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?
Medicaid Planning
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
Connecticut Medicaid Planning Facts and Figures
We are going to share some important facts about the Medicaid program here, but before we do, we must provide some background information. On a surface glance, a lot of people would have no interest in this subject, because they know that they will qualify for Medicare when they are seniors. Why would you need Medicaid if you going to have Medicare coverage? And if you are going to have some resources, you wouldn’t qualify for Medicaid anyway, right? This logic is understandable, but there … [Read more...] about Connecticut Medicaid Planning Facts and Figures
What Is the Medicaid Maximum Asset Limit?
Even if you expect to qualify for Medicare as a senior citizen, you should still understand a bit about the Medicaid program. This is because of the fact that Medicare will not pay for living assistance. Most seniors will eventually need help with their day-to-day needs, and custodial care is very expensive. Medicaid is relevant because it will pay for long-term care if you can qualify. However, Medicaid is a need-based program. You must be able to demonstrate financial need if you want to … [Read more...] about What Is the Medicaid Maximum Asset Limit?
What Is the Five Year Medicaid Look Back?
The Medicaid program is very important to a significant percentage of senior citizens. This is because of the fact that Medicare will not pay for long-term care. If you need assistance with your activities of daily living, you would be receiving custodial care. Medicare will pay for up to 100 days of convalescent care after surgery, but the program does not cover custodial care costs. It is difficult to impossible for many people to pay long-term care expenses out-of-pocket. Our firm practices … [Read more...] about What Is the Five Year Medicaid Look Back?
Medicaid Planning & Early Signs of Dementia
When you are approach the process of estate planning in a holistic way. While there are certainly exceptions, people generally pass away after reaching an advanced age. The average life span at the present time is 78 years, but the segment of the population that is 85 and older is growing faster than any other. There is a very real possibility that you will live into your mid-eighties and beyond. Approximately 45 percent of people who are in this age group suffer from Alzheimer's … [Read more...] about Medicaid Planning & Early Signs of Dementia
What Are the Disadvantages of a Medicaid Trust?
Long-term care expenses are something that you should take seriously when you are planning ahead for the future. If you are like many people, you may assume that Medicare will pay for assisted-living if you need it at some point in time. In fact, Medicare will only pay for convalescent care for up to 100 days. It will not pay for custodial care, which is the type of care that you would receive in a nursing home or assisted living community. Medicaid is a government program that will pay for … [Read more...] about What Are the Disadvantages of a Medicaid Trust?
