Bulletin, October 29, 2009
- Effective immediately, the Bulletin dated April 2, 2007 re Michigan Medicaid decision was reversed by
the Michigan Legislature.
Bulletin, August 1, 2009
#1
Effective immediately, Barry Rahm Insurance's newest policy has been approved in several states. Please call Barry
Rahm for the specific states. The policy is The New Era in Life Insurance, it being that special. This is an annually
increasing death benefit, guaranteed-issue, Single Premium Life Policy. The Death Benefit actually increases by 4%
per year. For details, please click here, The New Era in Life Insurance.
Bulletin, May 21, 2008
#1
There have now been several cases utilizing The Capital Transfer throughout FL that have been successfully
accepted by Medicaid.
#2
Effective immediately, The Wealth Protector, Flexible Premium Deferred Annuity, Form #CF100, has been revised
with new provisions. The Death Benefit has been changed to provide the full accumulated value at the time of
death no matter when it occurs. The first-year guaranteed interest rate is now 4.25%. The minimum interest rate
remains at 3.5%. In addition, the surrender penalties are waived when funds are transferred to either The Estate
Saver or The Capital Transfer.
Bulletin, April 1, 2008
In Marion County, FL, the first Capital Transfer was submitted on March 1, 2008. It has been accepted by
Medicaid. We have every reason to believe that The Capital Transfer policies submitted in other FL Counties will
likewise be accepted.
Bulletin, September 20, 2007
Medicaid Planning for long-term-care may have finally been permanently solved. Barry Rahm Insurance is now
able to provide a Single Premium Whole Life Policy with Terminal Illness Rider, called The Capital Transfer,
designed for LTC patients and those imminently ready for LTC. The primary purpose of this policy is to protect
assets for the owners benefit while he/she may be incapacitated. Another important benefit is to transfer as much
of the assets as possible to the beneficiaries income tax free. The policy comes with an Accelerated Benefit
Terminal Illness Rider. In the case of long-term- care, the Rider may be exercised. The Rider will pay 75 equal
monthly payments based on 75% of the death benefit. Upon death, there will still be 25% of the original death
benefit remaining in addition to those monthly payments which have yet to be paid, for the beneficiaries. Call
Barry Rahm now at 1-800-255-1932 to see if your state has approved the filing.
Bulletin, April 2, 2007
On March 1, 2007, the Honorable Patrick R. Joslyn of the Circuit Court of the State of Michigan, ruled in favor of
the Petitioner/Appellant, Virginia J. Mis against the Michigan Department of Human Services in Case #06-23722-
AA.
This is especially important to all ELCO Agents.
The original ruling by an administrative law judge held that the purchase of the ELCO Pure Endowment Life
Insurance Policy was not a life insurance policy and therefore was a divestment. Medicaid benefits were denied.
However, in his reversal of the original ruling, the appellate judge held that ELCO's Single Premium Pure
Endowment policy was, in fact, life insurance as supported by state statute MCL 500.602. Further, he clearly
stated ELCO's endowment policy "has no cash value, is an asset with zero cash value, and is not a divestment."
Arguments supporting the policy's purchase as one for fair market value in accordance with state and federal law
were upheld. The purchase of this policy was not a divestment, but rather a conversion of a countable asset to an
exempt asset. The Michigan Department of Human Services had 30 days to appeal this decision and chose not to
do so.
In a similar case, a New York Appellate Court in the Matter of Kashmira Shah, 694 NYS 2d 82, 86-7 (AD 2 Dept.,
1999) stated that "...no agency of the government has any right to complain that middle-class people confronted
with desperate circumstances choose voluntarily to inflict poverty upon themselves when it is the government itself
which has established the rules that poverty is a prerequisite of government assistance in defraying the costs of
ruinously expensive, but absolutely essential, medical treatment."
The implications of this decision should carry significant weight not only in Michigan, but also in other states where
state Medicaid rules similarly follow those of the federal government. The sale of ELCO's Pure Endowment Life
Insurance Policy is a valuable strategy for those seeking to achieve Medicaid benefits while preserving the assets
gained from a lifetime of hard work.
You may see and copy the Decision here: Michigan Supports Endowment as True Life Insurance. In order to read
and use this copy, you will need Adobe Acrobat Reader, available for free download.
For a further definition of Endowment Insurance, please see Products.
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| Disclaimer *Please be certain to obtain necessary legal, financial and/or professional help. We cannot be responsible for State Laws, Rules or Procedures which may have changed. Barry Rahm Insurance does not provide legal or tax advice. |
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| Please call or email for a free illustration and any questions you may have. Barry Rahm Barry Rahm Insurance 1074 Diamond Crest Court, Santa Barbara, CA 93110 Fax 805-683-6313, Cell 805-455-4611 Email to barryrahm@verizon.net Home Bulletins Products Forms Software Brochures |
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| Barry Rahm Insurance Serving Agents for over 35 Years Email to barryrahm@verizon.net 800-255-1932 Asset Protection & Qualification for Medicaid Eligibility for Nursing Homes* Guaranteed-Issue Single Premium Life Be sure to check out The Bulletins *Before proceeding, please see disclaimer at bottom of page. |