The costs associated with long-term care are extremely high and rising, and this is something you really have to take into consideration when you are planning for the future. In 2010, it cost nearly $40,000 to spend a year in an assisted-living facility on average in the United States, and the charge for a single room in a nursing home averaged over $83,500. The average stay for someone who resides in a nursing home is about 2-1/2 years. These numbers are clearly … [Read more...] about Gifts & Medicaid Eligibility
Leaving a loved one in the care of others is not an easy decision to make. The best-case scenario would be for a relative or close friend care for them. As this is not always possible due to schedules and the complicated medical care needed, you may have to trust nursing home staff to oversee care of your family member. This can be a nerve-wrecking and frightening decision, but there are some things you can do to ease your mind and ensure that your loved one is receiving optimal care. Make … [Read more...] about How Can I Protect My Loved One in Nursing Home?
The terms Medicare and Medicaid are confusing because the names are similar but the federal programs are set up for different purposes. Medicare is the federal healthcare insurance plan that covers senior citizens age 65 and over as well as younger people who qualify for Social Security disability payments. Medicare is partially funded by required payroll deductions from all employed persons and the remainder of the costs are paid from the federal budget. Medicaid, on the other hand, helps to … [Read more...] about When Do You Need a Medicaid Attorney?
When people refer to a "look back" period, more than likely they are talking about the period of time that Medicaid can look back to see if someone has transferred assets for less than fair market value. This is to see if a person qualifies for Medicaid, which is a needs based program. To qualify for Medicaid, a single person cannot have more than $1,500 in assets. Medicaid can "look back" 5 years to see if the person has transferred assets within that time frame. If so, a period of … [Read more...] about What is a “Look Back” Period?
Medicaid is a program for those who cannot afford medical care. It is managed by the state and funded by both state and federal government funds, and is the largest source of funding for medical and health services for people with limited resources. It is often confused with Medicare, but Medicare is a Federal program that is not income based and is only for those 65 and older or those who have certain medical conditions. Medicaid however, is "needs" based and serves those with limited income … [Read more...] about Medicaid 101