None of us wants to contemplate that we might become ill or incapacitated. But illness or disability can strike us without warning. Illnesses, injury, and tragedies occur to countless Americans each day. Some are caused by completely unexpected events, like the collapse of a bridge or a house fire. Others are caused by the ravages of time which remind us of our own mortality. While these events may be unavoidable, the impact can be lessened somewhat if we take steps now to plan … [Read more...]
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How You Can Provide for Your Disabled Child and Still Qualify for Medicaid
David and Amy have been happily married for over 50 years and are now well into their retirement years. They have two grown children. Their daughter Sarah is an engineer, while their son Allen has special needs and lives in a group home. Amy is very concerned lately because it looks as though both she and her husband will be living in a nursing home in the near future. She is unsure how that will affect Allen and the financial help they have always given him. The good news is that Amy doesn’t … [Read more...]
How Will Life Insurance Policies Impact Medicaid Eligibility?
At some point during your retirement years, there is a good chance you will need the type of medical care that only a long-term care (LTC) facility can provide. The cost of that care may cause you to turn to the Medicaid program for assistance. If you fail to plan ahead by including Medicaid planning in your comprehensive estate plan, you may find it challenging to qualify given the extremely low asset limit imposed on applicants by Medicaid. Fortunately, Medicaid does exempt some assets from … [Read more...]
A Funeral Plan is Not Always the Best Medicaid “Spend-Down” Solution
Across the nation, about half of all seniors who require nursing home care depend on Medicaid to cover the cost of that care. Medicaid, however, has both income and asset tests that must be satisfied before a senior will be approved for benefits. If the applicant’s assets exceed the limit, the applicant will be told to “spend-down” the excess assets in order to reach the asset limit (typically $2,000 for an individual). One “helpful” piece of advice often given to seniors in this situation is to … [Read more...]
Can I Keep My Small Business and Still Qualify for Medicaid?
For many people, owning a small business remains part of the “American Dream.” If you are one of those people and you have managed to make your small business a success, you are to be congratulated. Getting a business off the ground is challenging enough. Actually turning a profit is nothing short of impressive. What happens to your business though if you (or your spouse) need to qualify for Medicaid to help cover the high cost of long-term care (LTC)? Understandably, the idea of losing your … [Read more...]
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