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Posts tagged "Medicaid Planning"

More States Asking to Eliminate Retroactive Medicaid Benefits

16698-Medicaid on MOney.jpgArizona and Florida are the latest states to request a waiver from the requirement that states provide three months of retroactive Medicaid coverage to eligible Medicaid recipients.

Proving That a Transfer Was Not Made in Order to Qualify for Medicaid

16600-Giving money.jpgMedicaid law imposes a penalty period if you transferred assets within five years of applying, but what if the transfers had nothing to do with Medicaid? It is difficult to do, but if you can prove you made the transfers for a purpose other than to qualify for Medicaid, you can avoid a penalty.

Spending Down (or Exempting) Assets to Qualify for Medicaid

16479-Pay money.jpgMedicaid has strict asset rules that compel many applicants to "spend down" their assets before they can qualify for coverage. It is important to know what you can spend your money on without endangering Medicaid eligibility.

Three Reasons Why Giving Your House to Your Children Isn't the Best Way to Protect It From Medicaid

16430-House.jpgYou may be afraid of losing your home if you have to enter a nursing home and apply for Medicaid. While this fear is well-founded, transferring the home to your children is usually not the best way to protect it.

Long-Term Care Costs on the Rise

16365-Rising costs.jpgThe median cost of a private nursing home room in the United States has increased to $97,455 a year, up 5.5% from 2016, according to Genworth's 2017 Cost of Care survey, which the insurer conducts annually. Genworth reports that the median cost of a semi-private room in a nursing home is $85,775, up 4.44% from 2016. The rise in prices is much larger than the 1.24% and 2.27% gains in 2016.

Why You Should Use a Lawyer for Medicaid Planning

Webp.net-resizeimage (3).jpgMany seniors and their families don't use a lawyer to plan for long-term care or Medicaid, often because they're afraid of the cost. But an attorney can help you save money in the long run as well as make sure you are getting the best care for your loved one.

Using a Prepaid Funeral Contract to Spend Down Assets for Medicaid

Webp.net-resizeimage (1).jpgNo one wants to think about his or her death, but a little preparation in the form of a prepaid funeral contract can be useful. In addition to helping your family after your death, a prepaid funeral contract can be a good way to spend down assets in order to qualify for Medicaid.

The Use of Immediate Annuities in Medicaid Planning for Married Couples

piggy_bank_and_calculator_sm.jpgImmediate 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.

VA Pension Benefits and Medicaid Planning: Using These Tools to Defray the Cost of Elder Care

One of the biggest concerns for aging boomers is the question of how to cover the cost of nursing home care or assisted living. These are high costs that can quickly deplete the value of an estate.

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