by Structured Settlement Watchdog
Yet another reason why structured settlement annuitants should not rely on members of the National Association of Settlement Purchasers (NASP) for financial advice. DRB Capital gets leads from Annuity Action Network. Annuity Action Network publishes an epic fail on the impact of annuity payments on Medicare and distributes it on MSNBC. This is the epic fail used to benefit DRB Capital:
"however, circumstances probably changed since the initial decision was made. In addition, annuity payments can greatly complicate certain assisted-living and nursing-home decisions as the ever-changing set of federal Medicare rules may substantially impact the true “value” of those payments. For example, in most cases one must “spend down” their assets to qualify for full Medicare benefits for assisted living, home nursing or nursing home care. In these cases, disposing of an annuity that is in the name of aging individuals may be crucial"
- Medicare is not a source of paying for long term custodial care.
- Medicare does not cover assisted living
- Medicare does not cover nursing home
- Medicare only covers intermittent home care Medicare doesn't pay for: 24-hour-a-day care at home, Meals delivered to your home, Homemaker services, Personal care
- Medicare is not a means tested public benefit.
- The phrase "spend down" is inapplicable as to Medicare.
In general, Medicare Part A covers (click on links for more detail):
- Hospital care
- Skilled nursing facility care
- Nursing home care (as long as custodial care isn't the only care you need)
- Home health services
DRB Capital buys out structured settlement payment rights and annuity payments at a substantial discount. DRB Capital and other companies like DRB Capital should not profit from bogus financial advice.
The Annuity Action Network based in Newark, DE is a not-for-profit organization that claims that it is "dedicated to providing reliable information regarding annuity payments". When it comes to a basic knowledge of Medicare, Annuity Action Network fails miserably.