March 7, 2022
Medicaid allows up to $15,000, in most states, to be funded into an irrevocable funeral expense trust for funeral expenses. The funeral expenses can include the following: Funeral home fees Musicians for service Headstone Death Certificate Hearse Cemetery Fees Burial Plot Casket Flowers (will vary based on state)
February 18, 2022
If someone you love is in need of senior care or long term care, and you’re helping them apply for Medicaid eligibility, then you’ll likely come across the term “look back period”. The lookback period is an extremely important term that can help you understand how to avoid steep financial penalties.
February 11, 2022
An aging adult applying for Medicaid may realize they have many assets but they don’t know which assets Medicaid will count and which will be uncountable. Countable assets become important as a long-term care Medicaid applicant attempts to spend down these assets to receive benefits.
February 1, 2022
The asset limit for Medicaid is around $2,000 for a single person and $3,000 for a couple where both spouses are receiving care. However, some states have different allowances. The healthy spouse of a Medicaid applicant can keep a separate allowance between about $30,000 and $145,000 in most states.
January 27, 2022
An applicant is only allowed so many assets to qualify for Medicaid coverage but recklessly spending down your assets can lead to a lengthy penalty period.
December 2, 2021
If you or a loved one needs to enter a nursing home, you might be worried about losing your nest egg paying the monthly bill. Fortunately, with the right guidance, resources, and strategies, you can safeguard your assets and preserve them for your spouse or future generations.
November 17, 2021
Many seniors are under the assumption that Medicare will cover some or all of their long-term care. Unfortunately, that is not the case. Medicare only covers a nursing home stay in specific circumstances for elderly or disabled individuals who are recovering from an injury, illness, or some other adverse health event.
December 3, 2020
In addition to Medicaid’s income restrictions and non-financial requirements, applicants must also meet specific asset limitations. In fact, the asset qualification is typically the hardest for applicants to meet. Fortunately, not all of your assets are countable for Medicaid purposes. You can keep certain exempt assets while still qualifying for Medicaid.
November 19, 2020
The reality is that 70% of seniors will require long-term care at some point in their lives. Unfortunately, many of them are unprepared for the high costs associated with the nursing home. And they’re stuck asking themselves, “How am I going to pay for this?” Well, if you’re wondering how to pay for a nursing home stay, you’re in the right place.
October 15, 2020
Since Medicaid has such strict financial requirements and a comprehensive application process, it’s possible you might receive a denial. Fortunately, you have the right to appeal the unfavorable decision and request a fair hearing. Here's what to expect in the event of a denial.
September 24, 2020
If you are in the Medicaid planning process, the final step in your plan is to complete the Medicaid application. Your state’s Medicaid agency will provide all the details you will need as you fill out your application. But we wanted to give you an overview of what to expect throughout the application process.
September 10, 2020
The Medicaid program has been around for a while, but it’s gone through several updates since it was first signed into law. Let’s take a journey through those legislative changes to see how we got the Medicaid program we have today, specifically as it pertains to long-term care.
August 13, 2020
Since Medicaid is designed for individuals with limited means, you must meet specific asset and income limitations in order to qualify. It’s important to understand these restrictions before establishing a Medicaid plan and applying for benefits. So, let’s walk through the income restrictions for Medicaid.
July 16, 2020
If a Medicaid applicant has given a gift during the lookback period, they may be subject to a penalty period, during which they will be ineligible for benefits. Being aware of the lookback and penalty periods is crucial for anyone planning for long-term care.
July 9, 2020
When only one spouse requires nursing home care, you may have trouble determining the best way to pay for care in order to prevent impoverishment for the spouse at home. Learn how each spouse has different financial qualifications for Medicaid.
July 8, 2020
Medicaid coverage for nursing home care is unlimited as long as you remain financially eligible. Here’s a breakdown of what Medicaid covers in a nursing home as well as some of the additional amenities you may be charged for.
July 8, 2020
If you are facing a nursing home stay, chances are you’ve considered Medicaid. But what happens if you have too many assets to qualify? Fortunately, you have several options to spend down those assets and accelerate your Medicaid eligibility.
May 6, 2020
If you are currently paying out of pocket for the nursing home, you may benefit from a Medicaid Compliant Annuity (MCA) – one of the most powerful Medicaid planning tools available. Continue reading to learn more about Medicaid Compliant Annuities and find out if it’s the right product for you.