The reality is that we all stand a good chance of needing some type of long-term care during our retirement years. At the same time, most of us would prefer to retain as much autonomy and independence as possible for as long as possible. If you reach the point where living in your own home is no longer possible, but around the clock nursing home care is not necessary, an assisted living facility might be a viable alternative. While not as expensive as nursing home care, assisted living costs … [Read more...]
What Is Considered a Countable Asset for Medicaid?
At some point in your life, you may need to qualify for Medicaid, even if you have never before needed to do so. If you are unfamiliar with the Medicaid eligibility guidelines, you may find yourself in a position where your retirement nest egg is at risk because of that need to qualify for Medicaid. The reason for this is based on the Medicaid asset limits. A better understanding of what is considered a countable asset for Medicaid may help convince you of the need to include Medicaid planning … [Read more...]
What Is the Medicaid Transfer Penalty?
Planning for your retirement should include the possibility that you, or a spouse, will eventually need long-term care. That, in turn, should prompt you to include Medicaid planning within your comprehensive estate plan. Failing to do so could cause you to fun afoul of the Medicaid transfer rules. A Hauppauge Medicaid lawyer explains the Medicaid transfer penalty and how incurring the penalty could threaten your retirement nest egg. Understanding the Need to Qualify for Medicaid People often … [Read more...]
Protecting Your Assets from Medicaid Spend-Down
Although you may not want to dwell on the possibility, the reality is that we all stand a good chance of needing long-term care at some point in our lives. If you fail to consider the possibility, you could face significant financial hurdles should you end up in long-term care (LTC). Like many seniors, you may end up turning to Medicaid to help cover the high cost of LTC; however, qualifying for Medicaid might lead to Medicaid’s “spend-down” requirement if you failed to plan ahead. The Harrison … [Read more...]
Medicaid Attorneys Explain When a Waiting Period May Be Imposed
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...]
