The biggest elder law issue at the present time is the matter of long-term care and the costs that go along with it. Medicare does not pay for living assistance, and the vast majority of seniors will need some form of long-term care. In fact, more than one third of seniors will eventually reside in nursing homes. Medicaid is another government health insurance program that does pay for living assistance. Most people in nursing homes are enrolled in the Medicaid program, and a high percentage … [Read more...] about Five Things You Need to Know About Medicaid Planning
Don’t Assume You Will Never Need Long-Term Care
Retirement planning can seem like it is completely focused on the active years that you will be able to enjoy shortly after you put your working years behind you. This is certainly an important consideration, and your golden years can be quite satisfying if you are properly prepared for them. At the same time, it is wise to budget for the years that will follow when you are not as capable as you once were. The United States Department of Health and Human Services tells us that seven out of … [Read more...] about Don’t Assume You Will Never Need Long-Term Care
Alzheimer’s Can Yield Financial Consequences
As elder law attorneys, we keep a finger on the pulse of matters that impact senior citizens in ways that can be addressed through the proper planning. Everyone has heard of Alzheimer’s disease in a general sense, but you should understand the relevant facts when you are looking ahead toward your senior years. Life Expectancy You may have heard that the life expectancy for all Americans is about 78 years. This includes people that pass away at all ages, but it goes up when you are talking … [Read more...] about Alzheimer’s Can Yield Financial Consequences
Nursing Homes Can’t Take Stimulus Checks
Before we share some important practical information, we should explain some facts about long-term care and Medicaid for people that are not apprised of the dynamic. Most senior citizens will eventually need help with their activities of daily living. According to the United States Department of Health and Human Services, 35 percent of elders eventually reside in nursing homes. While the vast majority of senior citizens qualify for Medicare, this is not the solution. The Medicare program … [Read more...] about Nursing Homes Can’t Take Stimulus Checks
Three Estate Planning Traps to Avoid
Most people do not have a full understanding of the reasons why you should plan your estate in a particular way. The ideal course of action will depend upon the circumstances so you should be careful about making assumptions. Individuals who go forward without the right information often make mistakes that yield negative consequences. In this post, we will look at three common estate planning traps to avoid. DIY Estate Planning There are websites that sell generic, boilerplate legal … [Read more...] about Three Estate Planning Traps to Avoid
Medicaid Rules for Home Ownership
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
