If you are planning ahead for retirement and the twilight years that will follow your active years, you may want to consult with an elder law attorney. Elder law attorneys handle matters that are of particular interest to seniors. Most elder law attorneys also specialize in estate planning. It is wise to look at the eventualities of aging and your ultimate passing in a holistic manner, because one thing leads to another. If you do decide to consult with an elder law attorney, you should …
Can I Use Joint Tenancy to Avoid Medicaid Recovery?
If you were to apply for Medicaid to pay for long-term care you have to understand the fact that Medicaid will try to recover monies spent to pay for your care after you pass away. It is important to take steps to protect your house from Medicaid recovery if you are in fact a homeowner who will be applying for Medicaid. To provide some background information, many people who were never really poor apply for Medicaid as senior citizens because Medicare will not pay for long-term care. Because …
Assisted Living in Smithtown New York: Be It Ever So Humble…
The matter of assisted living in Smithtown New York is something to take very seriously if you are planning ahead for your senior years. It is not easy to simply pay for full-time residence in an assisted living community out-of-pocket, and Medicare won't pick up these costs. The MetLife Mature Market Institute compiles statistics on an annual basis that shed a great deal of light on the state of long-term care costs year-by-year. In 2012 the average charge for a month in a New York …
Can I Give Away My Assets to Qualify for Medicaid in New York?
You learn some rather cold facts of life when you are planning for the future. One of these is the fact that Medicare won't pay for long-term care. Medicaid will assist with these expenses if you can qualify, and many people are forced to seek Medicaid eligibility. Most senior citizens who are living in nursing homes receive assistance from Medicaid. A great many of these individuals never had any significant financial need when they were younger. However, when you look at the average …
Understand These Important Medicaid Details
Medicaid seems to be irrelevant to most Americans throughout their lives. You may have health insurance through your employer while you are working. Because you paid into the program sufficiently while you were traversing your career path you will ultimately be qualified for Medicare as a retiree. What you have to understand is that Medicare does not pay for long-term care. Medicaid will help if you can qualify. You may be surprised to hear that the majority of elders who are residing in …
Useful Elder Law and Retirement Planning Links
Elder law and retirement planning go hand-in-hand. Making sure the you have the financial underpinning to enjoy your retirement years to the fullest is important. But then there is the elder law issue of long-term care and the expenses that are potentially incurred. Medicare doesn't pay for an extended stay in a nursing home or an assisted-living community. If you combine the average length of stay with the average cost of a year in a nursing home in New York you're looking at a figure …
Medicaid & Long-Term Care: Download Our Report
When you look into the subject you may be quite surprised to find out just how expensive it is to spend some time in a nursing home or assisted living community. Costs are rising year-by-year, so the current state of affairs is one thing but what you may be looking at in 20 or 30 years is another. Presently a single year residing in a nursing home in the state of New York averages well in excess of $100,000. There are those who take this with a grain of salt because they expect to be …
Assisted Living Benefit for Wartime Vets
Assisted living is very costly, and many senior citizens simply cannot pay for it out-of-pocket. Medicaid can be a solution for some people, and veterans may be able to tap into a very valuable military benefit. The Veterans Aid and Attendance special pension provides single veterans with as much as $1732 per month to help with assisted living expenses. A surviving spouse of an eligible veteran may receive up to $1113 per month, and a couple could qualify for $2054 each month. To meet the …
Insurance Can Defray Long-Term Care Costs
Late last year the New York Times tackled the subject of long-term care insurance and whether or not it is wise for younger people to purchase this insurance. The first thing that should be considered is the fact that Medicare won't pay for long-term care. And, most senior citizens will need living assistance at some point in their lives. These two facts make advance planning a must unless you are someone who doesn't mind gambling with your future. Long-term care insurance is an option, …
Your Parents May Need Your Help Someday
When we are children we look up to our parents and rely on them for everything. Once we enter adulthood we still need our parents in any number of ways, and this dynamic is something that is embedded in all of us. However, the truth is that your parents may well need your help some day when they reach an advanced age. Most people who reach their middle 60s will indeed need some help with their day-to-day needs eventually. According to the Medicare website 70% of this assistance is provided by …
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