Only 44% of Americans have even a simple Will. We procrastinate for several reasons. Learn those reasons and how to push past them. Learn, briefly, why planning is important. Estate Planning is Too Important to Procrastinate … [Read more...]
What Is the Medicare 3 Day Hospital Stay Rule?
If you have an older loved one who is facing health related issues you likely already know how complicated the Medicare system can be to navigate. A specific coverage issue has created a problem for a number of Medicare recipients recently that you may need to be aware of in the event that your loved one is ever transferred to a skilled nursing facility or rehabilitation center from a hospital. As a general rule, Medicare benefits do not include coverage for long-term care facilities. There … [Read more...]
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...]
To Qualify for Medicaid Can’t I Just Add My Son/Daughter’s Name to the Title to My Home?
Unless you have been a Medicaid recipient before you may know very little about the program. Moreover you may assume that you will never need to know much about the program because you will never need Medicaid benefits. The reality, however, is that more and more older Americans are relying on Medicaid to pay the high cost of long-term care in America, meaning that there is a good chance you will need to qualify for Medicaid at some point down the road. If you do find yourself in need of … [Read more...]
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...]
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...]
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...]
When Is It Too Late to Do Medicaid Planning in Missouri?
Because the average life expectancy rate has been steadily climbing with each passing generation you should be planning to live into your 80s or 90s. While this is good news overall, there is often a financial cost to living longer. In fact, the cost of long-term care can quickly wipe out your life savings. Qualifying for benefits under the Medicaid program may be an option; however, failing to plan ahead could disqualify you for the Medicaid program. As a general rule, the longer you live the … [Read more...]
Medicaid vs. Medicare
Whether you are a senior in need of assistance with the high cost of healthcare or you have an elderly family member who needs assistance, both the Medicaid and Medicare program may be able to help. Understanding the basic differences between the two programs will help you decide whether either program might be able to help. Both programs are funded by the federal government, but Medicaid is administered by the states. The eligibility guidelines for Medicare are the same for everyone. Medicaid … [Read more...]
How Would Proposed Medicaid Cuts Affect Seniors?
There are certain inherent possibilities that we all face when we reach an advanced age. If you were going on a long trek, say hiking the Appalachian Trail, you would recognize that you would probably be fatigued by the time you got toward the end of the journey and plan with that expectation. The same thing is true when it comes to aging. The plans that you make now, or a lack of planning, can have a significant impact later on down the road. To plan intelligently you have to pay attention to … [Read more...]
