A combination of longer life spans and spiraling health care costs has left an estimated 64 percent of Americans in nursing homes dependent on Medicaid. Medicaid covers 20% of all Americans, 40% of poor adults and most of the 1.4 million people in nursing homes.
Medicaid is the largest safety net in the United States for low-income people; it accounts for 1/6 of all health care spending in the United States. Two-thirds of Medicaid spending is dedicated to older or disabled adults – this is mostly dedicated to paying for
Immediate annuities can be a useful tool to protect the spouse of a nursing home resident who applies for Medicaid. These types of annuities allow the nursing home resident to spend down assets and give the spouse a guaranteed income. But immediate annuities may not
The Centers for Medicare and Medicaid has announced the Medicare premiums, deductibles, and coinsurances for 2017. After holding steady at $104.90 a month for four years, the standard Medicare Part B premium that most recipients pay will rise 4 percent to about $109 a month.
In recent years a number of non-lawyers have started businesses offering Medicaid planning services to seniors. While using one of these services may be cheaper than hiring a lawyer, the overall costs may be far greater. If you use a non-lawyer to do Medicaid planning,
New research concludes that while the existence of the Medicaid program is discouraging the purchase of long-term care insurance, tightening up current Medicaid rules will not significantly increase purchases of private insurance. Currently, only about 10 percent of the elderly have private long-term care insurance.
The last article addressed the significant need for clients to plan for the possibility of disability, and how proper disability planning more often than not involves the coordination of financial and legal solutions. This issued addresses a related and often misunderstood topic, Medicaid planning. What
If you believe Medicaid will cover your long-term care needs, you may be interested to learn how Medicaid was impacted by passage of the Deficit Reduction Act (DRA), signed by President Bush in February of this year. While the basic income ($1,809 per month for
For most people, receiving an inheritance is something good, but for a nursing home resident on Medicaid, an inheritance may not be such welcome news. Medicaid has strict income and resource limits, so an inheritance can make a Medicaid recipient ineligible for Medicaid. Careful planning
The Deficit Reduction Act of 2005 (DRA) places new restrictions on the ability of the elderly to transfer assets before qualifying for Medicaid coverage of nursing home care. This means it could be more difficult to qualify for Medicaid benefits. The law extends Medicaid’s "lookback"
A combination of longer life spans and spiraling health care costs has left an estimated 64 percent of Americans in nursing homes dependent on Medicaid. Medicaid covers 20% of all Americans, 40% of poor adults and most of the 1.4 million people in nursing homes.
Medicaid is the largest safety net in the United States for low-income people; it accounts for 1/6 of all health care spending in the United States. Two-thirds of Medicaid spending is dedicated to older or disabled adults – this is mostly dedicated to paying for
Immediate annuities can be a useful tool to protect the spouse of a nursing home resident who applies for Medicaid. These types of annuities allow the nursing home resident to spend down assets and give the spouse a guaranteed income. But immediate annuities may not
The Centers for Medicare and Medicaid has announced the Medicare premiums, deductibles, and coinsurances for 2017. After holding steady at $104.90 a month for four years, the standard Medicare Part B premium that most recipients pay will rise 4 percent to about $109 a month.
In recent years a number of non-lawyers have started businesses offering Medicaid planning services to seniors. While using one of these services may be cheaper than hiring a lawyer, the overall costs may be far greater. If you use a non-lawyer to do Medicaid planning,
New research concludes that while the existence of the Medicaid program is discouraging the purchase of long-term care insurance, tightening up current Medicaid rules will not significantly increase purchases of private insurance. Currently, only about 10 percent of the elderly have private long-term care insurance.
The last article addressed the significant need for clients to plan for the possibility of disability, and how proper disability planning more often than not involves the coordination of financial and legal solutions. This issued addresses a related and often misunderstood topic, Medicaid planning. What
If you believe Medicaid will cover your long-term care needs, you may be interested to learn how Medicaid was impacted by passage of the Deficit Reduction Act (DRA), signed by President Bush in February of this year. While the basic income ($1,809 per month for
For most people, receiving an inheritance is something good, but for a nursing home resident on Medicaid, an inheritance may not be such welcome news. Medicaid has strict income and resource limits, so an inheritance can make a Medicaid recipient ineligible for Medicaid. Careful planning
The Deficit Reduction Act of 2005 (DRA) places new restrictions on the ability of the elderly to transfer assets before qualifying for Medicaid coverage of nursing home care. This means it could be more difficult to qualify for Medicaid benefits. The law extends Medicaid’s "lookback"
