If you are contemplating giving a gift or some other type of financial assistance to help out a loved one during this uncertain time, there are some important things you need to consider. When applying for Medicaid or Veteran’s benefits to pay for long term care, any gifts or financial assistance to family and friends in excess of $500 per month may cause a problem. The IRS and Medicaid gifting rules are entirely different and it is important to know the differences when you are considering gifting money or assets to friends and family.
Long-term care insurance prices have suddenly skyrocketed by as much as 66 percent in one year, according to the 2021 Long-Term Care Insurance Price Index, an annual report from the American Association for Long-Term Care Insurance, an industry group. The price increases apply to couples and single individuals.