There is no issue of interest to the elder law community that is more attention-getting than that of long-term care costs. According to the United States Department of Health and Human Services seven out of ten Americans will eventually require some type of long-term care. So you will probably need care, and Medicare won't pay for it. All that's left is to get out your checkbook, right? That may be an option, but in 2016 the average annual expense for a private room in a nursing home was … [Read more...] about Latter Life Expenses Loom Large
Nursing Homes
When Is It Too Late to Engage in Medicaid Planning?
Sometimes people say "it is never too late." This may be true about some things, but there is such a thing as closing the stable door after the horse has bolted. You need to keep this in mind when it comes to Medicaid planning in Oklahoma, Kansas or Missouri. Why Medicaid? If you have worked hard all your life you may wonder why you should even consider the subject of Medicaid. The simple answer is that you have paid into the program during your working career, … [Read more...] about When Is It Too Late to Engage in Medicaid Planning?
Care Management for the Elderly
As we get older, thinking about retirement and aging can raise many questions, both for the person getting older and their adult children. Most start with, “how am I going to pay for…” How are you going to pay for all the care you may need and what are all your care options? It’s important to think about care management, not just for financial reasons but to ensure you get the best care possible for yourself or a grandparent, mother or father who may need it. It’s never too early to get … [Read more...] about Care Management for the Elderly
Medicaid, SSI and Special Needs Trusts
Medicaid is a government-run health insurance program. The program is administered by the federal government along with each respective state government. There are federal guidelines, but the exact way that the program is administered will vary on a state-by-state basis. The Medicaid program is only available to people who can demonstrate significant financial need. There are Medicaid recipients who are healthy, but many disabled people are enrolled in the Medicaid program. People with … [Read more...] about Medicaid, SSI and Special Needs Trusts
Is There a Medicaid Asset Limit?
When you think about health insurance for senior citizens, Medicare is probably going to come to mind first. You pay into the Medicare program when you are working and paying taxes. You can accumulate as many as 4 retirement credits per year. Once you have 40 credits, you will qualify for Medicare when you reach the age of 65. Medicaid is a need-based health insurance program for people of all ages. Most seniors are not going to need Medicaid coverage when they reach the age of 65, because … [Read more...] about Is There a Medicaid Asset Limit?
What Is the Medicaid Monthly Maintenance Needs Allowance?
The United States Department of Health and Human Services tells us that 70 percent of people who are turning 65 on this day will eventually require assistance with their day-to-day needs. If you were to reside in a nursing home or assisted living community, you are looking at some significant expenses late in your life. … [Read more...] about What Is the Medicaid Monthly Maintenance Needs Allowance?
Tricking the Courts Isn’t A Good Strategy
In a recent case in Virginia, a mother transferred her money to her daughter without reservation. Some years later, the daughter filed for bankruptcy and the bankruptcy trustee went after mom’s money as well. Mom claimed the money was really hers and that she only put it in her daughter’s name to “qualify for Medicaid.” The Judge wasn’t impressed by her claim that while the documents said one thing, they really meant something else altogether. The Court found mom's … [Read more...] about Tricking the Courts Isn’t A Good Strategy
Do You Have to Impoverish Yourself to Qualify for Medicaid?
Medicaid is a joint federal/state government administered health insurance program for people with financial need. Most people who have worked for a significant period of time are going to qualify for Medicare when they are senior citizens. The majority of them have some resources. Because of this they wouldn't qualify for Medicaid. Therefore, you may assume that Medicaid is really not relevant to most senior citizens. … [Read more...] about Do You Have to Impoverish Yourself to Qualify for Medicaid?
Medicaid Planning & Early Dementia Signs
There is a lot to think about if you want to be comprehensively prepared for the eventualities of aging. People routinely think of retirement planning as an exercise in financing activities like golf, travel, and dining out. However, there is another stage of life to think about. After these active retirement years are over, you may go through a period of incapacitation. … [Read more...] about Medicaid Planning & Early Dementia Signs
What Are the Disadvantages of a Medicaid Trust?
You may wonder why Medicaid would be relevant to you if you are going to qualify for Medicare as a senior citizen. The reason why Medicaid is relevant to many elders is because of the fact that Medicare will not pay for custodial care. Custodial care is the type of care that you would receive in a nursing home or assisted living community. It is essentially living assistance rather than medical or convalescent care. For this reason, it is not covered under Medicare. … [Read more...] about What Are the Disadvantages of a Medicaid Trust?
