Important Information for CPAs!!!!

If you advise the elderly, click on this link to read important information regarding Medicaid Eligibility & Spousal Responsibility.

https://drive.google.com/file/d/0B9JhZVsi7bYpbGtxSkhZYzNPdEk/view?ts=576fcfae

Approval of Medicaid Dollars to Fight the Zika Virus

From TheHill.com

States can use Medicaid dollars to pay for tools to fight the Zika virus such as mosquito repellent and condoms, according to a new memo from the Obama administration.

The five-page letter, distributed by the Centers for Medicare & Medicaid Services (CMS) on Wednesday, offers long-awaited guidance for states looking to bolster their response to the mosquito-borne virus without extra funding from Congress.  

For the first time since the beginning of the epidemic, the White House is taking steps to clarify how existing state funding can be used to fight the disease at a time when it says it is short more than $1 billion to fight the disease nationally.

President Obama has requested $1.9 billion for the domestic and international effort. The Senate has lowered that total figure to $1.1 billion, while the House has said it will provide $677 million — two amounts that congressional leaders will work to reconcile after the weeklong Memorial Day recess.

The White House has already moved about a half-billion dollars from its Ebola virus fund to speed up the national response. 

CMS's letter told states for the first time that they can receive Medicaid reimbursement for over-the-counter insect repellents when prescribed by a healthcare provider.

Written by: Sarah Ferris

Upcoming Event - Kansas Medicaid: Helping Your Clients Navigate KanCare

 Click on the link below for complete details and to register.

https://drive.google.com/file/d/0B9JhZVsi7bYpSXVNU3pHOGhmUlk/view?usp=sharing

Legal Recourse for Aging Parents When Their Adult Children Won't Visit?!?!?

 In Shanghai, not visiting elderly parents could harm children's credit ratings

Posted 4/7/2016

From China Daily - Children in Shanghai who fail to visit their parents regularly will find their credit standing adversely affected, according to a new rule set to take effect on May 1.

If a child refuses to visit an elderly parent, the parent can file a lawsuit. If the child still refuses to follow through with their obligations after the court makes a ruling, it will be recorded into a credit platform, which could adversely affect their future work and general life.

The rule, aimed at better protecting the rights and interests of senior citizens, also requires children who have sent their parents to nursing homes to regularly visit. If they fail to do so, nursing services have an obligation to remind them.

Shanghai has also stepped up legal support for senior citizens, including a series of free authentication services.

The city had a registered population aged over 60 of about 4.36 million by the end of 2015. The number will surpass 5 million by 2018, and exceed 5.4 million by 2020, according to statistics released by local authorities.

 

Four Social Security Myths Debunked

From Elder Law Answers

There are a lot of misconceptions surrounding the Social Security system. Here are four common myths and the truth about how Social Security works and its future prospects.

Myth 1: You Should Collect Benefits Early
This is one of the biggest Social Security myths. In 2015, more than half of Social Security recipients began collecting benefits before their full retirement age (66 for those born between 1943 and 1954), potentially costing themselves thousands of dollars in additional benefits. If you take Social Security between age 62 and your full retirement age, your benefits will be permanently reduced to account for the longer period you will be paid.
On the other hand, if you delay taking retirement, depending on when you were born your benefit will increase by 6 to 8 percent for every year that you delay, in addition to any cost of living increases. There are a lot of factors that go into the decision as to when to take Social Security benefits, but if possible it is usually better to wait until your full retirement age or older.

Myth 2: Your Money Goes into an Account with Your Name on It
When you pay into Social Security, the money is not set aside in a separate account, as with a 401(k) or IRA. Instead, your contributions are used to pay current recipients. When you start receiving benefits, people paying into the system will be paying your benefits.

Myth 3: Social Security Will Be Out of Money Soon
Many young people believe the Social Security system will run out of money before they have a chance to collect anything. Currently, the Social Security trustees predict that the trust fund will run out of money in 2034. Politically, it seems unlikely that Congress and the President would let this happen. Changes will likely be made to the system by either raising taxes (such as by lifting the cap on income subject to Social Security tax), reducing benefits for high-income individuals, increasing the retirement age, or doing something else that will allow Social Security to be fully funded. However, even if the trust dries up and there isn't enough money to pay all the promised benefits, people will still be paying into the system and Social Security will be able to pay at least 75 percent of benefits.

Myth 4: If You Haven't Worked, You Cannot Collect Benefits
If you haven't worked outside of the home, you will not be able to collect Social Security benefits on your own record, but you may be able to collect them based on your spouse or ex-spouse's record. Spouses are entitled to collect as much one half of a worker's retirement benefit. This rule applies to ex-spouses as well, as long as the marriage lasted at least 10 years and the spouse applying for benefits isn't remarried.
To learn more about Social Security, click here.

What is Alzheimer's Disease?

Click on the link to watch a brief but informative video on this all-too-common disease:

https://www.youtube.com/watch?v=9Wv9jrk-gXc

Treasurer Zweifel announces participation in nine-state consortium to establish ABLE program in Missouri

 From Missouri State Treasurer Clint Zweifel:
Multi-state effort will allow for access to a lower-cost, higher-quality plan for Missourians


JEFFERSON CITY – State Treasurer Clint Zweifel announced today Missouri’s commitment to work with a nine-state consortium to create and implement an ABLE program in Missouri. “Achieving a Better Life Experience” legislation passed Congress in 2014 and in Missouri in 2015. It allows states to create tax-advantaged savings accounts for expenses related to disabilities and special needs. By participating in the consortium, Missourians will be able to leverage their savings with those in other states to solicit a lower-cost plan with higher-quality investment options, increasing the value for users.

“In creating these ABLE accounts, our priority first and foremost is to serve the needs of Missourians with disabilities in a fiscally sound way that honors their circumstances,” Treasurer Zweifel said. “These accounts will give families more financial security and empower them to make long-term planning decisions surrounding their specific needs.”

ABLE accounts come with advantages similar to 529 savings programs like MOST—Missouri’s 529 College Savings Plan. For Missourians, those advantages include a tax deduction of up to $8,000, or $16,000 if married and filing jointly. Savings also grow tax deferred and may be withdrawn tax-free when used for qualified expenses.

“Enactment of ABLE in Missouri was an enormous victory for families and people with disabilities in Missouri,” said Bill Bolster, Chairman of the Board for Autism Speaks St. Louis. “Now, through Treasurer Zweifel’s work with nine other states in implementing the ABLE Act, Missouri families with disabilities will be able to save and invest in the future of their loved ones. We applaud and thank Treasurer Zweifel for his work on behalf of Missourians with disabilities.”

Currently, nine states are committed to working together to help individuals and families with special needs - Alaska, Illinois, Iowa, Kansas, Minnesota, Missouri, Nevada, Pennsylvania, and Rhode Island. These states represent more than 47 million people across the country. While a majority of states have passed ABLE legislation, none are yet offering ABLE accounts at this time.

“The ABLE Act offers an important promise: sustainable independence for people with disabilities through the opportunity to save for future expenses without losing necessary benefits,” said Aimee Wehmeier, Executive Director and CEO of Paraquad. “Joining this consortium and sharing expertise is an efficient way to start investing in the future of people with disabilities. We are grateful for Treasurer Zweifel’s leadership and vision.”

The Treasurer’s website now has more information on the background and goals of the program, frequently asked questions, and resources related to ABLE. Individuals can also sign up for ABLE-related email updates here.

Following the establishment of the consortium, the next step is to seek public bids for investment services, record keeping, and marketing services. Although working together for the procurement, the nine-state consortium encourages, and in no way jeopardizes, individual state autonomy in the administration of these accounts.