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?
The most pressing matter that elder law attorneys address is the long-term care cost challenge. According to the government run website LongTermCare.gov, seven out of every 10 people that are turning 65 on any given day will eventually need help with their activities of daily living. More than one third of these individuals will reside in nursing homes at some point in their lives. The median annual charge for a private room in a Rochester area nursing home was just under $162,000 in 2020, … [Read more...] about Do You Need Long-Term Care Insurance?
We are going to share an important piece of timely information about Community Medicaid in this post. In order to understand the relevance, you have to digest some background information, so we will start with a brief explanation. Long-Term Care Costs Many elders require living assistance at some point in time. Medicare is the primary source of health insurance for most senior citizens in the United States, but this program will not pay for the custodial care that is provided in the home or in … [Read more...] about Important Community Medicaid Deadline Is Approaching