BRYN MAWR, Pa., Sept. 30, 2008 (GLOBE NEWSWIRE) -- As evolving Medicaid guidelines are posing new challenges to applicants, changes in how states are administrating the Medicaid program can affect an applicant's eligibility for benefits. As part of an ongoing educational process for government attorneys on the impact of the secondary market for annuities on Medicaid eligibility, John Zepeda, senior sales representative of J.G. Wentworth, presented at the 41st Annual American Association of Public Welfare Attorneys Conference on September 23rd in Minneapolis, MN.
The conference, which took place from September 21 - 24, is a forum that brings together attorneys representing human service agencies nationwide. Last year, the event attracted 200 attorneys from 40 states to discuss the legal developments in a wide variety of areas concerning Medicaid, TANF, Child Welfare and other human service topics.
"The development of the secondary market for annuities can offer a solution to those applicants filing for Medicaid that may have been denied benefits due to owning an annuity," said Zepeda. "The sooner applicants understand how the Deficit Reduction Act (DRA) of 2005 may affect their eligibility the better, because early preparation may enable them to avoid a 'perfect storm' of problems down the road."
In his presentation, Zepeda addressed the latest in Medicaid Long-Term Care eligibility techniques and devices. "Investors who hold annuities may not be aware that a secondary market exists," said Zepeda. "We continue to educate the public on what options are available in the secondary market so when a situation arises where they are in need of liquidating their annuity, they are aware of their choices."
About the J.G. Wentworth family of companies
J.G. Wentworth, Inc., based in Bryn Mawr, PA, is the nation's oldest, largest and most respected buyer of deferred payments for illiquid financial assets like structured settlements, annuities and, through a dedicated subsidiary, life insurance policies. Since 1992, J.G. Wentworth has purchased over $3 billion of future payment obligations from consumers and is also the nation's largest securitizer of structured settlement and annuity backed notes. The company's notes are rated AAA by Standard & Poor's Corporation.
For more information about J.G. Wentworth, go to http://www.jgwentworth.com/.
The J.G. Wentworth logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5482