Elder law attorneys counsel clients who are concerned about potential long-term care costs. Many elders reside in nursing homes toward the end of their lives, and the costs can be devastating. Medicare will not cover the custodial care that nursing homes and in-home caregivers provide so this is not the solution. Many people need Medicaid assistance because this government program for people with limited resources will pay for long-term care. Eligibility Parameters The Medicaid asset limit … [Read more...] about Advocacy Groups Call for the Eradication of the Medicaid Estate Recovery Mandate
There was some good news to share about the Social Security cost of living adjustment for 2022, but out-of-pocket Medicare costs are another matter. The program has release the parameters for the new year, and we will take a look at them here. Medicare Part A The portion of the program that covers hospitalization is Medicare Part A. There is no premium unless you have not earned eligibility and you want to pay for this coverage. However, beneficiaries are required to pay a deductible per … [Read more...] about An Overview of 2022 Medicare Cost Increases
There are few things that are more appalling than the idea of someone taking advantage of senior citizens. As abhorrent as it may be, elder financial abuse is very common, and you should understand the facts so you can take preventative measures. Massive Losses A MetLife Mature Market Institute Study published in 2009 got a lot of attention because it focused on the previously ignored subject of elder financial abuse. The groundbreaking research placed an estimate of annual losses at $2.6 … [Read more...] about Elder Financial Abuse Is a Looming Threat
Long-term care is a major elder law concern. About 70 percent of seniors will need help with their day-to-day needs, and more than one third will require nursing home care. A year in a nursing home in the Charlotte, North Carolina area comes with a price tag of about $100,000, and the figure is $80,000 for Ashland, Kentucky. One year is the average length of stay, and of course, a married couple may receive two different sets of nursing home bills. In-home care is another option for some … [Read more...] about This VA Benefit Can Give Seniors a Boost
When you work and pay FICA or self-employment taxes, you get something in return for your contributions. In 2021, you receive one credit for every $1470 you pay taxes on, and the maximum annual accrual is four credits. You become eligible for Social Security and Medicare when you have 40 credits. For Medicare, the eligibility age is currently 65, though there are proposals to reduce the eligibility age. The age at which you can qualify for Social Security is not as simple and … [Read more...] about Will Medicare Cover Living Assistance?
People have a tendency to project strength, and this can be a positive attribute in many instances. However, as you get older, the air of invincibility can start to become dangerous because no one can escape the eventualities of aging. Life Expectancy You probably expect to be able to enjoy active pursuits during your retirement years, and it can be hard to imagine a time when you will have significant physical limitations. It becomes easier when you understand the life expectancy for someone … [Read more...] about Longevity Statistics Shed Light on Nursing Home Asset Protection
We are going to answer a common question about one aspect of the Medicaid guidelines in this post. However, before we focus on this particular subject, we should provide an overview so you understand why many people seek Medicaid eligibility late in their lives. Long-Term Care Most senior citizens will need help with their activities of daily living, and 35 percent of elders will eventually reside in nursing homes. You can expect to pay over $70,000 for a year in a nursing home in Kentucky or … [Read more...] about Medicaid Answers: Can a Married Person Keep Their Spouse’s Income?
Some people are surprised to hear that Medicaid is very relevant to senior citizens who will qualify for Medicare. Why is this the case? Medicare will not pay for a long-term stay in a nursing home, and these facilities are very expensive. Medicaid Asset Limit Medicaid is intended for people with very sparse monetary resources so there is a modest asset limit. We have elder law offices in North Carolina and Kentucky. The limit in both of these states is $2000, and there have been no changes … [Read more...] about What Is the 2021 Medicaid Asset Limit?
The aging process is easy to perceive from a distance, but when you are in the middle of it on a day-to-day basis, it is not so easy to see. Your instinct is to keep yourself in shape, and you never really think about natural forces working against you as the years pass. This dynamic makes it hard to wrap your head around the eventualities that are simply part of the human condition because you don’t want to “give up.” At the same time, when there is a potentially difficult road ahead, it … [Read more...] about Elder Care Planning: Get Past the Mental Barrier
It can seem as though the system is set up to make sure that your bases are covered during retirement if you do your part. Social Security will provide some monthly income, and Medicare will serve as a source of health insurance. In some ways, this arrangement is effective, but you should understand all the facts so you do not make overly rosy assumptions about the extent of Medicare coverage. Out-of-Pocket Costs There are some significant out-of-pocket costs that go along with Medicare … [Read more...] about Don’t Make Assumptions About Medicare