid support. In addition, they are allowed to have various life-insurance policies, retirement accounts with unlimited assets, $115,920 in assets for a spouse, income from Social Security, and a defined-benefit pension plan. By most standards, such a household would be considered wealthy.
Despite these generous rules, some individuals even game the system further by arranging complex asset transfers or insurance transactions that sidestep congressional efforts to curb fraud."
