Creating a comprehensive estate plan requires you to consider several factors that might impact you as you age, including the likelihood that you, or a spouse, will need long-term care. If you do end up needing long-term care (LTC), the cost of that care could put your estate assets at risk if you failed to plan for the possibility ahead of time. One way to protect assets is to purchase LTC insurance. Long-term care insurance, however, is not right for everyone. To help you decide if it is right … [Read more...] about What Is Long-Term Care Insurance?
If You Don’t Understand the Medicaid Look-Back Rule You May Be in Trouble
Medicaid places certain limitations on the amount of financial resources you own, as well as how and when you can transfer assets from your estate to someone else. Long-term care costs are often too expensive for most people and they are continuing to increase every year. Currently, the national average cost, for a year of nursing home care, exceeds $90,000. For this, and many other reasons, Medicaid planning is important for everyone. Our Ashland Medicaid attorneys can advise you regarding the … [Read more...] about If You Don’t Understand the Medicaid Look-Back Rule You May Be in Trouble
Veterans Benefit Can Assist With Long-Term Care Costs
Veterans of the United States military make many sacrifices for our country, but they do receive certain rewards for their service. There are a number of different benefits, and some of them are overlooked. One of the benefits that many people are not aware of is the Veterans Aid and Attendance Special Pension. Long-Term Care Costs Long-term care is very expensive, and Medicare will not pay for this type of care. If you need assistance with your activities of daily living, the assistance is … [Read more...] about Veterans Benefit Can Assist With Long-Term Care Costs
Medicaid Planning in Charlotte: What Is the Five Year Look Back?
Medicaid is a government program that ultimately becomes very relevant to a high percentage of senior citizens. Why would Medicaid be important to you when you are going to be qualified for Medicare coverage when you reach the age of 65? This is a very good question. Long-Term Care & Medicare Medicare is a health insurance program for senior citizens who qualify. You become eligible for Medicare by earning at least 40 retirement credits over the course of your lifetime. You can earn up to … [Read more...] about Medicaid Planning in Charlotte: What Is the Five Year Look Back?
Medicaid Planning & Early Dementia Signs
To be fully prepared for the eventualities of aging you should understand the ubiquity of dementia among our nation's elders. Alzheimer's disease is the leading cause of dementia. According to the Alzheimer's Association, about 13 percent of those who have reached the age of 65 will contract Alzheimer's disease. This in itself is a significant figure, but the likelihood of contracting the disease continues to rise as you get older. Over 40 percent of those who are at least 85 have Alzheimer's. … [Read more...] about Medicaid Planning & Early Dementia Signs
What Is the Asset Maximum That Medicaid Will Allow?
The Medicaid program is relied upon by a high percentage of senior citizens who require long-term care. This is because of the fact that Medicare does not pay for custodial care. Medicare will pay for convalescent care for up to 100 days, but it does not pay for custodial care. It takes careful planning to be able to qualify for Medicaid if you have never been financially needy, because there are upper asset limits. The ceiling on countable assets is $2000 for an individual in most … [Read more...] about What Is the Asset Maximum That Medicaid Will Allow?
Medicaid Trusts: What Are the Disadvantages?
Many people hear the word Medicaid and they tune out, because they expect to be eligible for Medicare coverage. Before we take a look at the disadvantages of Medicaid trusts, we should first explain why Medicaid is relevant to senior citizens so we don't lose anyone. Long-Term Care Costs The United States Department of Health and Human Services tells us that most of the people in the United States will eventually need custodial care. This is the type of care that is received in nursing homes … [Read more...] about Medicaid Trusts: What Are the Disadvantages?
Alzheimer’s Looms Large for Seniors
The prospect of developing Alzheimer's disease late in your life may not be a very pleasant one, but it is a real one all the same. If you knew that there was a significant possibility of encountering some type of challenge in the future, you would probably want to prepare in advance to the best of your ability. However, many people go through life without planning ahead for the possibility of incapacity. Approximately one out of every eight senior citizens is suffering from Alzheimer's … [Read more...] about Alzheimer’s Looms Large for Seniors
People Buying Long-Term Care Insurance at Younger Ages
Everyone carries automobile insurance, and even if it weren't required, you would invariably take out a policy to avoid potential losses. The odds of totaling your car are far less than 50-50, but you would rather be safe than sorry. Yet, most people who reach the age of 65 will eventually need living assistance, and a high percentage of them have made no preparations for handling these expenses. One of the reasons why so many people are unprepared for long-term care costs is because they are … [Read more...] about People Buying Long-Term Care Insurance at Younger Ages
As Parents Age Assistance May Be Needed
It is up to you to keep an eye on your aging parents to see if they need living assistance. Though some parents are forthcoming in telling their children that they need help, some are too proud to do so. And people who are suffering from dementia may not even recognize that they need help making decisions. This can be a sensitive topic to discuss, but it is a subject that must be addressed all the same. The majority of senior citizens will need assistance at some juncture, and that assistance … [Read more...] about As Parents Age Assistance May Be Needed