The basic Medicaid Rule for nursing home residents is that they must all of their income, minus certain deductions, for their care. These deductions include a $60.00 per month personal needs allowance, a deduction for any uncovered medical cost (including medical insurance premiums) and, in case of a married applicant, an allowance for the spouse that continues to live at home if her or she needs income support. A deduction may also be allowed for a dependent child living at home. Continue reading
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
The CMS is taking steps to make it easier to sort through Medicare coverage options, after a report said its current search options were badly presented and confusing and could lead some to make poor plan selections. Continue reading
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
What will happen to my money and possessions if I die without a will?
If you die without a will, what happens to your assets will be determined by the state in which you reside. Every state has intestacy laws in place that parcel out property and assets to a deceased person’s closest relatives when there’s no will or trust. Keep in mind these laws vary from state to state. A good resource to help you find out how your state works is About.com’s Wills and Estate Planning site, which provides a state-by-state breakdown of how your estate would be distributed if you die without a will. See StateIntestacyLaws.com for a direct link to this page. In the meantime, here is a general (not state specific) breakdown of what can happen to a person’s assets, depending on whom they leave behind. Continue reading