Doc Gallagher

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W. Neil Gallagher, Ph.D.
Understanding Medicaid: An Introduction Medicaid is a federal-state needs-based program designed to help individuals on limited incomes and with limited resources with their medical needs. Medicaid, unlike Medicare, provides assistance for long-term care and pays for nursing home care for those with very limited economic resources. Medicaid does not require co-payments or deductibles and does not limit long-term care to any number of days. W. Neil Gallagher:Doc’s Medicine for Money 1. There is no such thing as a free lunch and there are no exceptions. 2. Wealth comes through patience and discipline. 3. The financial markets are fueled by greed and fear..only by the greedy and fearful. Successful financial plans are built upon prudence and faith. 4. The worst investment to make is to pay taxes. 5. Earn all you can. Save all you can. Give all you can. 6. Every investment involves risk. A. Interest rate risk:C.D.s, Savings Accounts, Bonds B. Surrender risk: C.D.s, Bonds, Annuities, Some Mutual Funds C. Market risk: Stocks, Bonds, Stock & Bond Mutual Funds, Real Estate, Precious Metals D. Purchasing C.D.s, Savings Accounts, U.S. Power Risk: Savings Bonds E. Tax risk: C.D.s, Savings Accounts, U.S. Savings Bonds, Some Securities 7. Either you’re following your own financial goals or someone else’s. 8. Doing your own “financial planning” is like doing your own appendectomy: It’s too close and too painful. 9. The bottom line in any investment is the amount of money that goes in the client’s pocket. (It’s not what you earn, but what you keep.) 10. Doc’s Definition of Wealth”—Reaching the point in life where your money works for you rather than you working for your money. This goal is available to everyone in America.

Doc Gallagher
Example John, an applicant for Medicare, made a gift of ,000 to his daughter Emma in January 2004 and applied for Medicaid benefits during 2004. Assuming the private pay rate in John’s community is ,000 per month, he will be ineligible to receive Medicaid benefits for 10 months. The 10-month period begins to run either on Jan. 1 or Feb. 1, depending on the state’s method of computation. Gallagher Financial Group:

An individual with a partnership policy is partially exempt from the Medicaid-resource

spend down and estate-recovery requirements to the extent of the partnership LTCI should the benefits in the policy become exhausted and Medicaid has to step in and pay for the individual’s nursing home costs. The policy owner must use the benefits in the partnership state to get the Medicaid exemption. Essentially, the partnership program is a joint effort by certain state governments and private industry to create an option to help those with future long-term care needs satisfy those needs without depleting all of their assets to pay for nursing home care. Gallagher Financial Group Plans If an individual has Medicare Part B but is not yet 65, six-month Medigap open enrollment period begins when he turns 65. However, several states — including Connecticut, Maine, Massachusetts, Minnesota, New Jersey, New York, Oklahoma, Oregon, Pennsylvania, Virginia, Washington and Wisconsin — require at least a limited Medigap open enrollment period for Medicare beneficiaries under 65. In most cases, once an individual has selected a Medigap plan, the insurer determines premiums on the basis of age rating with premiums increasing as the insured ages. Tax Treatment Neither employer-paid premiums nor amounts received as policy benefits are taxable income to employees for tax qualified LTCI policies. Premium payments by individuals buying their own LTCI coverage are treated as deductible medical expenses to the extent they exceed 7.5 percent of adjusted gross income. Self-employed individuals, like corporate employers, can now deduct the full premium cost. More results:

About William Neil Gallagher W. Neil Gallagher W. Neil Gallagher, Ph.D.

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