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?
Medicaid
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?
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?
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?
What Is the Medicaid Monthly Maintenance Needs Allowance?
Before we explain the Medicaid Monthly Maintenance Needs Allowance, we should look at the value of Medicaid planning for people who were never financially needy. Long-Term Care Costs If you have worked throughout your life prior to retirement, you are going to qualify for Medicare coverage. In fact, the eligibility requirements are quite modest. You earn retirement credits when you are working and paying taxes. Each year you can earn as many as four retirement credits. … [Read more...] about What Is the Medicaid Monthly Maintenance Needs Allowance?
What Are the Disadvantages of a Medicaid Trust?
Medicaid is thought of as a program that is only relevant to people who have virtually no financial resources. This is true to a large extent, but there is more to it when you understand the facts. Most seniors will qualify for Medicare when they reach the age of 65. You would logically assume that you won't need Medicaid if have Medicare coverage, and you wouldn't qualify anyway. In fact, many elders who were never financially needy ultimately do seek Medicaid coverage, … [Read more...] about What Are the Disadvantages of a Medicaid Trust?
What Questions Should I Ask an Indianapolis Elder Law Attorney?
If you are concerned about the challenges that you may face when you enter different stages of life, you should sit down and discuss everything with an elder law attorney. This type of attorney is focused on matters that are of particular interest to senior citizens. When you are fully aware of the elder law issues that people are facing, you can take the right steps to prepare yourself. Let's look at some questions that you should ask your elder law attorney. 1.) Will Medicare cover all … [Read more...] about What Questions Should I Ask an Indianapolis Elder Law Attorney?
Is Medicaid Strictly for the Poor?
The Medicaid program is a government run health insurance program. It is jointly administered by the federal government and each respective state government. It is a need-based program. Because Medicaid is a need-based program, there are asset and income limits. The program is theoretically designed to assist those who are financially needy. However, it is relevant to many senior citizens who were never poor. Long-Term Care & Medicare Most people are going to qualify for Medicare … [Read more...] about Is Medicaid Strictly for the Poor?
Medicare & Medicaid in Indiana: Understand the Differences
Medicare & Medicaid in Indiana: Understand the Differences from Paul Kraft Medicare and Medicaid are two government health programs relevant to seniors. Though they have similar names, the differences between them are significant. Learn more about Medicare & Medicaid in Indiana: understand the differences in this presentation. … [Read more...] about Medicare & Medicaid in Indiana: Understand the Differences
