People often go through their entire working years without ever needing to rely on Medicaid to cover healthcare expenses, only to find that they must turn to Medicaid as a senior. If you are among them, you may mistakenly believe some of the myths and misconceptions about the program. To help clear those up, the Grand Forks Medicaid planning attorneys at German Law | Wealth debunk common Medicaid myths. Contact a Grand Forks Medicaid Planning Attorney Please join us for an upcoming FREE … [Read more...] about Common Medicaid Myths Debunked
One of the most popular, and important, components of a comprehensive estate plan is Medicaid planning. You may have made it through several decades without ever needing to qualify for Medicaid; however, that could change rapidly once you reach your retirement years if you need long-term care. You may have also heard several disconcerting things about Medicaid eligibility, most of which likely revolve around the loss of assets because of the need to qualify for Medicaid. If you have a 401(k) … [Read more...] about How Does Medicaid Treat My 401(k) Account?
Estate planning, when done correctly, should be comprehensive in nature. As such, your estate plan should cover several inter-related goals and objectives all in one cohesive plan. One estate planning component you will likely want to consider as you get older is Medicaid planning. One reason you may need to include Medicaid planning in your estate plan is because eligibility for benefits depends, in part, on the value of your “countable resources.” To help you better understand, the Grand Forks … [Read more...] about What Assets Are Exempt for Medicaid Eligibility for Seniors in North Dakota?
Even if you have never worried about qualifying for Medicaid benefits, you may find yourself facing the need to qualify as a senior. You may also be aware that Medicaid has very strict income and asset limits that are part of the program’s eligibility requirements. Does that mean you will have to cash in your life insurance policy? A Grand Forks Medicaid planning attorney at German Law discusses how Medicaid will treat your life insurance policy when evaluating your eligibility for Medicaid as a … [Read more...] about Is Life Insurance an Asset When Applying for Medicaid as a Senior?
Advances in medicine and technology coupled with an above average standard of living make it very likely that the average American will spend several decades as a retiree. Nevertheless, the natural aging process catches up eventually and typically causes physical and/or mental decline. At some point, this deterioration may result in the need for a caregiver. The Grand Forks Medicaid planning attorneys at German Law explain how you may be able to pick your caregiver if you are covered by Medicaid … [Read more...] about Can I Pick My Caregiver If I Am Covered by Medicaid?
Creating a successful and comprehensive estate plan requires you to do much more than just decide how you wish to distribute your estate assets after you are gone. It also requires you to think ahead and guard the assets you acquire over the course of your lifetime so that there is something left to distribute at the end of your life. Considering the likelihood that you will need long-term care (LTC), and the high cost of that care, is essential to ensuring that you have assets left to pass down … [Read more...] about Top 5 Medicaid Planning Tips
You may make it to your retirement years without ever having the need to qualify for Medicaid if you were fortunate enough to be covered by employer-sponsored or privately purchased health insurance. As a senior, however, the likelihood that you will need to qualify for Medicaid increases substantially as a result of the high cost of long-term care. Consequently, it is wise to plan for the possibility by learning more about the Medicaid eligibility requirements. Among the most important of those … [Read more...] about Understanding the Medicaid Look-Back Rule
Like many people, you may have made it all the way to your “Golden Years” without ever needing to turn to Medicaid for help with healthcare related expenses only to find that qualifying for Medicaid as a senior is crucial because of the high cost of long-term care. If you did not plan ahead, however, you may find that the value of your assets actually prevents you from qualifying. At that point, can’t you simply transfer those excess assets to an adult child in order to meet the eligibility … [Read more...] about Can’t I Just Transfer My Assets to My Adult Child to Qualify for Medicaid?
For an adult child, one of the most difficult things to accept is that their father can no longer safely care for himself. If you find yourself facing that reality, you probably don’t like the idea of putting your father in a long-term care facility. At the same time, the harsh reality may be that you cannot financially afford to care for your father full-time if you have your own family to support. The Medicaid lawyers at German Law explain how a North Dakota Medicaid Waiver program may allow … [Read more...] about Will Medicaid Pay for Me to Care for My Father?
The American healthcare system has been through its share of changes over the past decade. Another round of changes has recently rolled through that may impact you, particularly if you are a senior. Changes to both Medicare and Medicaid will be felt by seniors across the country in the coming years, with some states implementing controversial changes to their Medicaid programs that bear watching by residents of all states as these changes could cause a chain reaction across the country. The … [Read more...] about How Will Recent Medicaid and Medicare Changes Affect You?