No one really likes to consider the possibility that they will spend the last few years of their life in a nursing home – but not considering it could have devastating consequences. The reality is that a significant percentage of people will spend time in a long-term care facility and the financial impact could throw you and your spouse into poverty if you failed to plan ahead. The overage life expectancy in the United States has nearly doubled in the last century. While this is certainly good … [Read more...] about Nursing Home Poverty – Don’t Let It Happen to You!
Will the State Take My Assets When I Go on Medicaid?
At some point during your “golden years” there is a very good chance that you, or a spouse, will need to qualify for Medicaid in order to cover the high cost of long-term care. The thought of depending on Medicaid may be frightening if you have heard stories about the program that don’t paint a favorable picture. Specifically, you may want to know “ Will the state take my assets when I go on Medicaid? ” The question is a common one; however, the answer is not a simple one. First, it helps to … [Read more...] about Will the State Take My Assets When I Go on Medicaid?
What Is the Five Year Look-Back Period for Medicaid in St. Louis?
Medicaid can be a blessing to those who have few assets; however, qualifying for long-term care with Medicaid can be difficult. Many states, including Missouri, are trying to increase the amount of money people put toward their own care in order to make Medicaid funds cover a growing elderly population. A long-standing requirement when applying to Medicaid is the five year look-back period which is a period during which any gifts or transfers of assets will be counted against the applicant. Five … [Read more...] about What Is the Five Year Look-Back Period for Medicaid in St. Louis?
What Are the Disadvantages of a Medicaid Trust?
If you have made the wise choice to include Medicaid planning in your overall estate plan there is a good chance you will create a Medicaid trust as part of your planning. A Medicaid trust is an excellent addition to most estate plans. When drafted properly, a Medicaid trust can protect your assets as well as ensure eligibility for Medicaid benefits should you need them down the road. The disadvantages of a Medicaid trust, however, must also be considered before deciding to create one. Medicaid … [Read more...] about What Are the Disadvantages of a Medicaid Trust?
My Spouse and I Are Healthy – Should We Consider Medicaid Planning?
You may have heard of Medicaid planning and wondered whether it is something you need to incorporate into your estate plan. People often make the mistake of assuming that since they are healthy now there is no reason to worry about Medicaid planning at this point in life. That assumption is incorrect and could come at great cost. The truth is that it is never too early to start incorporating Medicaid planning into your estate plan. The earlier you start the better you will be able to protect … [Read more...] about My Spouse and I Are Healthy – Should We Consider Medicaid Planning?
Can I Just Give Away My Assets and Qualify for Medicaid?
The Affordable Care Act has changed many Medicaid eligibility rules since it took effect at the start of 2014; however, the changes do not affect everyone involved with the program. In the past, anyone applying would be subject to an asset test to see how much the applicant had in cash or other countable assets. Now, those asset tests are no longer needed for many people. For those under the age of 65 and who are not disabled or blind, income is the qualifying factor. This is why so many people … [Read more...] about Can I Just Give Away My Assets and Qualify for Medicaid?
What Is Medicaid in St Louis Missouri?
People have a number of misconceptions about the Medicaid program. Because you, or someone you love, may someday need benefits provided by the program it pays to clear up those misconceptions now. Medicaid is a healthcare program that is predominantly funded by the federal government but is administered by the individual states. Medicaid should not be confused with Medicare. Medicare is also a federally funded healthcare program but Medicare is administered by the federal government, not by the … [Read more...] about What Is Medicaid in St Louis Missouri?
What Is the Medicaid Five Year Look Back?
The average person knows very little about the Medicaid program unless they have been a Medicaid recipient in the past. You may assume that you have no reason to know much about the program because you will never need it; however, chances are good that you, or someone close to you, will need Medicaid benefits in your older years. For this reason, it is important to understand some of the basic eligibility criteria for Medicaid now so that you can include Medicaid planning into your overall … [Read more...] about What Is the Medicaid Five Year Look Back?
Medicaid Planning in St Louis Missouri: Paying for In-Home Care with Medicaid
Advances in technology and medicine over the last several decades have led to Americans living longer and enjoying a better quality of life. Those same advances often mean that a patient is able to remain in his or her home who would have been committed to a long-term care facility in the past. The ability to remain home, however, frequently depends on access to in-home care and services. Because many health insurance policies do not cover the costs associated with in-home care a patient who … [Read more...] about Medicaid Planning in St Louis Missouri: Paying for In-Home Care with Medicaid
Medicaid Planning in St Louis MO – The Costs of Healthcare
You likely understand the need for retirement planning in St Louis MO and have hopefully included your retirement planning in your overall estate plan. If you haven’t already started a retirement plan, it is never too early to do so, particularly in light of recent figures that highlight the estimated costs of healthcare for a retiree. The rising cost of healthcare in the United States has been at the forefront of the political agenda for some time now. Everyone seems to have an opinion on … [Read more...] about Medicaid Planning in St Louis MO – The Costs of Healthcare
