You may make it to your retirement years without ever having the need to qualify for Medicaid if you were fortunate enough to be covered by employer-sponsored or privately purchased health insurance. As a senior, however, the likelihood that you will need to qualify for Medicaid increases substantially as a result of the high cost of long-term care. Consequently, it is wise to plan for the possibility by learning more about the Medicaid eligibility requirements. Among the most important of those … [Read more...] about Understanding the Medicaid Look-Back Rule
Medicaid Planning in Minnesota
Even if you have never before worried about qualifying for Medicaid benefits, you may find yourself facing the need to qualify as a senior. You may also be aware that Medicaid has very strict income and asset limits that are part of the program’s eligibility requirements. Does that mean you will have to cash in your life insurance policy? A Fargo Medicaid planning attorney at German Law Group discusses how Medicaid will treat your life insurance policy when evaluating eligibility. Why Might You … [Read more...] about Do I Have to Cash in My Life Insurance to Qualify for Medicaid?
Like many people, you may have made it all the way to your “Golden Years” without ever needing to turn to Medicaid for help with healthcare related expenses only to find that qualifying for Medicaid as a senior is crucial because of the high cost of long-term care. If you did not plan ahead, however, you may find that the value of your assets actually prevents you from qualifying. At that point, can’t you simply transfer those excess assets to an adult child in order to meet the eligibility … [Read more...] about Can’t I Just Transfer My Assets to My Adult Child to Qualify for Medicaid?
For an adult child, one of the most difficult things to accept is that their father can no longer safely care for himself. If you find yourself facing that reality, you probably don’t like the idea of putting your father in a long-term care facility. At the same time, the harsh reality may be that you cannot financially afford to care for your father full-time if you have your own family to support. The Medicaid lawyers at German Law Group explain how a North Dakota Medicaid Waiver program may … [Read more...] about Will Medicaid Pay for Me to Care for My Father?
Ideally, most people should start including Medicaid planning tools and strategies in their estate plan once they reach middle age. Not everyone does though, which can put their assets at risk during their retirement years if they reach a point at which qualifying for Medicaid becomes crucial. If that does come to pass for you, do not despair. While it is certainly best to plan ahead for Medicaid eligibility, you may be able to use some last-minute Medicaid planning strategies to protect some of … [Read more...] about Last Minute Medicaid Planning Strategies
The American healthcare system has been through its share of changes over the past decade. Another round of changes has recently rolled through that may impact you, particularly if you are a senior. Changes to both Medicare and Medicaid will be felt by seniors across the country in the coming years, with some states implementing controversial changes to their Medicaid programs that bear watching by residents of all states as these changes could cause a chain reaction across the country. The … [Read more...] about How Will Recent Medicaid and Medicare Changes Affect You?
If you are like most people, you are planning to rely heavily on Medicare for your healthcare needs when you reach your retirement years. Fortunately, Medicare will cover most of your basic emergency healthcare expenses. If you choose to pay for additional coverage it will even pay for additional healthcare expenses such as doctor visits and prescription drugs. If you have heard people talk about the need for Medicaid planning, this may leave you wondering why you would need to qualify for … [Read more...] about Grand Forks Medicaid Lawyers Compare Medicaid and Medicare
Estate planning, when done correctly, should be comprehensive in nature. As such, your estate plan should cover a number of inter-related goals and objectives all in one cohesive plan. One estate planning component you will likely want to consider as you get older is Medicaid planning. One reason you may need to include Medicaid planning in your estate plan is that eligibility for benefits depends, in part, on the value of your “countable resources.” To ensure that you understand the need for … [Read more...] about Medicaid Lawyers Explain “Countable Resources”
Whether you are just starting out in your career or you have been working and saving for years, you undoubtedly want to protect the assets you have managed to amass to date. Including asset protection tools and strategies in your estate plan is one way to do that. Fortunately, there are a wide range of asset protection tools available to incorporate into your overall estate plan. When used strategically, a life estate can be one of those tools. For those who are unfamiliar with a life estate, … [Read more...] about Life Estates
If you have been fortunate enough to have employer sponsored, or privately funded, health insurance up to this point in your life, you may know very little about the Medicaid program. That lack of knowledge, however, could be a problem down the line if you ever need long-term care (LTC) – and the odds are fairly good that you will need LTC at some point in your life. Unless you can afford to pay for that care out of pocket, you will likely need to qualify for Medicaid. If you make the mistake of … [Read more...] about The “Look-Back” Period