Thirty years ago, it was common to see elderly couples legally separate when one became ill and needed expensive medical care. This would allow the ill spouse to qualify for Medicaid and for the other spouse to be able to keep part of the couple's life savings to pass onto their loved ones.
Do you know how much money you will need for medical care after you retire? According to a Fidelity Investment study completed this year, almost half of those surveyed between the ages of 55 and 65 believe they will need $50,000 to cover their costs for health care.
For those who are trying to best determine their loved one's Medicaid planning, consideration should be given to an irrevocable funeral trust or IFT. Many people will need to qualify for Medicaid in order to pay for skilled nursing care and this often includes the "Medicaid spend-down" process. This means getting rid of assets in ways that will still leave the elderly person eligible for Medicaid.
The George Washington University School of Public Health and Health Services has published a new study in the July issue of Health Affairs that shows adult state Medicaid recipients are being left out in the dark when it comes to preventive services. While the Affordable Care Act, also known as Obamacare, requires Medicaid and Medicare expansion programs and private insurance plans to cover preventive care, state Medicaid plans do not.
According to the U.S. Centers for Medicare & Medicaid Services (CMS), there are 15,800 nursing homes in the U.S. and those facilities are home to about 1.4 million people. These people have the right to receive a high level of care and the staff has a duty to provide such care.
Bad reactions to medications may seem rare, but according to one Harvard Medical School professor, it is actually a very common occurrence. Unfortunately, older people are more susceptible to these adverse reactions because their bodies are not able to process the medications as quickly as younger people.
Modern medicine is allowing people to live much longer than they did in the past. Because of this, elderly individuals all over the country are doing their best to prepare for the long haul. One of the important parts of this sort of preparation is Medicaid planning and it allows residents of Boston to be prepared for the costs that will likely come with getting older.
Many elderly individuals in Boston are worried that politicians will make changes to Medicare and Medicaid. If they do, it may end up creating new costs for people struggling to make it by on very little income. Those people are often elderly individuals that once considered themselves middle class but have spent years bleeding their bank accounts and retirement funds dry trying to keep up with their costs. Because of this, some have become eligible for Medicaid and use it to pay for their nursing home expenses.
One of the major tax exemptions that are part of estate planning may be at the root of a misconception that many in Boston hold when attempting to receive Medicaid for their late life care. In order to qualify for Medicaid, an individual must possess a certain amount of wealth that is below the designation set by the federal government.
When planning for late-life health care, many in Boston believe that there will be programs like Medicare and Medicaid to catch them if their plans fall through. Others rely on these programs to assist them with the burdensome costs that come with the many health issues that are likely to arise later in life. Some use their Medicaid benefits to pay for their stay in a nursing home. Whatever the use, budget cuts that are on the political table may see to the end of such benefits for many individuals throughout the country.