As we pointed out in the first part of this article, at a certain point in most people’s lives, they become concerned about paying for long term care. There are 5 basic ways to pay for long term care. We discussed private pay, long term care insurance and Medicare in part one. Now, we turn to Medi-Cal and Veterans Aid and Attendance. Medi-Cal Medi-Cal is a form of public assistance for families who meet specified income and asset requirements. Eigible Californians use Medi-Cal to pay … [Read more...] about How to Pay for Long Term Care (Part 2 of 2)
Medi-Cal
How to Pay for Long Term Care (Part 1 of 2)
At a certain point in most people’s lives, they become concerned about paying for long term care. There are 5 basic ways to pay for long term care: 1. Private Pay 2. Long Term Care Insurance 3. Medicare 4. Medi-Cal 5. Veterans Benefits Not all of these methods will be available to all persons. For example, veterans benefits are limited to only certain veterans. Long term care insurance may not be available for persons with certain pre-existing … [Read more...] about How to Pay for Long Term Care (Part 1 of 2)
Long Term Care Planning After the Onset of Dementia
For most people, the realization that a parent is showing early signs of dementia or Alzheimer's Disease is not easy to accept. Along with the emotional aspect of watching a parent struggle with their loss of mental powers, there are typically a number of practical issues that must also be addressed. The knowledge that your parent will eventually need long-term care may cause concerns about how that care will be paid for unless your parent is fortunate enough to be independently wealthy. Many … [Read more...] about Long Term Care Planning After the Onset of Dementia
Free Report: What is the Difference Between Medicare and Medicaid?
Medicare and Medicaid have similar sounding names, and they are both health insurance programs that are run by the government. Topics covered in this report include: Medicare Medicaid/Medi-cal Long-term Care Expenses Medi-cal Planning Summary References Click here to read the whole article or download the PDF. … [Read more...] about Free Report: What is the Difference Between Medicare and Medicaid?
What Is Medi-Cal?
What Is Medi-Cal? from Timothy Murphy Medicaid is a health insurance program that is jointly run by the federal government along with each state government. Learn more about Medi-cal in Calfironia in this presentation. … [Read more...] about What Is Medi-Cal?
What Is the Difference Between Medicare and Medi-Cal?
Medicare and Medi-Cal are two government programs that have similar sounding names. In this post we will look at the differences between these two programs, and we will highlight the elder law implications. Medicare Medicare is a health insurance program that is available to people who have earned sufficient retirement credits. You earn retirement credits while you are working and paying taxes. The maximum accrual per year is four credits. In 2014, you earn one credit for every $1200 that you … [Read more...] about What Is the Difference Between Medicare and Medi-Cal?
Report: Slower Growth in Medicaid Spending
A recent report from the Kaiser Family Foundation shows that the growth in Medicaid spending over the past few years has slowed considerably. In 2012, the average Medicaid spending growth rate across all states slowed to about 2%. In 2011, the growth rate had been significantly higher at nearly 10%. The Kaiser report stated that this is the slowest growth in Medicaid spending since 2006, when the growth rate was 1.3%. The Medicaid program (known as Medi-Cal in California) is a state and … [Read more...] about Report: Slower Growth in Medicaid Spending
California’s Healthcare Exchange Plan
In January 2013, the federal government gave its approval to California’s healthcare exchange plan that allowed California residents to benefit from more competitive healthcare insurance prices. The healthcare exchange program is part of the Patient Protection and Affordable Care Act, often referred to as Obamacare, the Obama administration’s healthcare reform law that seeks to bring healthcare coverage to previously uninsured Americans. Along with the expansion of Medicaid, or as it is called … [Read more...] about California’s Healthcare Exchange Plan
Life Settlements Laws Gaining Momentum as States Seek to Reduce Medicaid Expenses
When people apply for Medicaid, known as Medi-Cal in California, they have to be able to prove that they do not own more than the specific asset limit. If they qualify, Medicaid will then pay for their health and long-term care expenses. Those who don’t qualify for Medicaid and who need to transfer to a nursing home or extended care facility, or who require other types of long-term care, will have to pay for these expenses privately. In an attempt to mitigate the long-term care Medicaid … [Read more...] about Life Settlements Laws Gaining Momentum as States Seek to Reduce Medicaid Expenses
Protections For Elderly Parents Who Need to Move to a Nursing Home
As an adult child with elderly parents, the day may come when your parent has to move to a nursing home facility or similar long-term care environment. When that time comes you will want to help your parents protect as much of their assets as possible. There are several ways you can do this. Handing Off Responsibilities As hard as it may be for elderly parents to accept that their age has left them less able to manage their own finances, your parents will want to consider creating a revocable … [Read more...] about Protections For Elderly Parents Who Need to Move to a Nursing Home
