What is a Medicaid Lookback?
Regarding long-term care in a nursing home, Medicaid is often the primary payer for individuals who require such services. However, qualifying for Medicaid isn’t as simple as filling out an application. A crucial eligibility factor is the “Medicaid Lookback Period.” Specifically, Medicaid applicants for institutional care need to be aware of the five-year lookback period, […]
What Is A Pooled Income Trust?
A Pooled Income Trust is a valuable financial tool for individuals who need to qualify for Medicaid in New York while still maintaining control over their excess income. As of 2024, Medicaid eligibility in New York is determined based on the applicant’s assets and income. There is a set income limit for eligibility, and if […]
Understanding Medicaid Asset Protection Trusts: A Guide with Real-Life Examples
Navigating the complexities of Medicaid eligibility can be a daunting task, especially when it involves the protection of your hard-earned assets. One effective tool in this arena is the Medicaid Asset Protection Trust (MAPT). In this blog, we’ll explore what MAPTs are, how they work, and provide real-life examples to illustrate their benefits. What is […]
Understanding ‘Community Spouse’ in Medicaid Context
When navigating the intricacies of Medicaid, particularly when planning for long-term care, you’ll encounter terms that might be unfamiliar yet profoundly influential. One such term is “community spouse.” I’m here to demystify this concept and its implications for Medicaid eligibility and benefits. What is a ‘Community Spouse’? A “community spouse,” sometimes referred to as the […]
Long-Term Care Costs Are Rising — Here’s What You Should Know
Due to advances in medical technology, more Americans are living longer. In many ways, this is great news. However, this situation has brought about some significant challenges that all aging people now have to face. One of the most pressing concerns is the rising cost of long-term care. Understanding how to cope with the increase […]
Preventing Medicaid Penalties
In order to receive federal assistance through the Medicaid program for nursing home care, assisted living, in-home care, or adult foster care, an individual must meet the income and asset threshold requirements. Due to these rules, many candidates have to give away their money and resources to qualify. Medicaid administering agencies review all individual financial […]
Why an Elder Law Attorney Is Critical When Planning
If there is an aging loved one in your life or you have personal concerns about future health and finances, an elder law attorney can be a valuable resource for planning. Elder law is a highly specialized area of law focusing on the legal needs of older adults encompassing more significant issues like long-term health […]
Avoid These Common Mistakes When Planning for a Disabled Family Member
The largest single minority in the United States consists of 58 million individuals five years of age or older that are identified as special needs. The majority of federal and state benefits available to help persons with disabilities are needs based, meaning income and assets are strictly limited and can often by misinterpreted, resulting in […]
Seniors Face Long-Term Care Costs with 8 Trillion Dollars in Home Equity
The need for affordable long-term support services has seen a dramatic increase. Whether you struggle to pay premiums for a long-term care insurance policy or monthly bills from a nursing home, costs all around are exorbitantly expensive. The US Department of Health & Human Services (HHS) finds that Americans aged 65 or more have a […]
Being a Caregiver For a Family Member With Alzheimer’s
In 2020, a significant portion of the American baby boomer generation has reached the age of 65 or older, which increases their risk for Alzheimer’s and other forms of dementia diseases. By the year 2030, the 65 plus age segment of the population will increase substantially, accounting for over 20 percent of the American people. […]