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 Overview of How to Pay for Long Term Care (Part 2 of 2)
Medicare
Overview of How to Pay for Long Term Care (Part 1 of 2)
As we age, many of us become increasingly concerned about the possible need for long term care and the options available to pay for it. In this article, we will examine those options. 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 … [Read more...] about Overview of How to Pay for Long Term Care (Part 1 of 2)
A Medi-Cal Trust Can Preserve Inheritances
When you are contemplating your legacy, you may have a certain vision with regard to the inheritances that you would like to leave behind to your loved ones. Making this vision a reality takes careful planning as you build a nest egg for your own retirement with your legacy goals in the back of your mind. Your active retirement years can be full of fun, travel, and leisure activities if you act within a well defined plan over the years. However, when you are considering the expenses that you … [Read more...] about A Medi-Cal Trust Can Preserve Inheritances
Californians Can Take Advantage of Added Nursing Home Asset Protection
Nursing home asset protection is a very big deal when you understand all of the facts. It would be natural to assume that Medicare will pay for nursing home care if you ever need it, but in reality, the program does not pay for custodial. The Medicare program will often cover rehabilitative care after release from a hospital following an injury or illness, but it will not pay for custodial care. Paying out-of-pocket is really not a sensible option for most people, because long-term care costs … [Read more...] about Californians Can Take Advantage of Added Nursing Home Asset Protection
How to Pay for Long Term Care (Part 2 of 2)
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 for … [Read more...] about How to Pay for Long Term Care (Part 2 of 2)
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 conditions. Private … [Read more...] about How to Pay for Long Term Care (Part 1 of 2)
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 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?
Don’t Make These Medi-Cal Mistakes
A good Medi-Cal Long Term Care plan is one that can allow you or your spouse to use Medi-Cal to pay for the costs associated with nursing home care. While an experienced and qualified elder law attorney will be able to tell you what you need to do to create an effective plan, here are some common misconceptions about Medicaid that you shouldn’t buy into. I can’t use Medicaid because I’ve already begun paying privately. Even if you weren’t able to qualify for Medi-Cal when you first applied, … [Read more...] about Don’t Make These Medi-Cal Mistakes
You May Need a Plan to Avoid Losing Your Nest-Egg to Nursing Home Costs
For most people, even retirees and other seniors, the idea that you might have to spend time in a nursing home or extended care environment isn't something you think about a lot. Unfortunately, the reality of the situation is that the older you get, the far more likely you will be to have to live in a nursing home at some point. While only a small percentage of people in their late 60s or early 70s need nursing home care, that number rises significantly the older you get. With the average cost … [Read more...] about You May Need a Plan to Avoid Losing Your Nest-Egg to Nursing Home Costs
