As elder law attorneys, we have a finger on the pulse of matters that are going to be of interest to senior citizens. One of the most pressing factors that we see day after day is the impact of Alzheimer’s disease. Everyone should have a thorough understanding of its reach along with the legal and financial implications. Aging of the Population During the period between 1943 and 1964, unprecedented numbers of infants were born. This has been dubbed the “baby boom,” and if you take a moment to … [Read more...] about Alzheimer’s Disease: The Inconvenient Truth
We keep a finger on the pulse of legislative measures that can have an impact on government benefits for senior citizens. The Biden administration has proposed some changes that would be welcomed by most elders, and one of them was included in the original infrastructure plan. In-Home Care If you ever need help with your activities of daily living, would you prefer to receive the care in your own home? Many people would say yes, and without question, the familiar surroundings can be … [Read more...] about Original Infrastructure Plan Would Boost In-Home Care for Seniors
In this post, we are going to look at the provisions that are made for a healthy spouse when their spouse is applying for Medicaid. Why should you worry about Medicaid eligibility when you will qualify for Medicare when you are 65? Simply put, Medicare does not cover long-term care. Nursing homes and in-home caregivers are very expensive, and 52 percent of elders will need paid care at some point according to the United States Department of Health and Human Services. Medicaid will pick … [Read more...] about Medicaid Planning: What Happens to the Beneficiary’s Income?
The Medicaid program should be on your radar even if you have health insurance and you are going to qualify for Medicare as a senior citizen. Why would this be the case? Medicare does not pay for a stay in a nursing home, and it does not cover in-home custodial care. This is a big deal, because nursing homes and in-home caregivers are extremely expensive. You are looking at somewhere in the vicinity of $170,000 for a year in a nursing home in the Rochester area. The annual rate for a … [Read more...] about What Is the 2021 New York Medicaid Asset Limit?
Medicaid should be on your radar even if you will qualify for Medicare as a senior because Medicaid will pay for long-term care. That’s right, Medicare does not cover the custodial care that nursing homes provide. Just over half of seniors will need some type of paid care, and 35 percent of elders will reside in nursing homes eventually. You certainly don’t want to pay these costs out of your pockets unless they are as deep as the Grand Canyon. The median annual charge for a private room … [Read more...] about Four Key Facts About Medicaid Planning
There is a psychological barrier that you have to cross at some point if you are going to preserve your legacy for the benefit of your loved ones. We are conditioned to be self-sufficient, and anything less, that this is considered to be unacceptable. If you have surgery or break a bone, you probably downplay it and tell everyone that you will be back on your feet as soon as possible. This type of can-do attitude can be beneficial on the one hand, but on the other hand, it can get in the … [Read more...] about Medicaid Planning: No One Is Immune
We have all heard of Alzheimer’s disease, but there are some facts about it that will probably surprise you. In the field of elder law, the most pressing matters are impacted by Alzheimer’s, so you should understand the facts when you are looking ahead toward the future. Unpleasant Reality Many people assume that Alzheimer’s disease strikes a relatively small percentage of the elder population, but the statistics tell a different tale. According to the Alzheimer’s Association, about 6 million … [Read more...] about Alzheimer’s Disease and Long-Term Care Planning
When your property is passed on to your loved ones after you are gone, your legacy will live on. We all need monetary assets, but there is also a sentimental component, so these transfers are quite meaningful. As you start to get up there in years and contemplate your legacy, asset protection should be in the forefront of your thinking, because there is a looming threat. Long-Term Care Costs Once you reach the age of 67, your life expectancy is 87 years if you are woman, and it is 85 years … [Read more...] about Medicaid Planning: Take Action to Protect Your Legacy
When you are planning ahead for your retirement years, you will naturally budget for expenses that are relatively easy to anticipate. The golden years can be a reward for all of your hard work, a time when you can enjoy leisure activities, travel, and cross things off your bucket list. This is well and good, but there is the other side of the rainbow. The twilight years can present a financial challenge in the form of long-term care costs. Sobering Statistics Everyone knows that some people … [Read more...] about Modifications and Medicaid Waiver Can Provide a Solution
Medicaid is relevant even if you will qualify for Medicare as a senior citizen for one very important reason: it will cover long-term care. The Medicare program will pay for convalescent care after an injury or illness when recovery is anticipated. However, it does not pay for the long-term custodial care that in-home caregivers and nursing homes provide. Nursing Home Costs The average annual charge for a private room in a Rochester area nursing home is $181,770 in 2021, or $14,940 per … [Read more...] about Can a Homeowner Qualify for Medicaid?