Krause3215
New Member
- 2
On January 23, 2015, the Department of Veterans Affairs (VA) released proposed regulations that impact the ability of wartime veterans and surviving spouses of wartime veterans to obtain a needs-based monthly pension benefit. The pension benefit is available to help pay for long-term care expenses.
The proposals, which can be found at: [contact author], include, but are not limited to:
• Establishing a 36 month look-back period to find uncompensated transfers (gifts) that occurred in the time period immediately preceding a pension application;
• Declaring that if an asset is converted into an immediate annuity, the transaction will be deemed an uncompensated transfer;
• Penalizing all uncompensated transfers by enforcing a period of benefit ineligibility, not to exceed 10 years; and
• Defining net worth limits, deductible medical expenses, and protected income and assets.
In light of the above, it is my opinion that if the proposed regulations are passed without any changes, many wartime veterans and surviving spouses of wartime veterans will be unable to qualify for the monthly pension benefit, forcing them to forgo necessary home health and assisted living care. As a result, their health and well-being will be negatively impacted, likely accelerating their entry into a nursing home and need for Medicaid assistance. It is further my opinion that if the VA wants to be a part of a comprehensive long-term care program, keeping in mind that Medicaid is the primary payer when it comes to long-term nursing home care, the two programs must avoid any conflict. Thus, imposing a look-back period for uncompensated transfers and respective penalty periods is an obvious necessity, but penalizing an applicant for investing in an immediate annuity that complies with the Deficit Reduction Act of 2005 (the last piece of major Medicaid reform) certainly cannot stand!
I encourage everyone who works in veterans benefits to provide the VA with a written comment. It must be sent before March 24, 2015. Comments may be submitted by mail or hand-delivery to: Director, Regulation Policy and Management (02REG), Department of Veterans Affairs, 810 Vermont Ave. NW. Room 1068, Washington, DC 20420; or by fax to (202) 273-9026. Comments should indicate that they are submitted in response to "RIN 2900-AO73, Net Worth, Asset Transfers, and Income Exclusions for Needs-Based Benefits." Copies of comments received will be available for public inspection in the Office of Regulation Policy and Management, Room 1068, between the hours of 8:00 a.m. and 4:30 p.m., Monday through Friday (except holidays). You need to call (202) 461-4902 for an appointment.
The proposals, which can be found at: [contact author], include, but are not limited to:
• Establishing a 36 month look-back period to find uncompensated transfers (gifts) that occurred in the time period immediately preceding a pension application;
• Declaring that if an asset is converted into an immediate annuity, the transaction will be deemed an uncompensated transfer;
• Penalizing all uncompensated transfers by enforcing a period of benefit ineligibility, not to exceed 10 years; and
• Defining net worth limits, deductible medical expenses, and protected income and assets.
In light of the above, it is my opinion that if the proposed regulations are passed without any changes, many wartime veterans and surviving spouses of wartime veterans will be unable to qualify for the monthly pension benefit, forcing them to forgo necessary home health and assisted living care. As a result, their health and well-being will be negatively impacted, likely accelerating their entry into a nursing home and need for Medicaid assistance. It is further my opinion that if the VA wants to be a part of a comprehensive long-term care program, keeping in mind that Medicaid is the primary payer when it comes to long-term nursing home care, the two programs must avoid any conflict. Thus, imposing a look-back period for uncompensated transfers and respective penalty periods is an obvious necessity, but penalizing an applicant for investing in an immediate annuity that complies with the Deficit Reduction Act of 2005 (the last piece of major Medicaid reform) certainly cannot stand!
I encourage everyone who works in veterans benefits to provide the VA with a written comment. It must be sent before March 24, 2015. Comments may be submitted by mail or hand-delivery to: Director, Regulation Policy and Management (02REG), Department of Veterans Affairs, 810 Vermont Ave. NW. Room 1068, Washington, DC 20420; or by fax to (202) 273-9026. Comments should indicate that they are submitted in response to "RIN 2900-AO73, Net Worth, Asset Transfers, and Income Exclusions for Needs-Based Benefits." Copies of comments received will be available for public inspection in the Office of Regulation Policy and Management, Room 1068, between the hours of 8:00 a.m. and 4:30 p.m., Monday through Friday (except holidays). You need to call (202) 461-4902 for an appointment.
