Long-term care can be prohibitively expensive, especially for those living on a fixed income during their golden years. Older adults who need to move into nursing homes or require daily support from home health aides frequently apply for Medicaid benefits to pay for...
Age Gracefully With A Plan In Place
Medicaid Planning
3 options for covering long-term care costs
Planning for future long-term care needs can be a smart decision for those near retirement. Anyone facing medical challenges or thinking about their golden years may need to contemplate the expenses created by retiring. They also need to consider the possibility that...
Medicaid planning is beneficial, as Medicare imposes limits
Earned benefits can provide comfort and predictability for retired adults. People who have worked for years are typically eligible for Medicare coverage later in life. Even the non-working spouses of professionals may receive Medicare coverage in their golden years....
When are older adults at risk of a Medicaid penalty?
Most older American adults primarily rely on Medicare to pay for their routine medical needs. However, those who require more intensive support may find that Medicare coverage is insufficient. Medicare does not cover long-term care costs, nursing home expenses or the...
How receiving Medicaid benefits can endanger someone’s legacy
Even those who save diligently for their retirements often can't pay for the costs of long-term care needs out of pocket. If someone needs nursing support to stay in their home or a room in a nursing home, they may require insurance to help cover their expenses. The...
3 things to know about Medicaid’s lookback period
Navigating Medicaid's rules and regulations can be challenging, especially regarding long-term care planning. One of the critical elements in this process is the Medicaid lookback period. Understanding this lookback period is essential for those considering Medicaid...
When should I begin my Medicaid planning journey?
Medicaid is a needs-based state and federal government-funded health insurance program. Americans with income below a certain level and without significant assets can apply for Medicaid to cater to their medical treatment and healthcare needs. While Medicaid is part...
Trusts may be beneficial in Medicaid planning
As you approach retirement or begin planning for your long-term care, you might start thinking about Medicaid planning. Using trusts can be an effective way to preserve your assets while still qualifying for Medicaid benefits. There are various types of trusts you...
What is Medicaid’s five-year look back?
Medicaid is a program that assists low-income seniors with medical costs. When a senior applies for the program, Medicaid will conduct a five-year look back. Because Medicaid is a program for people with low income, the financial records and assets of the applicant...
What is the cost of a nursing home in Indiana?
As you plan for how you want to spend your later years in your life, you may be aware that you could have to live in a nursing home. Maybe you have some medical conditions that you know you're not going to be able to work around forever. Perhaps you're just conscious...