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Brace yourself, Connecticut seniors! AARP is seeking to increase it's Medigap supplemental insurance by up to 10% for next year.
"Medigap" insurance is designed to cover the gaps left by Medicare, such as hospital deductibles.
The state's Insurance Department is holding hearings on this matter on 9/11 at 9am at 153 Market Street in Hartford, 6th floor. Or you can mail comments to the department at P.O. Box 816, Hartford, CT 06124.
Two big changes for reverse mortgages will kick in on October 1st thanks to the Housing and Economic Recovery Act of 2008.
First, the new law thankfully offers enhanced protection for the elderly. Since high fees and aggressive marketing of reverse mortgages has been cited as a big problem for seniors, fees will now be capped at 2% of the first $200,000 borrowed and then 1% thereafter with an absolute maximum of $6,000. Additionally, lenders can no longer require the purchase of other financial products (insurance, annuities, etc.) in order to obtain a reverse mortgage. Nor can lenders work with other professionals who are trying to sell financial products to seniors as part of the lending process.
Second, the borrowing limit will increase to $417,000 (up from $362,790), and up to $625,000 in high-housing cost areas.
The Housing and Economic Recovery Act of 2008 is here.
These are the new numbers for Medicaid in Connecticut as of the 1st of July:
First, the average cost of a nursing home in Connecticut is now $9,464 per month. So there will be a penalty period of one month for every $9,464 of gifting during the look-back period.
Second, the community spouse is now allowed to keep no more than $104,400 unless more is allowed through an administrative hearing process. The minimum amount is $20,880.
The minimum monthly needs allowance (MMNA) for the community spouse is now $1,750. In other words, if the community spouse's own income does not reach this level then some or all of the institutionalized spouse's income can be re-directed to the community spouse in order to reach this minimum level.
The "personal needs allowance" for a Medicaid recipient in the nursing home is now $65.
