Tag Archives: Medicaid

What is Long Term Care Insurance and How Can It Benefit Your Senior Mom?

According to the 2017 Genworth Cost of Care Survey, a private, one-bedroom, single occupant unit in an assisted living community costs a national average $45,000 per year. This cost includes 24-hour help as well as other amenities, such as meals, housekeeping, and medication assistance. Continue reading

Role Reversal: Discussing Estate Planning with Aging Parents

The parent-child relationship is pretty well defined. Children generally don’t advise their parents. It’s the other way around. However, this dynamic can shift as parents get older and children become adults. This becomes especially prevalent when considering estate planning and elder law issues. Continue reading

Nursing Home Costs Rise Sharply in 2017

Elderlawanswers.com reports that the median cost of a private nursing home room in the United States has increased to $97,455.00 a year, up 5.5% from 2016, according to Genworth 2017 cost of care survey, which can be found at www.genworth.com/aboutus/industry-expertise/cost/of-care.html which the insurer conducts annually.  Genworth reports that the median cost of a semi-private room in a nursing home is $85,775.00, up 4.44% from 2016.  The rising prices is much larger than the 1.24% and 2.27% gains, respectively in 2016. Continue reading

Transferring Assets and the Five Year Look-back

When an individual applies for Medicaid assistance in a nursing home, one of the first questions that is asked of them has to do with whether a transfer has been made of any asset for less than fair market values within five years (60 months) of the date of the application.  If such a transfer has been made, a “penalty period” will result depending on the value of the gift.  The larger the gift, the longer the penalty period.  Continue reading

Medicaid Protections for the Healthy Spouse

Medicaid law provides special protections for the spouses of Medicaid applicants to make sure the spouses have the minimum support needed to continue to live in the community while their husband or wife is receiving long-term care benefits, usually in a nursing home. Continue reading