As individuals age, Social Security benefits can become an essential source of income. Here’s how Social Security benefits typically work as people age: Early Retirement: Individuals can begin receiving Social Security retirement benefits as early as age 62,...
Elder law encompasses a wide range of legal matters that affect older individuals. Attorneys who practice elder law advocate for seniors and execute legal plans to assist them in living better lives. Their expertise may encompass estate planning, as well as planning...
Many seniors may need the services of a nursing home or at-home care at some point in their lives. You might assume that government assistance or health insurance will step in and cover the cost if you can’t afford these services. Unfortunately, neither health...
Research by the American College of Financial Services sheds light on the need for improvements in retirement financial literacy. The 2023 Retirement Income Literacy Study revealed that most adults ages 50 to 75 lack knowledge about retirement income. With this lack...
Ninety-three percent of adults 55 and older want to remain in their homes as they age, according to U.S. News & World Report. “Aging in place” involves growing old comfortably and safely in one’s dwelling. As adults age, they may want to remain in their homes and...
Question: If a person is applying for Medicaid or already receives Medicaid benefits, what is the penalty if his or her house does not sell for “fair market value”? Additionally if it is not realistic that the house would sell for “fair market value”...
To be eligible for Medicaid, you cannot have recently transferred assets. Congress does not want you to move into a nursing home on Monday, give all your money to your children (or whomever) on Tuesday, and qualify for Medicaid on Wednesday. So, it has imposed a...
If you are planning to apply for Medicaid, you might not realize that you should think twice before transferring any of your assets. If you transfer assets within five years of applying for Medicaid, you could in fact face a penalty period. During this time, you would...
Since the 1960s, Medicaid has provided health care coverage for low-income people across the United States. For millions of seniors, Medicaid offers financial assistance, helping them to cover the cost of long-term care services. Today, this joint federal-state...
Medicaid is a public benefits program that provides health insurance to low-income children, seniors, and people with disabilities. In addition, it covers care in a nursing home for those who qualify. Different states may have different names for the program. For...
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