Medicare is a health insurance program that exists to address medical costs that are incurred by senior citizens. You gain Medicare eligibility by earning retirement credits when you pay taxes. Each year, you can get a total of four credits, and you are eligible when you have 40 credits. The eligibility age is 65 at the present time. Even if you do not work enough to accumulate the 40 credits and if you are married, you can qualify on your spouse’s work record. Convalescent Care vs. … [Read more...] about Does Medicare Pay for Nursing Home Care?
A lot of people think that estate planning is strictly about the events that will take place after you are gone. This is certainly at the core of the matter. You should, however, consider some other facets if you want to be fully prepared for the future. Incapacity Among Elders Sometimes you have to confront some uncomfortable facts of life. As elder law attorneys, we are forced to meet them head-on. Most people do not pass away after being in perfectly good health for the days and weeks … [Read more...] about Address End of Life Challenges When You Are Planning Your Estate
Medicaid Planning and What You Need to Know You may feel as though your financial plan is sound, and you will be in a position to leave significant inheritances to your loved ones. Unfortunately, many people that are in this position are overlooking a significant legacy risk - losing your assets to the exploding costs of long-term health care, specifically nursing home expenses. Repositioning your assets to qualify for Medicaid can help defer or eliminate this risk. Medicaid planning is … [Read more...] about Medicaid Planning: Five Key Facts
The Medicaid program is important to many seniors for one compelling reason: Medicaid will pay for long-term care. Medicare will not. Medicare will cover convalescent care after injury or illness, but it does not cover the custodial care that nursing homes provide. Assisted Living Expenses Most senior citizens will incur some form of long-term care costs. Be clear, nursing facilities can drain your bank account in a hurry. Genworth Financial recently released their 2021 survey, and they … [Read more...] about Things You Need to Know About Medicaid Estate Recovery
Genworth Financial has become the go-to resource for information about the current state of long-term care costs in the United States. They have recently released their figures for 2021, and the report contains some bad news for Oklahoma City residents. Oklahoma City Nursing Home Costs The median annual charge for a private room in an Oklahoma City nursing home last year was $88,695, which is a 27.89 percent increase. For a home health aide, the median cost went up by 12.9 percent to $60,060. … [Read more...] about Oklahoma City Nursing Home Costs Skyrocketed in 2021
Just over half of senior citizens will need paid long-term care, and 35 percent of elders will move into nursing homes at some point. As you might imagine, nursing home care is very expensive. In the state of Oklahoma, the average cost for a day in a nursing home is $179.57. This equates to over $65,500 for a year, and 12 months is the average length of stay. This is a lot of money to come up with late in your life after many years of retirement. Medicare does not cover these … [Read more...] about An Overview of Medicaid Protections for the Healthy Spouse
Most seniors will need some type of paid living assistance, and 35 percent of elders will reside in nursing homes according to the U.S. Department of Health and Human Services. Since Medicare is a health insurance program for elders, you would assume that it would cover this type of care. There are those that would question the fairness of this arrangement, but in fact, Medicare will not pay for the custodial care that nursing homes provide. Long-Term Care Costs It is not easy for a retiree to … [Read more...] about Will Medicare Cover Nursing Home Expenses?
Elder law attorneys counsel clients that are concerned about some of the challenges that elders face, and long-term care costs are at the top of the list. Just over half of seniors will need paid living assistance eventually, and it is quite expensive. While Medicare will provide a solid health insurance underpinning, it does not cover the custodial care that nursing homes and in-home health aides provide. This exposes many people, including veterans, to very expensive long-term health … [Read more...] about Veterans Pension Can Lighten Assisted Living Burden
If you are leaving an inheritance to someone with a disability, this could affect his or her government benefit eligibility. Many people with disabilities rely on Medicaid for health insurance, and some receive income through the Supplemental Security Income (SSI) program. We are often asked if people in this situation will lose their benefits if they receive a direct inheritance? The answer is yes, but only if the inheritance is large enough to trigger loss of eligibility. Fortunately, … [Read more...] about Does an Inheritance Impact Medicaid Eligibility?
A lot of people do not understand why they should be concerned about Medicaid eligibility because they are not aware of the long-term care implications. This program will pay for a stay in a nursing home, and there is a Medicaid waiver that will cover in-home custodial care. Why should you care about any of this if you are going to qualify for Medicare? Though a lot of people question the fairness of this fact of life, Medicare does not cover long-term care for seniors that need help with … [Read more...] about Will Medicaid Count My Life Insurance?