Navigating the Uncertainties for Long-Term Care Needs

Garden City Medicaid trust lawyerMedicare is a Federal program enacted in 1965. It is an earned-benefit program for those that are aged 65 or older or disabled. It consists of parts A, B, C and D. Part A is for hospital insurance coverage, as well as limited stays in nursing homes and some rehabilitative services such as physical, vocational, and speech therapy. Usually, there is no co-pay for Part A coverage. However, it is $167.50 per day for skilled nursing facility visits in excess of twenty-one days. Continue reading “Navigating the Uncertainties for Long-Term Care Needs”

Start Planning Today: Healthcare Coverage Can be Complex

Garden City elder law and estate planningMedicare

Medicare is a federal program enacted in 1965 that was established to provide health coverage to those 65 and older and those with a qualifying disability. Medicare consists of four sections:

  • Part A – hospital insurance, inpatient care, rehabilitation care in a skilled nursing facility, as well as physical, vocational, and speech therapy, hospice, lab tests, surgery, and home health care. Medicare Part A does not have a premium, so long as an individual or their spouse worked forty quarters or more. Part A provides twenty days of full coverage for those in a skilled nursing facility. After the first 20 days, however, there is a $167.50 per-day-co-pay.
  • Part B – covers 80% of outpatient insurance for physician office visits, medical devices, and some rehabilitative services. Medicare Part B has a $134.00 premium but varies with income.
  • Part C or Medicare Advantage – is an optional plan that replaces Medicare Part A and B for a private insurance company.
  • Part D – covers prescription drugs.

Continue reading “Start Planning Today: Healthcare Coverage Can be Complex”

2017 Medicaid Program Recap

Medicaid is a means-test program that may provide benefits for Chronic Care Medicaid or Community Medicaid, among other things. Chronic Care Medicaid is care that is provided in a skilled nursing facility and Community Medicaid is care that is provided in an individual’s home by a home health aide.

 

Qualifying For Chronic Care Medicaid In 2017

An applicant may have up to $14,850.00 in resources.  A person may have retirement accounts, such as IRAs, so long as he or she is taking the minimum monthly distributions. A pre-paid burial account is considered an exempt asset.  A person may have a maximum of $14,850 in assets and an income of no more than $50.00 per month. Any additional income must be used towards his or her cost of care.
Continue reading “2017 Medicaid Program Recap”