The matter of long-term care is the most pressing issue that elder law attorneys address on behalf of their clients. If you have not given it much thought, these compelling facts should definitely get your attention. You will probably need long-term care. According to the United States Department of Health and Human Services, just over half of seniors will require paid living assistance, and 35 percent will live in nursing homes. Nursing home care is not affordable for most people. You … [Read more...] about These Long-Term Care Facts Will Get Your Attention
Medicaid Planning
Does Medicare Cover Long-Term Care?
You qualify for Medicare and Social Security through the accrual of retirement credits. This year, you get one credit for every $1470 that you earn, so everyone that works consistently will get four credits each year. After you have accumulated a total of 40 credits, you will qualify for these programs when you reach the eligibility age. For Medicare, this age is 65, and you can accept an early Social Security benefit when you are 62 if you choose to do so. The eligibility age for a full … [Read more...] about Does Medicare Cover Long-Term Care?
Will Medicaid Count My Life Insurance?
As elder law attorneys, we have to pass along an inconvenient truth about long-term care costs. All of your life, you do not want to qualify for Medicaid because the program is only available to people with a significant level of financial need. With this in mind, when you hear the term “Medicaid planning,” you have to wonder why anyone would want to be in this position. This is a totally logical perspective, but the reason why Medicaid is relevant is because it will cover long-term … [Read more...] about Will Medicaid Count My Life Insurance?
Medicaid Answers: Can a Spouse Keep a Beneficiary’s Income?
The Medicaid program may be the furthest thing from your mind if you have health insurance through your employer or Medicare. However, at some point in your life, you may be very interested in the Medicaid eligibility parameters. We are going to answer a particular question that is asked about Medicaid in this post, but first, we will explain why you should care about this need-based program. Paid Living Assistance Most people assume that they will be able to handle their activities of … [Read more...] about Medicaid Answers: Can a Spouse Keep a Beneficiary’s Income?
What Is the Connecticut Medicaid Asset Limit in 2021?
The Medicaid program is largely ignored by people with health insurance that will qualify for Medicare when they are 65 years of age. This being stated, it should definitely be on your radar if you want to preserve your legacy for the benefit of your loved ones. It is important because of one inconvenient truth: Medicare does not pay for nursing home care. According to the state, the average cost for a month in a nursing home in Connecticut is $13,512. According to the U.S. Department of … [Read more...] about What Is the Connecticut Medicaid Asset Limit in 2021?
Medicaid Planning 101
It is natural to assume that your health insurance needs will be satisfied for life after you qualify for Medicare coverage. Unfortunately, there is a significant expense that most senior citizens will face that is not covered by the program. Medicare will not pay for a stay in a nursing home, and it doesn’t cover custodial care that is provided by an in-home caregiver. You can expect to pay over $150,000 for a year in a nursing home in the Hartford area, and in-home care comes with a price … [Read more...] about Medicaid Planning 101
Elder Care: Evolved Thinking Can Preserve Your Legacy
When you look back on your life, you invariably recognize the fact that you would act differently in some ways if you could consult with your future self. Indeed, it is said that experience is something that you get right after you need it. How can you be prepared for a situation that you have never experienced before? In some cases, you can analyze statistics and gain an understanding of potential outcomes based on the experiences of others. This definitely enters the picture when it … [Read more...] about Elder Care: Evolved Thinking Can Preserve Your Legacy
An Overview of Life Estates
There are different ways to facilitate asset transfers after you are gone, and you should understand the options for two related reasons. On one side of the coin, you make informed choices when you understand the facts, and on the other side, you avoid mistakes. With this in mind, we will look at the pros and cons of life estates in this post. Transfer of Real Property You can potentially use a life estate to arrange for the transfer of your home and other types of real property. If you … [Read more...] about An Overview of Life Estates
Should You Carry Long-Term Care Insurance?
Before we take a look at the pros and cons of long-term care insurance, we should explain why it is relevant. Indeed, it is easy to be confused when you know you will qualify for Medicare as a senior citizen. Long-term care has to be covered, right? Whether it makes sense or not, the Medicare program simply does not cover the custodial care that nursing homes provide, and it does not pay for in-home care. Don’t Be Overconfident It is hard to imagine a time when you will need this level … [Read more...] about Should You Carry Long-Term Care Insurance?
Does Medicaid Count Assets in a Living Trust?
Before we get to the question that serves as the title this blog post, there are some people that don't understand why they would ever have to worry about Medicaid coverage. We will provide a brief explanation to make that clear, and then we will move on to the subject at hand. Medicare and Long-Term Care Most Americans are going to qualify for Medicare when they reach the age of 65 under currently existing laws. Since this program was conceived as a source of health insurance for senior … [Read more...] about Does Medicaid Count Assets in a Living Trust?
