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Category Archives for Medicaid and Asset Protection
Three Ways to Protect Your Family Home on Long Island
Many families are concerned about losing their homes to the high cost of health care, and rightfully so. How can you protect your home? There are many ways, each of which has Medicaid planning consequences and tax consequences. 1. Outright Transfer You may give your home to another individual, such as a spouse or child, by signing a […]
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How To Protect Your Parent’s Assets From Nursing Home Costs
Asset protection– It’s something that many people don’t think about until it’s too late. When a parent or loved one enters a nursing home, the cost of care can quickly eat away at their life savings. In order to protect your parent’s assets from nursing home costs, there are a few things you can do. […]
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Asset Protection Planning
A healthcare crisis can happen at any time, to any of us. As we take time to focus on our health care and reflect on the unthinkable, such as breast cancer or Alzheimer’s diagnosis for ourselves or someone we love, it’s time to address asset protection planning. What is Asset Protection Planning? Asset protection planning […]
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PLAN NOW: NEW MEDICAID HOME CARE LOOK BACK RULES TAKE EFFECT 10/1/22
Early planning for Medicaid Home Care benefits is now more important than ever. After much delay and anticipation, new Medicaid Home Care rules are slated to take effect on October 1, 2022. As such, there will be a 30 month look-back period and penalty period for all asset transfers during that time period. Currently, there […]
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Medicaid Alert: New York State Budget
On Saturday, April 9, 2022, Governor Kathy Hochul signed the annual state budget and addressed many important issues facing older adults. The budget expands Medicaid benefits for people 65 and over as well as benefits for the disabled. It also increases wages to home health care aides, seeking to revive this industry and help the […]
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Medicaid Home Care Changes on the Way
On or after November 8, 2021, new regulations governing Medicaid home care benefits, including Personal Care Services and Consumer Directed Personal Care Services, will go into effect. Significant changes to benefits include: Routine assessments for home care services are reduced from every 6 months to once a year. A physician’s order is no longer required […]
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Medicaid Rates in 2020
Medicaid Regional Rates: The following figures represent the Department of Health’s assessment as to the average cost of nursing home care in each region. These figures are used to calculate Medicaid penalty periods for gifts and asset transfers. Medicaid Income and Resource Allowances: The New York State Department of Health has issued resource and income allowances […]
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5 Answers that Clear Up Medicare Annual Election Period Confusion
Published originally on BestCompany.com: Just when you started to think health insurance made sense, you became eligible for Medicare! Medicare has its own processes, rules, and enrollment periods that can be tricky to understand at first. “Medicare has several different enrollment periods, so it can be confusing to keep track of everything and remember which enrollment period is […]
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5 Medicare Tips: Open Enrollment October 15 to December 7, 2019
Medicare’s Open Enrollment Period runs from October 15 to December 7, 2019.5 tips to consider during this period:Read your Annual Notice of Change mailed to you every September informing you of any changes to your plan, such as changes in premiums, co-pays, pharmacies and prescription drug coverage.Review your coverage, costs and doctors to determine if […]
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Maintaining Medicaid Eligibility After the Death of a Spouse
It goes without saying that a spouse’s death is traumatic for the whole family. But for a surviving spouse who receives Medicaid benefits, it is even more stressful and harrowing as their eligibility for Medicaid may now be in jeopardy. Under New York’s estate laws, a surviving spouse is entitled to the greater of $50,000 or […]
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