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
Medicaid Planning
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?
Can Medicaid Take Your Home?
The majority of senior citizens will eventually need help with their activities of daily living, and about one third of them will reside in nursing homes. In Connecticut where we practice law, the average cost for year in a nursing home is approximately $150,000. Medicare is the primary insurance provider for seniors. Since most elders will require living assistance, and Medicare is largely for older people, you would assume that the program would pay for long-term care. In fact, the … [Read more...] about Can Medicaid Take Your Home?
An Irrevocable Trust Can Satisfy These Three Objectives
When you learn that there are revocable trusts and trusts that you cannot revoke, you may wonder why you would sacrifice the flexibility. This makes sense on the surface, but there are some good reasons why this can be beneficial. In legal parlance, you surrender incidents of ownership when you establish an irrevocable trust, because you cannot act as the trustee, and you cannot revoke the trust. To put it more simply, you get the assets out of your own name by conveying them into the … [Read more...] about An Irrevocable Trust Can Satisfy These Three Objectives
Medicaid Protections for the Healthy Spouse
As elder law attorneys, we assist people that have concerns about long-term care. Since Medicare will not pay for the custodial care that nursing homes, assisted living facilities, and in-home caregivers provide, steps must be taken to qualify for Medicaid. A lot of people wonder why Medicare would not cover this type of care if Medicaid will. It is hard to brainstorm any type of logical answer, but that’s the reality. General Connecticut Medicaid Guidelines Since Medicaid is a need-based … [Read more...] about Medicaid Protections for the Healthy Spouse
Brace Yourself for Long-Term Care Costs
Elder law attorneys assist clients that are concerned about legal and financial matters that senior citizens often face. There are a number of different issues that we deal with, but the matter of long-term care is definitely at the top of the list. You may assume that the Medicare program will pay for a stay in a nursing home if you ever need this level of assistance with your day-to-day needs. In reality, Medicare will not pay for the custodial care that nursing homes provide. This is … [Read more...] about Brace Yourself for Long-Term Care Costs
Consider a Medicaid Trust
As elder law and estate planning attorneys, we can help you prepare for the future in a holistic manner. One stage leads to another, so it is important to meet the eventualities of aging head-on as you create a pragmatic plan for your twilight years. Medicare Falls Short If you work and pay taxes for at least 10 years, you will qualify for Medicare when you reach the age of 65 under currently existing laws. It should be noted that you would qualify if you have not met this requirement as long … [Read more...] about Consider a Medicaid Trust
