Medicaid Trusts are typically Irrevocable Trusts. Irrevocable Trusts can’t be changed after they’re created and they’re drafted to only pay out income, not principal. People opt for a Medicaid Trust and limited access when they want to protect assets from being decimated by long-term care expenses. In contrast, the most well-known trust is a Revocable Trust. Revocable Trusts can be … read more
Medicaid
Can a Medicaid Attorney Explain the Countable Resource Exemptions to Me?
If you are suddenly facing the need to qualify for Medicaid to cover nursing home care expenses, either for yourself or your spouse, you are undoubtedly frustrated and likely confused about the eligibility guidelines. As a senior, you are probably particularly concerned about the income and asset limitations the program imposes on applicants. If you are on a fixed income, like most … read more
Understanding the Medicaid Eligibility Rules Regarding Recent Asset Transfers
Although you may not want to think about it, there is a good chance that you (and/or a spouse)will end up in a long-term care facility toward the end of your life. The longer you live, the better the odds that you will eventually need long-term care. For the average person, paying for that care becomes an issue, which is why almost half of all seniors receive Medicaid benefits. If you … read more
North Carolina Medicaid Planning: Basic Issues, Questions and Concepts
North Carolina Medicaid Planning: Basic Issues, Questions and Concepts from Cheryl David Medicaid plans are designed to pay for the costs associated with long-term residential care costs that typically arise as people get older. Learn more about North Carolina medicaid planning in this presentation. … read more
Obamacare Scams Grow, Many Targeting Medicaid and Medicare
The problematic rollout of the healthcare.gov website has drawn a lot of attention, and has also probably led con artists to step up their Obamacare scam efforts. The Patient Protection and affordable Care Act, often referred to as Obamacare, is a federal law that will have a wide reaching effect beginning on January 1, 2014. Unfortunately, a lot of people are not very knowledgeable … read more
Should You Consider Critical Illness Insurance?
People approaching retirement age might want to consider acquiring critical illness insurance as a part of their overall estate or elder care plans. Many people have experienced the phenomenon where their copay they have to make when visiting their doctor increases every year. This “copay creep” is often accompanied by rising premiums or deductibles as well. What this all boils down … read more
Medicaid Expansion Moving Ahead in Less Than Half of U.S. States
The Medicaid expansion provisions outlined under the Patient Protection and Affordable Care Act will be adopted by less than half of all states, according to a new analysis from Avalere Health. The report says that 27 states will not adopt the expansion, at least not by the January 1, 2014 deadline. However, legislatures in six of the 27 states have not absolutely ruled out the … read more
Congress Grappling With Long-Term Care
In late June, a 15-member congressional commission met for the first time to begin preparing a report that it would issue the Congress by September 30. The Commission on Long-Term Care grew out of the fiscal cliff deal reached earlier this year. As a part of that deal, Congress and the White House agreed to terminate the Community Living Assistance Services and Supports Act, or CLASS, … read more
Some States Moving to Pass “Life Settlement Laws”
In the ongoing battle states wage to keep Medicaid costs in check, several states are considering new legislation designed to help relieve the budgetary burdens imposed by the program. Medicaid, a program primarily paid for by individual states, provides healthcare coverage to the young, infirm, and indigent people. Much of the expenses associated with Medicaid come from seniors who … read more
Creating an Estate Plan Even if You Aren’t Wealthy
Throughout 2013, the federal estate tax exemption will remain steady at $5.25 million per person. That means that if you are a married couple, you won’t have to pay a single penny in estate taxes as long as your estate is worth less than $10.5 million. So, since most people don’t have anywhere near that amount, this means that they don’t have to create an estate plan, right? Wrong. … read more
