Long-term care costs are something that you should take very seriously when you are looking ahead toward your retirement years. Medicare does not pay for assisted living, and this can come as a surprise to many people. When you look into the facts, you find that long-term care costs can be financially devastating. According to the state of Indiana, the average monthly charge for a room in a nursing home is over $5,500. This is an average that takes every area of the state … [Read more...] about Can Medicaid Take My Home?
Elder Law
Am I Responsible for a Parent's Nursing Home Expenses?
Nursing home expenses are a major cause of concern within the elder law community. The senior population is aging rapidly, and the oldest segment of the population is growing faster than any other. When you reach an advanced age, you may well require nursing home care. In fact, according to government statistics, the vast majority of senior citizens will eventually need help with their activities of daily living. The Medicare program does not pay for nursing home … [Read more...] about Am I Responsible for a Parent's Nursing Home Expenses?
What Is a Medicaid Waiver?
When you are looking ahead toward your senior years, you should be aware of potential long-term care costs. Most people over the age of 65 are going to require long-term care at some point in time. Medicare does not pay for custodial care, and long-term care is extremely expensive. In the state of Indiana, the median annual cost for a private room in a nursing home is over $85,000 according to Genworth Financial. People sometimes spend multiple years receiving nursing home care, … [Read more...] about What Is a Medicaid Waiver?
Can I Use a Trust for Medicaid Planning Purposes?
At first, you may not understand why Medicaid planning is important to many senior citizens. After all, most people are going to qualify for Medicare coverage when they reach the age of 65. In addition to this, Medicaid is a need-based program. The majority of people who retire are going to have some resources, so they wouldn't qualify for Medicaid. All of the above is true, but nonetheless, Medicaid planning is quite relevant to most people who are entering their retirement … [Read more...] about Can I Use a Trust for Medicaid Planning Purposes?
When Would a Guardianship Be Necessary?
The matter of guardianship is something to take into consideration when you are planning your estate as a parent of a minor child. It can also come into play when you are preparing for the eventualities of aging. In this post we will look at some of the details. Nominating a Guardian If you have minor children still in the home, estate planning is a must for a number of different reasons. You want to make sure that your family has a financial underpinning to draw from if … [Read more...] about When Would a Guardianship Be Necessary?
How Does Medicaid Apply to Married Couples?
When you are planning ahead for the future, you should take potential long-term care costs very seriously. The majority of elders will eventually need assistance with their activities of daily living. Medicare will not pay for long-term care, but Medicaid will. As a result, Medicaid planning is very important for many people. Financial Need As you go through life, you endeavor to put yourself in a position to enjoy your retirement years to the fullest. Most people will qualify … [Read more...] about How Does Medicaid Apply to Married Couples?
Does Medicaid Pay for In-Home Care?
When you hear mention of the word Medicaid, you may lose interest because you will qualify for Medicare when you reach the age of 65. Medicaid is only of value to people with very limited resources, right? Medicaid is a need-based health insurance program that is theoretically in place to provide a health care safety net for financially needy people. However, a very significant percentage of elder Americans ultimately apply for Medicaid, even if they were qualified for Medicare … [Read more...] about Does Medicaid Pay for In-Home Care?
Free Report: What Questions Should I Ask an Elder Law Attorney in Indiana?
You should definitely discuss things with a licensed elder law attorney if you want to be comprehensively prepared for the latter portion of your life. Topics covered in this report include: How do I know if I will be eligible for Medicare coverage as a senior citizen?Will Medicare take care of all of my health care needs?Can I just pay out-of-pocket?Is it likely that I will need long-term care?I'm not poor, but I'm not rich. How can I prepare for these costs?Can I give away my assets to … [Read more...] about Free Report: What Questions Should I Ask an Elder Law Attorney in Indiana?
How Do You Find the Right Elder Law Attorney?
Elder law is the legal specialty that is focused on the needs of senior citizens. If you are concerned about the eventualities of aging, you should definitely discuss the future with a licensed elder law attorney. There are a number of different relevant elder law issues that you should be aware of, but the matter of long-term care is at the top of the list. According to the United States Department of Health and Human Services, 70 percent of senior citizens will someday need help … [Read more...] about How Do You Find the Right Elder Law Attorney?
Is There a Medicaid Asset Limit?
Before we examine the Medicaid asset limit question, we should explain why Medicaid is important to many seniors who will qualify for Medicare coverage. If you earn sufficient retirement credits while you are working, you will qualify for Medicare when you reach the age of 65. Medicare is a government health insurance program that you pay into when you are paying your taxes throughout your life. You can earn as many as four retirement credits per year, and you need 40 credits to … [Read more...] about Is There a Medicaid Asset Limit?
