As the population ages and health care costs skyrocket, seniors and their caregivers struggle with how to pay for long-term care without losing everything they have worked a lifetime to build. While Medicare covers much of the cost of physician and hospital visits for those over age 65, it does not pay for long-term care. Medicaid is a government program that pays for health care costs for those who, under the program guidelines, do not have sufficient assets or income to pay … [Read more...]
Preserving the Family Home from Medicaid Recovery
Many of us fear that as we age, we will need medical assistance. We strive throughout life to maintain insurance to pay for medical expenses while trying to save. Many of us also want to leave something for our children, so that they have an easier time in life than we did starting out. Perhaps the most meaningful asset to leave is the family home, for emotional as well as economic reasons. Unlike Medicare, Medicaid is a government program for which you must qualify by … [Read more...]
Lowering Your Chances at Qualifying for Medicaid? Know the Law before Transferring an Asset
Estate Planning is often a necessary task. It is most commonly known as a way to direct your assets to those you wish to provide for after your death. But, did you know that part of the estate planning process could also help with providing for your care or the care of a loved one upon disability? A well thought out estate plan can prove especially useful where a beneficiary may need government assistance, such as SSI or Medicaid. A hasty transfer of assets can mean the … [Read more...]
