The Centers for Medicare and Medicaid Services (CMS) has released its Spousal Impoverishment Standards for 2022. The spousal impoverishment thresholds will increase 5.4 percent over 2021’s figures. The official spousal impoverishment allowances for 2022 are as...
The Internal Revenue Service (IRS) has announced the amounts taxpayers of different ages can deduct from their 2022 income as a result of buying long-term care insurance, and the figures are almost the same as in 2021. Many types of medical expenses are deductible...
California is in the process of removing the asset test for all Medicaid (called Med-Cal) programs. The move will significantly help low-income seniors who need long-term care. Currently, individuals in California and all other states must spend down their assets to a...
Medicare premiums are rising sharply next year, cutting into the large Social Security cost-of-living increase. The basic monthly premium will jump 15.5 percent, or $21.60, from $148.50 to $170.10 a month. The Centers for Medicare and Medicaid Services (CMS) announced...
Retirement plans often make up a significant portion of the assets of parents of children with special needs, or of individuals who have become disabled as adults. In such cases, the question arises as to whether the retirement plan can be put into a special needs...
When applying for Medicaid’s long-term care coverage, in addition to the strict income and asset limits, you must demonstrate that you need a level care typically provided in a nursing home. Whether you are applying for nursing home coverage or through a Medicaid...
Recent Comments