Older age often brings ailments and infirmities, so in time you might lack the ability to fully care for yourself. Having a son or daughter move in with you and help you with different care tasks could help you at the moment, but it might cause some issues if you need...
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Medicaid
Why do so many people postpone long-term care planning?
Most people will need some form of long-term care sooner or later. Long-term care involves a spectrum of services that address the needs of individuals with chronic illnesses or disabilities or older adults who require assistance with daily activities. This might mean...
Can you put your home in a Medicaid trust?
With proper planning, you may protect many of your assets from Medicaid. By forming a Medicaid trust, you can place property into it and make sure it does not count against you for Medicaid eligibility. You might wonder if you should put your house in the trust as...
What is Medicaid redetermination?
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...
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....