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...
Low-income seniors and people with disabilities may be missing out on a tax credit that could reduce their tax liability by up to $7,500 this tax season. To qualify for the Senior Tax Credit for the Elderly and Disabled, individuals must either be above age 65 or...
Once someone enters a nursing home, it isn’t always easy to move out again. While some residents may prefer nursing home care to living on their own, others would rather be independent. For residents who want to move out but need some assistance to live on their...
Recent Comments