Medicare's Open Enrollment Period, during which you can freely enroll in or switch plans, runs from October 15 to December 7. Don't let this period slip by without shopping around to see whether your current choices are the best ones for you. During this period you may enroll in a Medicare Part D (prescription drug)
The Social Security Administration has announced a 1.6 percent Social Security increase in benefits in 2020, nearly half of last year's change. The small rise has advocates questioning whether the government is using the proper method to calculate the cost of living for older Americans and those with disabilities. Cost-of-living increases are tied to the
Being appointed guardian of a loved one is a serious responsibility. As guardian, you are in charge of your loved one's well-being and you have a duty to act in his or her best interest. If an adult becomes mentally incapacitated and is incapable of making responsible decisions, the court will appoint a substitute decision
Clarence and Elsie were the envy of all who knew them. Friendly, kind, and content, this happily married couple were sometimes asked for the secret to their long and happy life together. “We never argued about money,” replied Clarence. “We worked hard, spent prudently, saved, and invested wisely with professional help.” Observed Elsie, “We put our kids through school, paid for their weddings, and managed to set aside a nice little nest egg. Now, in retirement, we live comfortably without struggling to pay our bills. We travel and we spend quality time with our grandchildren. What’s to argue about?”
According to the U.S. Department of Health and Human Services, 70% of people who reach age 65 will need some form of long-term care during their lives. “Long-term care” refers to those services and supports that might become necessary to perform everyday tasks and personal care needs. Determining the Level of Care Everyday tasks, sometimes
Among the many challenges for families is making sure there will always be enough money to provide lifetime care for their special needs children. The costs are daunting: therapies, housing, medical care, and education, to name just a few. One way to plan for this challenge is to set up a special needs trust. Families of
With careful Medicaid planning, you may be able to preserve some of your estate for your children or other heirs while meeting Medicaid's low asset limit. The problem with transferring assets is that you have given them away. You no longer control them, and even a trusted child or other relative may lose them. A safer
Many people confuse “Medicaid” with “Medicare”. Medicaid, also referred to as Medical Assistance, is a state-operated program in compliance with federal guidelines. It was created in 1965 at the same time as Medicare in Pennsylvania. The Medicaid program is operated by the Pennsylvania Department of Human Services through a series of field offices called County Assistance Offices. Medicaid and Medicare are separate programs. These programs were enacted by the federal government.
No, provided you qualify for Medicaid benefits when your funds are gone. That won’t happen if you give away your home or money without proper guidance from an elder law attorney. Medicaid benefits will also be denied and your spouse and children put at risk if an application is not properly documented.
Many people who apply for Medicaid benefits to pay for nursing home care ask this question. For many, the home constitutes much or most of their life savings. Often, it’s the only asset that a person has to pass on to his or her children. Under Medicaid regulations, the home is an excluded resource unless
