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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.

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.

If you've decided it's time to move your loved one into a nursing home, you'll want to keep an eye out for certain features to make sure your loved one is cared for appropriately. However, you'll also want to make sure to look for any red flags, too.

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.

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.

Are you caring for an elderly loved one whose condition is worsening? How do you know when it's the right time to move them into a nursing home? Here are some tips to help you know when it's time for your loved one to transition to a professional care facility.

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.

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.