Are you ready for the new Connecticut Medicaid eligibility numbers that go into effect on January 1, 2009?

Effective 1/1/09:

The maximum MMNA a community spouse will be allowed to keep is $2,739. This is up from $2,610 for 2008-2009.

The minimum CSPA or “community spouse protected amount” will be $21,912. This is up slightly from $20,880 in 2008-2009.

The maximum CSPA (or assets the community spouse is allowed to keep without a hearing) will be $109,560. This is up from $104,400 in 2008-2009.

Does this mean you will not be able to protect more than $21,912 or $109,560 in assets from Connecticut nursing home costs? Absolutely not. An experienced Connecticut Medicaid attorney can help you protect everything you are entitled to, which in many cases is more than these basic rules provide.

Each year Connecticut revises certain numbers that play an integral role in determining eligibility for Connecticut Medicaid benefits. These numbers represent

1. the personal allowance a Connecticut Medicaid beneficiary can keep;
2. the shelter hardship calculation;
3. the amount of penalizing transfers that create 1 month of ineligibility;
4. and the absolute minimum MMNA.

Everyone applying for or considering applying for Connecticut Medicaid benefits knows or will become very familiar with these terms and how they work to establish or deny eligibility. The current numbers that are in effect until July 1, 2009 are:

1. Personal Allowance: $65;
2. Shelter Hardship: $525;
3. 1 Month of Ineligibility for Every: $9,464;
4. Minimum MMNA: $1,750

Every month you delay or avoid putting in place a life savings protection plan is another month that you will have to pay for a Connecticut nursing home with your life savings. That is the way the 5 year look-back works. Sound expensive? It is.

In its most recent survey, the State of Connecticut determined the average monthly cost of a Connecticut nursing home is $9,464.00. This adds up quickly as some people put off implementing life savings protection for months or even years, and others put it off until it is just too late. There is a much less expensive alternative, but before we get to that we have to take a look at what many families are experiencing out there.

Connecticut nursing home costs are among the highest in the nation. Every day I see families stuck writing checks to nursing homes in amounts of $10,000 or more – with no end in sight. These families failed to plan ahead, and they are paying a costly price now. In many cases, these families lose all or a significant portion of their life savings to Connecticut nursing home costs. I wish there was more we could do, but when it is too late it is just too late.

Some families I see try to create their own life savings protection plan. I’ve never seen it work out the way they intend or think it will when people act without an experienced attorney. I see people all the time that have transferred their parent’s money to family members or themselves and for some reason many of these individuals think these transfers will not be a problem when they go through the 5 year look-back period while applying for Connecticut Medicaid nursing home benefits.

Every single financial transaction during the 5 year look-back period is subject to audit and assessment of a penalty if the State deems it a penalizing transfer. You may have the greatest rationale in your own mind , but if you have no evidence and no support in the regulations or case law you really have nothing except a big mess that will cost more to clean up than if you got professional help in the first place.

If what I described above sounds acceptable to you, then you may want to run down to casino and bet everything on black because you are quite the gambler. If you are not the gambling type, and want a strategy you can count on to protect your life savings, keep reading.

The other families I see are looking for solid protection for their hard earned life savings. I am proud to say that I help these families on a regular basis achieve their goals of protecting assets not only for children, but also for their spouse and themselves. It can be done.

You have options to protect your family against a Medicaid required “spend-down”. These options expire, and when they are gone they are gone for good. When you are within five years of needing Connecticut Medicaid nursing home benefits you will not be able to take advantage of these proven techniques. Nobody knows when their 5 year window will start, so most people choose to act sooner rather than later.

One popular option is The Connecticut Medicaid Asset Protection Trust which helps families protect amounts from $50,000 – $1,000,000.00. There are many other techniques that may or may not available depending on your unique situation. Together we can find a solution that works for your unique circumstance.

Doing nothing in July of 2008 just cost you $9,464 in lost asset protection. August is coming to add on another $9,464. See a trend here? The clock is ticking.

The Connecticut Medicaid Asset Protection Trust is now available at a reduced rate in limited quantity through SheaLawOnline.com. The Connecticut Medicaid Asset Protection Trust can help you and your family protect your hard earned life savings from devastating nursing home costs. You are in control, protect $10,000 or $1,000,000.00 with this valuable tool.

For July, there are only 10 Connecticut Medicaid Asset Protection Trusts available for purchase at the reduced rate through SheaLawOnline.com. I do not expect to increase that number, so once they have all been ordered they may not be available again for a while. And remember, a free $50 gas card is provided upon completion of your Connecticut Medicaid Asset Protection Trust.

Update: This special offer has expired on September 1, 2008.