Like many people, you may well into your retirement years before you have a need to qualify for Medicaid. That need may arise as a result of the need for long-term care (LTC) and the corresponding cost of that care. If you fail to plan ahead by including Medicaid planning in your overall estate plan, you could find yourself facing the loss of valuable assets. If you don’t know the Medicaid eligibility rules you could also find yourself facing a waiting period imposed by Medicaid during which … [Read more...]
Harrison Medicaid Attorneys Uncover Top 5 Medicaid Myths
Most people are at least vaguely familiar with Medicaid, the federal program that provides healthcare benefits to low-income individuals and families. Unless you have ever needed the benefits offered by Medicaid, however, you probably don’t know as much as you need to know about the program. Like a significant percentage of seniors, you may find that you, or a spouse, will need to rely on the benefits offered by Medicaid at some point during your “Golden Years” if you end up in long-term care … [Read more...]
Protecting Your Spouse When You Apply for Medicaid
Like many people, you may find that you need to qualify for Medicaid benefits during your “Golden Years” because of the high cost of long-term care. Because Medicaid eligibility is based, to a large extent, on your income and assets you may be forced to “spend-down” those assets before Medicaid will find you eligible for benefits. Where does that leave your spouse though? At this point you should be asking the question “How can I protect my spouse when I apply for Medicaid?” The best time to … [Read more...]
The Medicaid Look-Back Period Explained
Are you facing the need for nursing home care for yourself or a spouse in the near future? If so, are you worried about paying for the cost of that care? If you are, you are hardly alone. In 2016, the average yearly cost of long-term care (LTC) across the United States was about $80,000. In the State of New York, the average cost of care was over $120,000 a year in 2016 – and those figures are projected to continue to climb for the foreseeable future. It should come as no surprise then that over … [Read more...]
Medicaid vs. Medicare
There is a very good chance that you will need help covering healthcare costs not covered by private insurance at some point in your lifetime. When you find yourself in that position, you will likely turn to Medicaid and/or Medicare for help. Contrary to what many people think, Medicaid and Medicare are not interchangeable. Although there are some similarities, Medicaid and Medicare are very distinct programs with different eligibility criteria and available benefits for those who qualify. To … [Read more...]
Do I Qualify for Medicaid as a Senior?
If you are a senior who is facing the prospect of a stay in long-term care, you are likely worried about how you will pay for the cost of that care. After all, long-term care (LTC) is costly. Moreover, you will not likely be able to depend on your basic health insurance coverage nor on Medicare to help with those costs. The good news is that Medicaid may be able to help; however, you must first qualify for benefits. If you are unfamiliar with the Medicaid program, now is the time to learn more. … [Read more...]
Understanding New York Medicaid Eligibility
Many seniors reach a point during their retirement years where they need to qualify for Medicaid benefits in order to help cover the high cost of long-term care. If you are one of them, and the entire Medicaid program is new to you, there is a good chance you are feeling a bit intimidated by the application process. The best way to ensure that you will be approved for Medicaid benefits when you need them is to start by understanding the New York Medicaid eligibility guidelines. Why Would I … [Read more...]
Can a Medicaid Lawyer Help Ensure that I Qualify?
The longer you live, the higher the better the odds are that you will one day need long-term care. The cost of that care can be staggering for the average person. Moreover, you cannot expect any help covering your long-term care (LTC) costs from Medicare nor from most basic health insurance policies. For over half of all seniors, that leaves Medicaid as the only hope for help covering LTC costs. Qualifying for Medicaid, however, can be difficult if you failed to plan ahead. The good news is that … [Read more...]
Senior Requirements for Medicaid
When you enter your retirement years you stand about a 50 percent chance of eventually needing long-term care, or LTC. If you are still here at age 85, the odds that you will need LTC before you die increase to about a 75 percent chance. If you are married, your spouse has the same odds, thereby increasing the likelihood that one of you will eventually need LTC. The cost of that care is the reason you may turn to Medicaid. Qualifying for those benefits, however, can be complicated. Understanding … [Read more...]
What Happens to the Assets in Your Medicaid Trust If You Die Without Ever Needing Medicaid?
Although the primary reason for creating an estate plan is typically to provide a roadmap for the distribution of estate assets after death, most people also choose to include additional components into their estate plan because of the numerous goals that can be accomplished with a comprehensive estate plan. One common -- and wise – addition to an estate plan is Medicaid planning. A properly drafted Medicaid plan allows you to protect your heard-earned assets while still ensuring that you will … [Read more...]
