When you are looking ahead toward the future as a mature adult, you are naturally going to start to think about your active retirement years. If you plan ahead effectively from a financial standpoint, you should have the resources that you need to cross things off your bucket list, enjoy leisure activities, and spend quality time with your family. This is one stage of life, but you should also prepare for the twilight years that will follow. Elder care can enter the picture, and you should … [Read more...] about What Do I Need to Know About Elder Care?
Does the Medi-Cal Look-Back Apply if I Give a Caregiver Child My Home?
Medi-Cal is California's version of the Medi-Cal program that is jointly administered by the federal government along with each respective state government. This program is very important for many senior citizens, because it will pay for long-term care. Most people will need living assistance, and Medicare will not pay for custodial care. Because Medi-Cal is a need-based program, there are income and asset limits that you must stay within to qualify for coverage. In spite of this, many people … [Read more...] about Does the Medi-Cal Look-Back Apply if I Give a Caregiver Child My Home?
Elder Care FAQS: How Common is Alzheimer’s Disease?
Do You Have to Impoverish Yourself to Qualify for Medi-Cal?
People have questions about Medi-Cal when they find out that Medicare will not pay for nursing home care. Medi-Cal is California's version of the Medi-Cal program that is offered nationally, and it does pay for custodial care. Because Medi-Cal is a program that is only available to people who have limited financial resources, people sometimes assume that they must impoverish themselves to qualify. This is a characterization that is not entirely accurate. Countable Assets The Medi-Cal limit on … [Read more...] about Do You Have to Impoverish Yourself to Qualify for Medi-Cal?
Medi-Cal Planning: Does a Trust Protect Assets?
A significant majority of senior citizens will eventually need help with their activities of daily living. Medicare will not pay for long-term care, but Medi-Cal will help with these costs. As a result, Medi-Cal planning is important for many older Californians. Just so you understand the extent of the costs that we are talking about, according to the state, the average monthly cost for nursing home care is $7,549. This is the average; in the Bay Area it is considerably higher. It is not … [Read more...] about Medi-Cal Planning: Does a Trust Protect Assets?
Caregiver Contracts (an Elder Law Today Blog)
Will Medicare Pay for All of My Medical Expenses?
Retirement planning involves a careful assessment of the expenses that you may face during your senior years. As you are making plans for the future, you should have a thorough understanding of what you can expect from the Medicare program. Let's look at some of the details. Medicare Eligibility To qualify for Medicare, you earn retirement credits. As you work and earn income, you pay taxes, and some of what you pay goes toward future Medicare coverage. The requirements are actually quite … [Read more...] about Will Medicare Pay for All of My Medical Expenses?
What Is the Medi-Cal Waiver Program?
When you are looking ahead toward your retirement years, the first segment will be the period of time that they called the golden years. You may look forward to travel, leisure activities, and quality time with your family. This is an important stage of life that can be extremely enjoyable, so you should plan ahead from a financial perspective so that you can make the most of it. Retirement planning should also extend to the twilight years that will follow your active retirement years. A … [Read more...] about What Is the Medi-Cal Waiver Program?
Can I Be Held Responsible for a Parent’s Nursing Home Expenses?
Nursing home expenses are a very big cause of concern within the elder care community. The cost of care is extraordinary, and most people cannot comfortably pay out-of-pocket. In the state of California, nursing home expenses are higher than the national averages. According to California Health Advocates, the average daily charge for nursing home care is just over $256, and this factors out to over $93,000 per year (this sum is even higher in the Bay Area). It is not uncommon for elders to … [Read more...] about Can I Be Held Responsible for a Parent’s Nursing Home Expenses?
Gifting Money to Your Children AFTER You’ve Entered a Nursing Home (An Elder Law Today Blog)
There are so many misconceptions surrounding Medi-Cal with respect to financial gifts, that we thought we would address some of the more frequently asked questions: Q: “Is it true that under current Medi-Cal laws, a parent cannot make financial gifts to their children once they have entered the nursing home?” A: No. In fact, a proper gifting program is a great Medi-Cal planning technique. At the time an applicant applies for Medi-Cal, the state will “look back” 30 months to see … [Read more...] about Gifting Money to Your Children AFTER You’ve Entered a Nursing Home (An Elder Law Today Blog)
