Two programs exist in order to help seniors with their medical bills: Medicare and Medicaid. Unfortunately the two are often confused for each other. Some people even think that they are the same program. This couldn’t be further from the truth. There are very distinct differences between the two, including what you may or may [...]
Applying for Medicaid is a difficult process. Since the application process requires a detailed accounting of all of financial information you have over a certain period of time, you are going to need to have records of all financial transactions. A lifetime of saving typically yields a complex mix of bank, retirement, pension and savings [...]
One of the most confusing, yet important, things about aging are what health benefits you may have access to. There are many rumors about how one set of coverage may affect or deny you access to another set of coverage. Most of them are false. The fact is that even if you are currently covered [...]
The season of giving is almost upon us. There is no better way to celebrate than by giving gifts to your loved ones. If you are not careful you may be giving away your future as well. There is a limit on the amount of money that you can gift to friends and relatives if [...]
If you are looking to give away assets or money to your friends or family, you should be aware that those transfers can affect your Medicaid availability. Medicaid will look back five years to see what assets have been transferred to others. Depending on the amounts, this could lengthen the amount of time that you [...]
If you or an elderly loved one has an IRA you might be wondering if the amount in the IRA counts as an asset when considering eligibility for Medicaid. The answer can depend on a few factors, as well as what state you reside in. […]
The costs of long term care can be overwhelming. Nursing homes can cost many thousands of dollars a month which can deplete an elderly person’s resources very quickly. One source of help can be Medicaid. In order qualify for Medicaid a certain income threshold must be met. Here are some ways to meet the asset [...]
If you are a senior of modest means then the idea of someday relying on Medicaid to handle your long term care costs has probably crossed your mind. After all you have paid into the system for your entire life and part of your benefits as a retiree is being able to rely on Medicaid [...]
While a relatively new program, health savings accounts have been around for 10 years now. If you are not yet retired and are still working, you may want to take advantage of a HSA if your employer offers one. Here are some reasons why a health savings account is important. Tax Breaks All of the [...]
No matter where you get your prescription drug coverage, you need to be aware of your plan’s prescription drug formulary. The formulary is a detailed list of drugs that are covered by your plan. If you aren’t familiar with the formulary you may be surprised at the amount of copays that you are responsible for [...]