Irrevocable Medicaid Trust

While people are living longer lives than they did in the past, it also creates a higher probability that a person will need the service of a long-term care facility someday. The cost of long-term care will often deplete a person’s savings within a short period. Without the support of Medicaid, people will possibly end up having to sell assets in order to come up with the money to afford their long-term care. Short of a proper estate plan, the money they have earned and the assets they have gained throughout their life will be used solely to pay for their long-term care instead of going to loved ones. Continue reading “Irrevocable Medicaid Trust”

Medicaid Can Cover the Cost of Supplies and Equipment

Medicaid eligibility professionals Nassau CountyCommunity Medicaid is a program that covers the cost of care that is provided in the home to help individuals and their families pay for a home health aide as well as necessary medical supplies. To qualify for Community Medicaid an applicant may have no more than $15,150 in assets. Community Medicaid does not have a look back period, which allows an individual to be eligible for benefits within one month of applying. In addition, the $15,150 does not include qualifying retirement accounts where the individual is taking monthly-required distributions. A primary residence is exempt, as well as an irrevocable pre-paid funeral. In addition, an individual may have no more than $845.00 in monthly income. Continue reading “Medicaid Can Cover the Cost of Supplies and Equipment”

Protect Yourself With Long Term Care Insurance

With changing healthcare and increased longevity, it is important to acquire long term care insurance, because both State and Federal budgets are threatening certain Medicaid benefits. An adequate estate plan should include measures to protect against devastating healthcare costs. One solution is long term care insurance. Continue reading “Protect Yourself With Long Term Care Insurance”