Nobody wants incapacity, not for yourself and not for your loved ones. But planning for that possibility can avoid complications and increase options. The article discusses the elements of incapacity planning and the need for flexibility to do Medicaid planning. It discusses how a trust with Medicaid triggers can allow that. Incapacity Planning … [Read more...]
Medicaid Limits Updated for the New Year
You should be aware of the fact that most people who are fortunate enough to celebrate their 65th birthdays are going to need help with their day-to-day needs at some point in time. This does not always mean that nursing home care will be necessary, but the United States Department of Health and Human Services tells us that you have a 40% chance of residing in a nursing home someday if you live to be 65. So it is indeed very possible that each of us will spend some time in a nursing home … [Read more...]
Consult With Lawyer Before Signing Nursing Home Contract
Sometimes you can get some insight from a relevant court case that you read about, and with this in mind we would like to share a ruling that recently took place in the state of Connecticut that is of interest to people within the elder law community. South Carolina elder law attorneys will always tell you to engage legal advice before entering into contracts that could have serious financial implications. The case that we are referring to (Cook Willow Health Center v. Judy Andrien) revolves … [Read more...]
Senate to Consider Veterans A & A Look-Back Period
There is an upper resource limit of $2000 that you must stay within if you want to become eligible for Medicaid as a way to pay for long-term care. This figure may seem so small that there is no reason to even consider the possibility of eligibility. In fact, about two thirds of the people who are residing in nursing homes and assisted living communities do rely on Medicaid to pay for their care. This is because all of your assets do not count toward this $2000 limit. Your home, your vehicle, … [Read more...]
Will Nursing Home Costs Continue to Rise?
Nursing home expenses are rather shocking when you look into the facts. According to a MetLife survey the average charge for a single day in a private room in a nursing home in the United States was up to $239 last year. In 2010 this figure stood at $229. So the 2011 charge of $239 per day represents a 4.4% increase. There was a similar increase in 2010 as compared to 2009 costs. This is a lot of money if you were to spend a year or more residing in a nursing home. And it is very important to … [Read more...]
Medicaid & Long-Term Care
In the elder law community the subject of long-term care is a hot topic, and when you analyze the numbers you see a very profound challenge emerging. The population is aging rapidly with senior citizens comprising the fastest growing age demographic in the United States. According to the U.S. Department of Health and Human Services seven out of every ten seniors are some day going to need long term care. 25% of people who have reached the age of 85 are residing in a nursing home, so the fact is … [Read more...]
