I try to stay up to date with the myriad of changes occurring that affect the older population. One change that has occurred because of the Deficit Reduction Act is the look back period for transferring assets. That look back period has increased from 3 to 5 years and there are some other aspects of this than just the time period.
Another result of the Deficit Reduction Act is the long term care insurance (benefit?). It allows for seniors who purchase long term care insurance to shield that same amount of assets from part of the spend down requirements for medicaid.
While I certainly don't claim to know all the ins and outs of this bill, if you have any questions or concerns about it, I recommend you talk with your trusted financial planner, cpa or elder law attorney. If you do not have such a trusted professional, then call me or check out my website, http://www.agoodmove.us/ for recommendations.
One of the ways I keep up with the changes on senior issues, other than networking with professionals who serve them, is by getting daily emails through the AARP site, http://www.floridaagingnews.org/. You can sign up for automatic emails with the highlights of events and actions affecting seniors.
If you have something else you'd like me to post information about, please let me know. Post a comment to this blog at any time. I check it regularly.