When you are evaluating your financial situation as you approach retirement, you may gain some comfort from the fact that you should be able to leave behind a suitable legacy for your family after you are gone. You have done the math, and you have ample resources to draw from during your active retirement years, and you know that Medicare will pay for most of your health care expenses. Though you understand the fact that there are out-of-pocket costs, you recognize the fact that they will be … [Read more...] about Medicaid Planning Can Keep Your Legacy Intact
Medicaid
Can Medicaid Recover Assets From a Special Needs Trust?
You are probably aware of the fact that Medicaid is a government program that provides health insurance for people with very limited financial capabilities. Many people paint with a broad brush and say that the program is for "needy" people, but in fact, there is a bigger picture. People who may not come to mind when you think of the financially needy often rely on Medicaid. This would include people with special needs. Without question, people with special needs are going to require … [Read more...] about Can Medicaid Recover Assets From a Special Needs Trust?
Medicaid, Power of Attorney and Legal Liability
If you have parents who are getting older, you may have concerns about their ability to handle their own day-to-day needs. You may be able to provide a certain amount of assistance if you live in the same area, but at some point in time, they may require more care than family members and friends are capable of providing. Many people are surprised when they hear long-term care statistics. You could assume that only a small percentage of elders ultimately reside in nursing homes. In fact, this … [Read more...] about Medicaid, Power of Attorney and Legal Liability
Medicaid Planning: Are Your Parents Getting Prepared?
When you hear the term "Medicaid planning," it may sound like an oxymoron. Since Medicaid is a safety net health insurance program for people who have fallen on hard financial times, why would anyone plan ahead to try to be in this situation? This is a logical line of thinking, but as we all know, the government sometimes goes about things in rather confusing ways. In fact, a very significant percentage of older Americans can benefit from the process of Medicaid planning. If you are an adult … [Read more...] about Medicaid Planning: Are Your Parents Getting Prepared?
Living Trusts and Medicaid Eligibility
There are some misconceptions that people harbor with regard to trusts. The idea is that you would be giving up control of assets for one reason or another. This is true to a large extent, but there is more to the equation. Revocable Living Trusts There are various different types of trusts. Some of them are revocable, and there are also irrevocable trusts, and this is a very significant distinction. If you have been under the impression that you should use a will to express your final … [Read more...] about Living Trusts and Medicaid Eligibility
Medicaid Look-Back: An Exception to the Rule
Most people are aware of the fact that the Medicaid program is a government health insurance program that is for financially needy people who cannot get health insurance any other way. The majority of working Americans are never going to qualify for Medicaid, so it could be completely off your radar as you are traversing your career path. When it comes retirement planning, in the back of your mind, you recognize the fact that you will become eligible for Medicare coverage as a source of … [Read more...] about Medicaid Look-Back: An Exception to the Rule
Medicaid and Long-Term Care: A Brief Primer
Long-term care can seem like something that is only relevant to others, but in reality, everyone should take the matter seriously. We all get older, and you should prepare for the eventualities of aging so that you are not confronted with any unpleasant surprises as a senior citizen. Most people will qualify for Medicare coverage at the age of 65, but Medicare does not pay for long-term care. Since nursing home care can cost $100,000 or more per year, this is a very significant hole in the … [Read more...] about Medicaid and Long-Term Care: A Brief Primer
Elder Law FAQs: Does the Nursing Home Get Half of My Assets?
Elder law attorneys answer questions that people have about nursing home asset protection. You should definitely seek out legal counsel if you have concerns, because there are misconceptions out there. If you listen to the rumors that circulate, you may come away with misinformation. First off, we should point out the fact that Medicare does not pay for long-term care. If you were to enter a nursing home without making any preparations in advance to protect your assets, you would be entering … [Read more...] about Elder Law FAQs: Does the Nursing Home Get Half of My Assets?
Do You Have to Impoverish Yourself to Qualify for Indianapolis Medicaid
Do You Have to Impoverish Yourself to Qualify for Indianapolis Medicaid from Paul Kraft Medicaid is a government health insurance program that will pay for long-term care.Learn more about Do You Have to Impoverish Yourself to Qualify for Indianapolis Medicaid in this presentation. … [Read more...] about Do You Have to Impoverish Yourself to Qualify for Indianapolis Medicaid
What Is the Medicaid Community Spouse Resource Allowance?
Before we look at the Medicaid Community Spouse Resource Allowance, we should provide some background information about the relevance of the Medicaid program in general. You are probably aware of the fact that Medicaid is a government run health insurance program that exists to help people with very limited financial resources. As a working person, you are paying into the Medicare program, and you will qualify for Medicare when you reach the age of 65. You would not need Medicaid if you have … [Read more...] about What Is the Medicaid Community Spouse Resource Allowance?
