All long-term care costs, particularly assisted living, rose sharply in 2020, according to Genworth’s latest annual Cost of Care Survey. The rises were due in part to increased costs brought on by the coronavirus pandemic.
Posts Categorized: Medicaid Planning
What to Do With Your Stimulus Check if You Are in a Nursing Home
As the second (and maybe third) round of stimulus checks go out, it is important to know that nursing home residents are not required to turn their checks over to their nursing home.
What is Long-Term Care and Who Provides It?
Long-term care is the care you need if you can’t perform daily activities on your own for an extended period of time. There are a number of different ways that this kind of care can be provided.
The Film ‘I Care a Lot’ Highlights Vulnerabilities in the Guardianship System
Netflix’s popular new movie, I Care a Lot, may be far-fetched in a lot of ways, but it does highlight some real weaknesses in the guardianship system. Fortunately, steps can be taken to avoid the guardianship system and the kind of nightmare the film portrays.
New York Imposes Restrictions on Medicaid Eligibility for Home Care
New York was the only state that didn’t have a look-back period for Medicaid home care, but that is now changing. New York Medicaid applicants will no longer be eligible for home care if they gave away assets within 30 months of applying.
Receiving an Inheritance While on Medicaid
For most people, receiving an inheritance is something good, but for a nursing home resident on Medicaid, an inheritance may not be such welcome news
How to Fix a Required Minimum Distribution Mistake
The rules around required minimum distributions from retirement accounts are confusing, and it’s easy to slip up. Fortunately, if you do make a mistake, there are steps you can take to fix the error and possibly avoid a stiff penalty.
A Modest Social Security Increase for 2021
The Social Security Administration has announced a 1.3 percent rise in benefits in 2021, an increase even smaller than last year’s.
Feds Release 2020 Guidelines Used to Protect the Spouses of Medicaid Applicants
The federal government has released the 2020 federal guidelines for how much money the spouses of Medicaid recipients may keep, as well as related Medicaid figures.
New Law Makes Big Changes to Retirement Plans
A spending bill signed into law by the President contains major changes to retirement plans. The bipartisan legislation is designed to provide more incentives to save for retirement, but it may require workers to rethink some of their planning.