Dollar for Dollar asset protection offers you some advantages over other types of asset protection concepts. This means for each dollar that you have protected you are allowed to keep one dollar. All other assets can be looked at. Dollar for dollar asset protection is a good idea but it depends on a couple of factors. It depends on the type of asset protection you have purchased as well as the amount of benefits you can have under that given policy.
Dollar for dollar asset protection is used in Indiana when determining eligibility for Medicare. If you purchase an Indiana Partnership policy it entitles you to the dollar for dollar benefits. The coverage is going to depend on the amount of coverage that was initially purchased.
It also depends on the date the original policy took effect. If the dollar amount of that policy is equal to or more than the Indiana state standard then you can't use a dollar for dollar asset protection. It is only allowed if the dollar amount is less than that set dollar amount. That dollar amount increases each year and for 2007 it is at $217,186.
To ensure you know how much dollar for dollar asset protection you have used quarterly reports will be sent to you. You will also get a final detailed summary after all of those assets have been used. It is a good idea to look over each one of these reports carefully for errors. File them in a save place so you can use them for future reference.
Only after the all of the benefits under the policy have been depleted are you eligible to apply for Medicaid in Indiana. However your assets that are under the dollar for dollar guidelines will not be touched or affected in any way.
