Category: Medicaid Planning

Forbes Gets Nerdy with Numbers, Paints a Scary Picture for Long-Term Care

Forbes says you’d have to a policy wonk or an outright nerd to care about statistical models for long-term care insurance. Well, we’re guilty as charged. But that’s okay — Forbes cops to its nerdy inclination too. Earlier this month, the magazine delved into the latest stats on long-term care in America. The numbers are[...]

Dementia Diagnosis Could Cost $730K in Nursing Care

While the families are happy to hear a longer prognosis, those extra years with their loved ones come at a profound financial cost, climbing toward a million dollars in some cases. This month, USA Today explains how a dementia diagnosis can easily add up to $730,000 for a typical family. Consider the following: The national[...]

White House Wants to Reform Nursing Home Safety

Times are changing for nursing homes. View image | gettyimages.com For the last several decades, American residents and their families have generally expressed widespread dissatisfaction with the state of nursing home care. After all, the homes are universally expensive (and growing costlier all the time), and the ballooning bills sting all the more when prices[...]

Revocable vs. Irrevocable Trusts

Often clients come into my office asking what is the difference between a revocable and irrevocable trust. It seems simple - one is changeable and one is not, right? Well, not so fast.  Let's start with the easy one — Revocable Trust. A revocable trust is precisely what it says it is - a trust[...]

Paying for Alzheimer’s: Medicare, Medicaid, and Long-Term Care

Few diagnoses are more devastating than Alzheimer’s, both in terms of its health toll and its extraordinary financial imposition on families. Paying for long-term care isn’t easy, especially if you or your parents haven’t already been saving for years. Even well in advance, finding the extra money to set aside for a long-term care fund[...]

Medicaid Facilities Are Like Hotels in More Ways Than One

Sometimes elder care feels a little bit like booking a hotel room. https://gty.im/467305389 As one of the world’s most widely recognized travel organizations, AAA offers discounted rates at big-name hotels all across the U.S. If you’re a member, you might be able to knock 10 to 15% off the rack rate. But those savings aren’t[...]

The Risks Of Giving Your Home To Your Children

Some parents consider transferring ownership of their homes to their children. Why? Many believe that it is a classic win-win situation. They can continue to live in the house, while at the same time reduce the value of their estate for tax purposes and provide a valuable asset to their kids down the road. If[...]

The gift that keeps on giving: paying your grandchildren’s college tuition

Paying your grandchildren’s (or adult children’s) college tuition is one of the greatest gifts you can make. The education lasts a lifetime and opens a world of opportunity for your grandchildren. In a way, it is like giving a gift to your children as well, since it alleviates their concerns about paying for their children’s[...]

Do You Qualify for Medicaid?

More New Jersey residents now qualify for Medicaid coverage, as a result of recent changes in federal funding brought on by the Affordable Care Act. A recent article estimates that the number of additional New Jersey residents who now qualify is around 300,000. The reason more New Jersey residents now qualify for Medicaid coverage is[...]

Frequently Asked Questions About New Jersey Medicaid

1.3 million New Jersey residents are currently receiving Medicaid benefits. Additionally, as a recent article explains, the initiation of the Obamacare health exchange caused a 35 percent surge in new Medicaid applications. As more New Jersey residents are added to the Medicaid rolls, it is important that they understand the basic principles of coverage. Below[...]