Governor Ned Lamont is taking aim at Connecticut’s sizable budget deficit. Unfortunately, he has proposed an asset test for the Medicare Savings Program (MSP) which currently only has an income test.
The proposal calls for an asset limit of $7,560 for singles and $11,340 for couples. The State would count assets like cash you have in a checking, savings or investment account, as well as stocks and bonds. I haven’t heard if assets that are considered non-countable under the Medicaid program (e.g. term life insurance, irrevocable funeral contracts) would also be non-countable for MSP. The asset test will be effective July 1, 2020.
This is not great news for some of my elderly and disabled clients. Stay tuned.
DISCLAIMER: This blog does not offer legal advice, nor does it create an attorney-client relationship. If you need legal advice, consult with a lawyer instead of a blog.