Medicaid is a joint federal and state venture that provides health coverage for eligible individuals, including low-income adults, children, pregnant women, elderly adults and people with disabilities. One significant process within Medicaid that is important for...
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How to help your aging parent with Medicaid planning
If your parents are getting older, you may have concerns about their healthcare and financial security. They may be eligible for medical coverage through the federal government's Medicaid program. The process of qualifying for Medicaid can be complex and requires...
What is a Medicaid Asset Protection Trust?
A Medicaid Asset Protection Trust (MAPT) is a financial instrument that protects your assets and can allow you to be eligible for Medicaid long-term care. It is an irrevocable trust. It is an estate planning tool that safeguards your assets from seizure and depletion....
When is the right time to start Medicaid planning?
Medicaid is a federal and state-funded needs-based health insurance scheme that targets low-income Americans. However, like most government programs, qualifying for Medicaid can be a strenuous process. Consequently, this leaves millions of qualified individuals at the...
Getting benefits isn’t the only reason for Medicaid planning
Medicaid planning is a very important process for older adults who think that they may need to move into a nursing home eventually. Advanced planning helps someone get benefits more quickly when their health begins to decline. Otherwise, there is a lengthy lookback...
You don’t have to spend down to qualify for Medicaid
Among other requirements, you must be financially eligible for Medicare benefits. It means that your income or assets should not exceed a specific amount. For example, you cannot be eligible for Medicaid in New York if you have more than $1,563 per month or more in...
5 Medicaid Changes You Must Know For 2023
Medicaid is a program that is seemingly constantly evolving. These changes can impact the futures of you and your family. Next year is no different. Several significant changes from the New York Legislature will go into effect that will likely benefit people's lives....
A quit claim deed can be useful in your Medicaid plans
When transferring the ownership of real estate or property to your loved one or a trust, you must sign off your legal claim to the property or asset under consideration. The fastest way of doing this is by using a quit claim deed. A quit claim deed is a legal document...
Planning for in-home care as a senior
Seniors who need care and assistance with day-to-day living often state that they do not want to spend their twilight years in a nursing home. For them, hiring an aide to assist them at home can be a viable option. Deciding whether or not to hire an in-home aide is a...
Planning now helps your qualify for New York Medicaid later
Many people who need Medicaid benefits later in life didn't expect that they would. After all, they can use Medicare for most of their costs after they turn 65, and they may have a career's worth of retirement savings set aside as well. Older adults frequently...