Elder law attorneys frequently help clients who want to qualify for Medicaid coverage. Medicaid is a government health insurance program that is jointly administered by the state government and the federal government. Some people are confused about Medicare and Medicaid. They are both government health insurance programs, and most people will qualify for Medicare coverage. You gain eligibility by accumulating retirement credits. These credits are accrued when you pay your taxes throughout … [Read more...] about Will Medicaid Take My Home?
Medicaid planning is important for many senior citizens, and this may surprise you. The reason why Medicaid is relevant is because Medicare does not pay for living assistance. Medicare will pay for up to 100 days of convalescent care after surgery, but it does not pay for custodial care. Long-term care is costly, and most people will someday need help with their activities of daily living. Paying out-of-pocket could significantly reduce the inheritances that you always intended to leave to your … [Read more...] about Medicaid Planning: What Can the Healthy Spouse Keep?
Medicaid planning is important to many senior citizens, and when you hear this statement, you may wonder why. If you are going to qualify for Medicare, why would Medicaid planning be relevant to you? On the surface, this is a good question, but when you dig deeper, you find that Medicare does not pay for long-term care. Most seniors will need living assistance, and Medicaid will pay for it. This is why Medicaid planning is something that you should learn about. Medicaid Requirements There is … [Read more...] about Medicaid Planning: When Is it Too Late?
When you are preparing for the expenses that you may face toward the end of your life, you should include potential long-term care costs. Medicare does not pay for living assistance, and most people will need help with their activities of daily living before everything is said and done. Since long-term care is prohibitively expensive for most people, you need to look for a solution. For many, the answer is Medicaid. Most people are aware of the fact that Medicaid is a state/federal government … [Read more...] about Can I Take Back the Assets in My Medicaid Trust?
If you are going to be eligible for Medicare coverage when you reach the age of 65, you may wonder why you would ever want to qualify for Medicaid. These are both government health insurance programs, so you would not need Medicaid if you qualify for Medicare, right? Plus, Medicaid is a program that is only available to people who have very limited financial resources. You intend to retire with a reasonable store of assets, so you would never qualify for Medicaid anyway. The above reasoning … [Read more...] about Do You Have to Impoverish Yourself to Qualify for Medicaid?
Medicaid is a health insurance program. This program is jointly administered by the federal government along with each state government. The program is in place to provide health insurance for people with financial need. This can lead to the belief that Medicaid is only for the poor, so you may be confused when you hear Medicaid mentioned in retirement planning circles. Though Medicaid is a need-based program, many people who were never poor seek Medicaid eligibility when they are older. This … [Read more...] about Is Medicaid Only for the Poor?
Before we make suggestions with regard to how you may be able to find an elder law attorney, we should explain why you would want to discuss the future with this type of attorney. The population is aging rapidly. Around 10,000 people are applying for Social Security every day, and this is due to the maturation of the baby boomer generation. If you are approaching retirement age, you may have questions about the eventualities that you may face during the latter portion of your life. An elder law … [Read more...] about How Can I Find an Elder Law Attorney?
A Medicaid trust is a legal device that can be useful for people who are aiming toward Medicaid eligibility. Before we look at the drawbacks of these trusts, we should explain why Medicaid can be relevant to people who will qualify for Medicare. Nursing Home Care The majority of senior citizens will need some type of long-term care eventually, and many will ultimately reside in nursing homes. Nursing home care can be described as exorbitantly expensive. It can easily cost over $100,000 per … [Read more...] about What Are the Disadvantages of a Medicaid Trust?
Elder law attorneys help clients who are concerned about senior issues, and long-term care costs are at the top of the list. Most of the senior citizens in our country will need living assistance eventually, and it is very expensive. We practice in the state of Pennsylvania, and in our state, the median annual cost for a private room in a nursing home is over $107,000. A semi-private room comes with an annual charge in excess of $99,000 according to a Genworth Financial survey. If you spend a … [Read more...] about What Is the Five-Year Medicaid Look-Back?
There are three things that you should know about long-term care when you are planning ahead for retirement: It is extremely expensive, most people will need it, and Medicare does not pay for it. This is a very unappealing trifecta. The solution for many people is Medicaid. This is also a government health insurance program, and it will pay for long-term care. That's the good news. The difficult part is the fact that you cannot qualify unless you have very limited resources. There is an upper … [Read more...] about Does Medicaid Pay for In-Home Care?