The concept of “Medicaid planning” sounds completely counterintuitive. Why would you intentionally out yourself in a financially needy position? After all, you worked all of your life to avoid this fate. This makes sense on the surface, but there is a good reason why Medicaid should be on your radar. The United States Department of Health and Human Services reports that 70 percent of seniors will need some type of living assistance, and paid care is very expensive. Medicare does not pay … [Read more...] about Five Things You Need to Know About Medicaid Planning
Medicaid is a government program that may be quite relevant to you when you are a senior citizen, even if you will qualify for Medicare. Seven out of every 10 seniors will need some help with their activities of daily living, and 52 percent will require paid care at some point. These are some telling statistics, and Medicare does not cover the custodial care that nursing homes and paid caregivers provide. According to the state of Oklahoma, the average cost for nursing home care is about … [Read more...] about What Is the Medicaid Asset Limit for 2021?
As elder law attorneys, we advise clients about legal and financial eventualities they may face during their senior years. Assisted living costs certainly fit into this category. We will look at one aspect of the subject here. Aging in Place Change comes in increments. This applies to your ability to adapt to encroaching physical challenges. It is natural to think about assisted living communities and nursing homes when you envision physical challenges, but few people are anxious to leave … [Read more...] about Age in Place With a Home Health Aide
As elder law attorneys, we find that one of the most pressing client matters we deal with centers on the impact of Alzheimer’s disease. Though it is a disconcerting prospect, you should be aware of this looming threat when you are making preparations for the future. Deadly and Surprisingly Common Everyone has heard of Alzheimer’s, but many are very surprised when they find out how widespread this affliction has become. Here are two key points. Once you reach the age of 67 your life … [Read more...] about Alzheimer’s Impact Can Be Considerable
The simple answer to the question above is, "yes, it can." But with proper planning, the loss of your home may be avoided. Often, people get partial information about government programs for seniors and they proceed based on some misconceptions. In this post, we will look at one of these and help you see the complete picture. But first, let's provide the necessary background information for those who may need it. Medicare and Long-Term Care If you work and pay taxes for at least 10 … [Read more...] about Does Medicaid Really Take Your Home?
Before we provide some information about long-term care insurance, we should explain why the matter should be on your radar. The United States Department of Health and Human Services maintains the LongTermCare.gov website, and you should check it out if you are looking ahead toward your senior years. They share many relevant statistics on the site, and one of them is particularly attention-getting. Seven out of every 10 people that are turning 65 on any given day will need living … [Read more...] about Is Long-Term Care Insurance a Good Investment?
Before we focus on the subject that serves as the title of this post, we will share some background information to provide context. Most senior citizens will require living assistance eventually, and the United States Department of Health and Human Services tells us that 35 percent of elders will live in nursing homes. The state of Oklahoma has determined that the average cost for a year in a nursing home statewide is about $65,000-$80,000. Here in Oklahoma City, the median charge for a … [Read more...] about Medicaid Healthy Spouse Allowances Updated for 2021
When planning your estate, you want to express your wishes regarding how you want your assets distributed after your passing. Many people think this is the long and short of it. But a well-constructed estate plan will address another possibility Health Care Decision Making You don't know if you may become unable to communicate sound health care decisions at some point. This is not a pleasant subject and many people refuse to think about it, but this is a mistake. If you take the right steps … [Read more...] about What Are Advance Directives for Health Care?
While Medicaid is not a concern for everyone, it can be extremely relevant to people who need to qualify for Medicaid because Medicare will not pay for custodial care. Custodial care is the type of assistance you would receive in a nursing home or in some assisted living communities. Actually, everyone should take Medicaid seriously, because 70 percent of senior citizens will eventually need help with their activities of daily living. Many folks who need this assistance can get the help they … [Read more...] about Medicaid Allowances for the Healthy Spouse
Many half-truths circulate about nursing home asset protection that can cause misunderstandings. We will clear up one of them here. First, we need to provide you with some background information about Medicaid and long-term care. Medicare Gap You qualify for Medicare when you reach the age of 65 if you worked and paid taxes for at least 10 years. Even if you did not meet this work requirement, you could become eligible based on your spouse’s record if you are married. Medicare provides a … [Read more...] about Can Medicaid Take Your Home?