Posted by Laura E. Stubberud | Nov 29, 2022 |
Although Medicaid and Medicare are both public health insurance programs, they have essential differences.
Medicare is a federal program for older adults, people with disabilities, and individuals with end-stage renal failure. Medicaid is federal-state assistance for those with limited incomes.
...
Posted by Laura E. Stubberud | Nov 24, 2022 |
You may be nervous about whether Medicare will cover a second opinion if you wish to confirm whether a medical treatment or surgery is right for you. Given the cost of doctor visits today, the prospect of an out-of-pocket expense for a second opinion is understandably concerning.
Under Medicare P...
Posted by Laura E. Stubberud | Nov 23, 2022 |
The payments will be considered income and will have to go to the nursing home to contribute to paying for your cost of care.
Posted by Laura E. Stubberud | Nov 23, 2022 |
In October 2022, the Internal Revenue Service (IRS) announced contribution limitation adjustments for employee retirement plans in response to inflation.
The IRS issued Notice 2022-55, which describes cost-of-living adjustments for retirement and pension plans. The changes are effective January ...
Posted by Laura E. Stubberud | Nov 19, 2022 |
The Centers for Medicare & Medicaid Services (CMS) has released the 2023 federal guidelines for how much money the spouses of institutionalized Medicaid recipients may keep, as well as related Medicaid figures.
What Are Spousal Impoverishment Rules?
Spousal impoverishment is a concern for older c...
Posted by Laura E. Stubberud | Nov 19, 2022 |
If the years since the COVID-19 pandemic have taught us anything about isolation, it is loneliness makes life much harder.
A recent study found that loneliness can not only decrease a person's quality of life, but in fact accelerate aging – even more so than smoking. Meanwhile, a separate study...
Posted by Laura E. Stubberud | Nov 17, 2022 |
Required Minimum Distributions (RMDs) are the minimum amounts a retirement plan account owner must take out each year. RMDs begin when a person reaches either age 72, 70½ if they reached this age before January 1, 2020, or the year in which a person retires (if after age 72).
There are some exce...
Posted by Laura E. Stubberud | Nov 16, 2022 |
Assisted living facilities support older adults with daily living while fostering their independence. Individuals who do not require round-the-clock nursing but need help with everyday activities like bathing, housekeeping, medications, and meal preparation can benefit from assisted living.
Some...
Posted by Laura E. Stubberud | Nov 15, 2022 |
It depends on who the beneficiary of the life insurance was. If it was your dad, which sounds like the case, then it's his money. If he needs to apply for Medicaid benefits during the next five years it could cause a penalty, meaning he would be ineligible for benefits for a period of time based ...
Posted by Laura E. Stubberud | Nov 15, 2022 |
Totten trusts, or payable-on-death bank accounts, are an estate planning tool that allows you to transfer money to a chosen person upon your death. When you make a Totten trust, you put funds into a revocable trust and designate a beneficiary to receive them.
As the individual who made the accou...
Posted by Laura E. Stubberud | Nov 15, 2022 |
As people age, accessing healthy meals can become more challenging. According to Feeding America, one in five older adults was food-insecure in 2020. Some older adults struggle with affording healthy foods, whereas others have difficulty going to the grocery store and preparing meals when recover...
Posted by Laura E. Stubberud | Nov 15, 2022 |
Yes. A transfer of assets may be “cured” by the return of the transferred asset, eliminating the Medicaid transfer penalty.
Posted by Laura E. Stubberud | Nov 11, 2022 |
A Medicaid Asset Protection Trust (MAPT) is one option a person may consider to protect their assets from Medicaid and nursing homes or long-term care.
A MAPT is an irrevocable trust created during your lifetime. The primary goal of a MAPT is to transfer assets to it so that Medicaid will not cou...
Posted by Laura E. Stubberud | Nov 11, 2022 |
Although inflation is generally nothing to be pleased about, the IRS recently announced inflation-adjusted changes to the annual gift tax annual and estate tax exclusions for 2023. If you are considering wealth transfer tax planning, these are welcome increases.
Gift Tax Annual Exclusion
Effectiv...
Posted by Laura E. Stubberud | Nov 08, 2022 |
When an older person requires help with daily living, options range from residential facilities to in-home care. Typically, less expensive than care facilities, professional in-home care can benefit older adults by allowing them to remain in a home setting. Although some view staying in one's hom...
Posted by Laura E. Stubberud | Nov 08, 2022 |
Depending on each spouse's income, the nursing home spouse may or may not have an obligation to pay a portion of their income to the nursing home. If so, the community spouse must pay this “patient pay amount” to the facility. Any additional income should be transferred over to the community spou...
Posted by Laura E. Stubberud | Nov 08, 2022 |
Every state has its own guardianship laws, but they're all similar. You will have to petition the appropriate court in your brother's state to be appointed guardian. This is often the local probate court. As part of the process, you will have to produce medical evidence of your brother's incapaci...
Posted by Laura E. Stubberud | Nov 08, 2022 |
You spend a large portion of your life and your hard-earned money on the concept of the American dream, buying and living in your forever home. Your home is a special place, filled with memories, love, and laughter. As you age, you might start asking yourself whether your home works with your evo...
Posted by Laura E. Stubberud | Nov 05, 2022 |
The U.S. Department of Health and Human Services (HHS) has recently started to focus on finding ways to support family caregivers by assisting them with resources to maintain their health, well-being, and financial security while they act as caregivers. As part of this, it has announced the imple...
Posted by Laura E. Stubberud | Nov 05, 2022 |
A new rule going into effect January 1, 2023, is setting seniors up with improved access to health care coverage.
Your Medicare Initial Enrollment Period (IEP) begins as you approach your 65th birthday. For the three months leading up to that milestone birthday, during the actual month of your 65...
Posted by Laura E. Stubberud | Nov 04, 2022 |
When the COVID-19 pandemic began, the government declared a public health emergency and gave the states the ability to provide more citizens with health insurance through Medicaid. As a result, 25 percent more Americans now have access to health care, including preventative medical treatment.
Wh...
Posted by Laura E. Stubberud | Nov 04, 2022 |
A newly released study finds that seniors who get less than five hours of sleep a night may be at higher risk for chronic diseases. More than 7,000 midlife and senior men and women were part of the study on sleep duration over the course of 25 years.
In high-income countries today, the researcher...
Posted by Laura E. Stubberud | Nov 02, 2022 |
Receiving a denial at the pharmacy for a drug you need can be a stressful experience. When Medicare declines to cover a prescription, some might worry that they cannot afford the medicine out of pocket. Others might also need the treatment immediately and become concerned that the lack of coverag...
Posted by Laura E. Stubberud | Nov 01, 2022 |
For families seeking nursing home care for a loved one, getting information on what a nursing home is truly like or who owns it is easier said than done. Many rely on word of mouth, referrals, or recommendations. Others must depend on their gut instincts and site visits as part of their decision-...
Posted by Laura E. Stubberud | Oct 29, 2022 |
It is tough to know when you should step in and help your parents with their finances. You may go back and forth about when to take over. Deciding whether your parents still have the cognitive ability to manage their money is a difficult call to make. A recent report reveals why it may be importa...