- What Is a Miller Trust and How Does It Work?
For individuals who require long-term care but earn too much income to qualify for Medicaid, a type of trust called a Miller Trust can help bridge the gap. Sometimes called a qualified income trust (QIT), this type of trust allows individuals to meet Medicaid’s income requirements while still using their funds to cover care-related expenses.… read more…
- Can a Nursing Home Take Our Savings? We Have a $450k IRA, a House and Other Assets
A nursing home cannot take your savings, home or other assets. Aside from a general ability to sue you for unpaid bills, nursing homes have no right or ability to simply seize what is yours. That said, financing care in a nursing home can drain your savings quickly enough that it makes little difference. Whether… read more…
- Can a Nursing Home Take Our Savings? We Have $350,000 in IRAs
A $350,000 account could be exhausted in just a few years if both members of a couple required semi-private rooms in skilled nursing facilities. However, that’s not necessarily what would happen. For one thing, most people don’t run up nursing home bills of that magnitude. Also, you may be able to get government assistance to… read more…
- Can a Nursing Home Take Our Assets? We Have $800,000 in Investments and Our Home Is Paid Off
Nursing home stays and long-term care can cost well over $100,000 per year. To pay for it, families often have to liquidate their assets either to raise cash or to meet Medicaid’s spend-down requirements. If you want to protect your assets against this result, long-term care insurance could be your best option. But if this type… read more…
- Long-Term Care Insurance Pros and Cons
Long-term care insurance can cover the costs of ongoing assistance you may need because of age-related decline in cognitive or physical ability, or a chronic condition. This coverage can keep you from having to use your savings to pay for… read more…
- How Can I Protect My IRA From Medicaid?
While you might not imagine yourself saving up for retirement only to transfer your IRA to a nursing home or the government, this situation can become a reality for retirees who don’t prepare for this possibility. Fortunately, you can protect… read more…
- 4 Ways to Protect Assets from Medicaid
Medicaid can pay for long-term care if you meet its means-testing restrictions. The federal-state program is designed to help only people of limited financial means. However, people with more substantial assets can use three different strategies to shield those assets… read more…
- How to Avoid Medicaid 5-Year Lookback Penalties
Medicaid is one of the government safety nets that helps seniors pay for their care. Long-term care is a necessity for many seniors as they age and can be very expensive. Medicaid helps to pay for long-term care, but it… read more…
- Top 3 Fears Americans Have About Retirement – and How to Combat Them
While many Americans idealize retirement as sitting on the beach and traveling with loved ones, the crushing reality is that many people cannot afford that life in retirement. A recent survey from the TransAmerica Institute gathered data on the top fears that Americans have about retirement. You may find that some of them are the… read more…
- How to Pay for Long-Term Care
The costs of long-term care for older adults can be significant, and federal Medicare health insurance benefits do not cover most of these costs. Most people who incur costs for long-term care cover them with a combination of personal savings, long-term care insurance and Medicaid, among other sources. Consider working with a financial advisor as… read more…
- What Is a Long-Term Care Facility?
The average individual turning 65 has nearly a 70% chance of needing long-term care in some capacity as he or she ages, according to the Administration for Community Living (ACL) and the Administration on Aging (AoA). That, combined with higher rates of longevity, means you or someone you know will likely use a skilled nursing… read more…
- When Should You Apply for Long-Term Care Insurance?
At some point, older adults may need help completing basic activities like getting dressed and taking baths. Unfortunately, health insurance plans don’t exactly cover this kind of care. This is where long-term care insurance comes into play. If you’re not… read more…