Medicaid planning is essential to help fill in important gaps in Medicare that can arise. Many seniors mistakenly believe that when they turn 65 and qualify for Medicare, they will be able to get all of the medical help they need covered. Unfortunately, this is not actually the case. While Medicare Part A and B pay for hospital coverage and doctors visits, patients still have a responsibility to pay for a part of the cost of their care. Medicare pays for 80 percent of covered services, so …
Preserve Inheritances With a Medicaid Trust
The process of estate planning is intertwined with retirement planning. If you want to do certain things for your loved ones, you have to consider your estate planning objectives when you are creating a retirement budget. When you envision the expenses that you will have as a retiree, you are probably going to envision the active years full of travel, leisure activities, and quality time with your loved ones. This is certainly part of the equation, but you should also take the twilight years …
Are Living Trust Assets Countable for Medicaid Purposes?
The Medicaid program ultimately winds up being important for a significant percentage of senior citizens. This can seem like an odd statement if you know that you will be qualified for Medicare when you reach the age of 65, but Medicaid could still be relevant. Long-Term Care Most elder Americans will someday need help with their activities of daily living. In fact, according to the government website longtermcare.gov, the figure is a rather attention-getting 70 percent. Nursing homes and …
Retirement Planning: Beyond the Active Years
The process of retirement planning can actually be kind of fun if you have the financial ability to take incremental steps forward. You see your nest egg building, and as it does, you see possibilities. During your elder years, you can travel, cross things off your bucket list, enjoy golf and tennis, and spend quality time with your loved ones. This is fantastic, and you can indeed enjoy your free time to the utmost if you have the financial underpinning to do so. At the same time, you should …
Understanding Home Ownership and Medicaid Regulations
If you have reached this website as a responsible person concerned about your legacy, you may wonder why you are looking at a blog post that will address Medicaid regulations. As a person with resources who will qualify for Medicare as a senior citizen, Medicaid regulations may not seem relevant. On the surface, this makes sense. Medicare is in place to provide health care insurance for senior citizens, and clearly, elders are usually going to face medical issues at some point in time. You …
What Is End of Life Planning?
You make preparations for events that will take place after you pass away when you plan your estate, and this is self-evident. At the same time, end of life planning is also an important part of the process. After your active retirement years are behind you, there are certain eventualities that you may face when you enter the latter stages of your life. One of them is possible incapacity. People often become unable to communicate due to medical conditions, and this is one form of …
Elder Financial Abuse Study Is Turning Heads
If you discuss the eventualities of aging with a licensed elder law attorney, you may find out about some possibilities that are quite disconcerting. No one is especially anxious to confront these types of things, but at the same time, sticking your head in the sand can make you vulnerable in the long run. One of these elder law issues is the matter of elder financial abuse. This problem started to come to light a number of years ago, and research has been done that sheds some light on the …
Planning Is Important for the Sandwich Generation
During our current era, sandwich generation planning has become quite important. When mature adults are still raising children while they are caring for their aging parents, they are members of the sandwich generation. Juggling Priorities It can be very difficult to juggle these priorities from a financial perspective. You often hear financial planning counselors talk about the importance of retirement planning. Indeed, it can take sustained discipline to put aside the resources that you need …
Three Things You Need to Know About Medicare
When you are working throughout your life, you pay FICA taxes if you are on a payroll, and if you are self-employed, you pay self-employment taxes. You earn retirement credits when you pay these taxes. It is possible to earn up to four retirement credits in a calendar year. Most people who work for any length of time during the year will earn these four credits, because the requirements are modest. During the current calendar year, you get one credit for every $1220 that you earn. Once you …
New York Long-Term Care Costs Are Expected to Rise
A lot of people who have never looked into the subject are not concerned about long-term care costs. There are primarily two different reasons for this misguided perspective. There are those who feel as though they will never need long-term care, because they have lived healthy lives. This is a rather shortsighted point of view. If you think about it, if you have in fact taken good care of yourself, you will probably live a long life. As you get older, it becomes more likely that you will …
Turning the Corner: When Elder Law Becomes Relevant
When you are younger, it can be hard to wrap your head around a time when you will be among the senior population. You live in the moment, and you stay in touch with your youth to one extent or another, even as you become a parent in your own right. Clearly, it is hard to relate to something that you have not experienced, and this is understandable. At the same time, you are going to wake up one morning and realize that you have reached the middle of your life. This is when you may start to …
Will Most Seniors Require Nursing Home Care Eventually?
When you have been active and independent all of your life, nursing home care can seem like something that will never be relevant. Everyone is aware of the fact that there are people receiving nursing home care, but you may assume that it is unlikely that you will ever be among them. The statistics tell a different tale. There is a very useful website that you may want to explore if you want to be fully prepared for the eventualities of aging. This website, LongTermCare.gov, is maintained by …
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