Medicaid
You’re Probably Going to Need Medicaid
The Opinion Pages | The New York Times
OP-ED CONTRIBUTORS
By DAVID GRABOWSKI, JONATHAN GRUBER and VINCENT MOR
Imagine your mother needs to move into a nursing home. It’s going to cost her almost $100,000 a year. Very few people have private insurance to cover this.
… Read more...Medicare & Medicaid, What’s The Difference?
I was asked this question at a seminar recently, and thought a good definition of each might be of value. Medicare is health insurance at age 65. To qualify you must have paid income and Social Security taxes for at least 40 quarters (10 years). … Read more...
Coming Political Changes Affecting Long Term Care
Yes changes are coming. The federal government is very interested in moving programs back to states to handle and Medicaid is one of those.
The way this most likely would happen is to “block grant” Medicaid to the states. Give each state a fixed sum of money each year for Medicaid and let each state set their plans and rules themselves.… Read more...
Are You Assuming Medicaid Will Cover Your Long-Term Care?
Many people plan on Medicaid covering their Long-Term Care (LTC) costs. Medicaid is the fallback for people who do not have enough money to pay for this care. It is a payer of last resort and pays the caregivers less than the cost to provide that care for you.… Read more...
WHO Will Pay For Your Funeral?
It won’t be your life insurance, that often takes weeks before the money comes. It won’t be your money as that is frozen at death and all Powers of Attorney (POA’s) are instantly null and void at death as well.
Often a family member is called up on to pay those bills (they will be reimbursed later).… Read more...
Think You Are Too Young To Worry About LTC? Think Again!
I just read that the Centers For Disease Control and Prevention (CDC) says “The percentage of adults aged 45 to 64 years who reported needing help with activities of daily living such as eating, bathing, dressing, or getting around inside their residences has increased nearly 50% from 2000 to 2015. … Read more...
LTC Insurance is Too Expensive!
Lately I have seen clients shown proposals to purchase Long-Term Care insurance with premiums exceeding $10,000 a year for a couple. This is ridiculously expensive for most couples in their fifties, and is probably because the insurance amounts are way too large to be appropriate.… Read more...
Do You Have A Gap In Your Plan?
Hopefully you have planned and saved to have an income you can live on in retirement. You planned to use Medicare and either a traditional supplement or a Medicare replacement plan (advantage) to cover health care costs. Hopefully your other available income can be used for basic living expenses, travel, and some fun.… Read more...
“Mind Your Own Business”
“Mind your own business”. How often we have said that to our children or other heirs. That statement does not help those trying to help you when you can no longer handle your affairs on your own.
It is very important that you make the caregivers, or power of attorney aware of what resources you might have.… Read more...
Inflation and Long Term Care
I am continuously appalled to find insurance agents offering Long Term Care (LTC) insurance products that contain no 5% automatic, built in inflation on the amount the policy will pay when care is needed. LTC insurance is purchased while still healthy enough to obtain it, and may not be used for 30 or more years.… Read more...