Before we share some specific information about Medicaid and your home, we have to set the stage with some necessary background information. You earn retirement credits when you make payroll or self-employment tax contributions. Most people easily accumulate the maximum four credits each year. After you have at least 40 credits, you will qualify for Medicare coverage when you reach the age of 65. This will safety net will serve as a foundation, but you have to understand the limitations of … [Read more...] about Medicaid Rules for Home Ownership
A Look at Adjusted 2020 Medicaid Figures
As elder law attorneys, we place a significant focus on the process of Medicaid planning. The reason why this jointly administered federal/state government health insurance program is relevant may come as a surprise to you. If you work and pay taxes for at least 10 years, you will qualify for Medicare when you reach the age of 65 under currently existing laws. Even if you have not met this requirement, if you are married and your spouse has done so, you would become eligible based on their … [Read more...] about A Look at Adjusted 2020 Medicaid Figures
Be Aware of the Medicaid Look-Back Period
Medicaid is a jointly administered federal/state government program that provides health insurance for people with very limited financial resources. It was not intended to serve this function, but it has become the de facto source of long-term care insurance in this country. Why would this be the case, when we already have a health insurance program in place that is intended for senior citizens in the form of Medicare? This is a good question. Many people would say that it makes no sense, … [Read more...] about Be Aware of the Medicaid Look-Back Period
Be Aware of Medicaid Recovery Efforts
If you have worked and paid taxes for at least 10 years, or if your spouse has done this, you will qualify for Medicare when you reach the age of 65. This program will provide a health care insurance underpinning, but there are out-of-pocket expenses, and there is one huge gap. Medicare will pay for convalescent care after an injury or illness when recovery is anticipated. However, it will not pay for custodial care. This is the type of care that you would receive in a nursing home or some … [Read more...] about Be Aware of Medicaid Recovery Efforts
Medicaid Income Rules for Healthy Spouses
Before we dive into the Medicaid Monthly Maintenance Needs Allowance, we should provide some general background information about long-term care costs. Most people will qualify for Medicare when they reach the age of eligibility, which is currently 65. This will provide a relatively solid health insurance underpinning, but there are out-of-pocket expenses. These include copayments, deductibles, and monthly premiums. In fact, the program only pays 80% of bills that you receive from doctors, … [Read more...] about Medicaid Income Rules for Healthy Spouses
Don’t Make a Nursing Home Your Sole Heir
Since so many people procrastinate when it comes to estate planning, when they do take action, they often look for “simple solutions.” They may use a do-it-yourself template or download that they got off the Internet to draw up a last will, and they feel as though they have satisfied their responsibilities to their loved ones. Of course, there is nothing stopping you from taking this approach, but it can be shortsighted. First of all, a last will is not always the best asset transfer vehicle … [Read more...] about Don’t Make a Nursing Home Your Sole Heir
Medicaid Planning Facts and Figures
When you hear the term “Medicaid planning,” you may scratch your head for a moment. Why would anyone plan ahead to be able to qualify for a health care program that is only available to people with limited resources? The financial goal of life is something very different, right? All of the above is completely understandable, but there is a good reason why Medicaid is quite relevant to people that were never financially needy throughout their lives. This program will pay for a stay in a … [Read more...] about Medicaid Planning Facts and Figures
Develop a Holistic Plan for Aging
The human condition is not static, and everyone understands this within certain limits that are easy to embrace. For example, you know that you are going to have new responsibilities when you transition out of childhood into adolescence and young adulthood. That being said, once you are settled into a particular identity as a self-supporting grown-up, you can fall into the sense that things will be more or less the same going forward. Yes, you are invariably going to have career goals and other … [Read more...] about Develop a Holistic Plan for Aging
Medicaid Planning: Definitions of Key Terms
Before you look into the subject very deeply, it is natural to wonder why you would ever need to know about Medicaid if you are going to qualify for Medicare as a senior. This is understandable, and it is one of the core issues in the elder law arena. Medicaid is important for seniors because Medicare will not pay for a long-term stay in a nursing home. Medicaid will pick up the tab if you can qualify. This is why Medicaid planning should be on your radar. These facilities are extremely … [Read more...] about Medicaid Planning: Definitions of Key Terms
Q & A Session With an Elder Law Attorney
Most of our clients are somewhat surprised when they find out how an elder law attorney can help them preserve their legacies for the benefit of their loved ones. We often hear many of the same questions when we interact with people here in our office, and this gave us an idea. In this blog post, we'll share a hypothetical question-and-answer session between a client and a member of our firm. Do a lot of people need nursing home care eventually? One of the very best elder law resources on the … [Read more...] about Q & A Session With an Elder Law Attorney
