When it comes to long-term care costs, the charges for home care are now rising faster than those for nursing home care, according to Genworth’s 2019 Cost of Care survey.
After small or no increases the past couple of years, Medicare’s Part B premium will rise sharply in 2020. The basic monthly premium will increase $9.10, from $135.50 a month to $144.60.
Nursing home residents do not automatically have to sell their homes in order to qualify for Medicaid, but that doesn’t mean the house is completely protected.
A new report finds that almost no retirees are making financially optimal decisions about when to take Social Security and are losing out on an average of more than $100,000 per household in the process.
Reports of elder financial abuse continue to increase, and the elderly are particularly vulnerable to scams or to financial abuse by family members in need of money.
With careful Medicaid planning, you may be able to preserve some of your estate for your children or other heirs while meeting the Medicaid asset limit.
Raising a grandchild can be tough financially, but grandparents in this situation should be aware that there is a tax credit available that could help them.
If you move to a different state or split your time between one or more states, you should make sure your advance directive is valid in all the states you frequent.
In order to be eligible for Medicaid, you cannot have transferred assets recently. 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.
There are circumstances in which transferring a house will not result in a Medicaid penalty period, and one of those is if the Medicaid applicant transfers the house to a “caretaker child.”
