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[...]
While most Americans are aware of the distinct possibility that they will require long-term care after reaching the age of seniority, it is next to impossible to determine when this care will be needed, and what the extent of it will be. It is therefore vital for everyone to have a plan for the potential[...]
If you are a New Jersey resident and believe that you do not qualify for Medicaid benefits, think again. Governor Christie’s decision to expand Medicaid under the Affordable Care Act is projected to provide coverage to 395,000 uninsured New Jersey residents. In addition to providing expanded coverage for those who need it, the expansion is[...]
Medicaid is a means-tested government benefit program. For those who qualify, Medicaid will provide payment for long-term care services. A recent article discusses three estate planning maneuvers that may assist a person in qualifying for Medicaid. Gifting Assets Although gifting assets is the most obvious way to reduce the value of a person’s estate, this[...]
Many Americans pay their assisted living costs out of pocket. Income sources such as Social Security, veteran pensions, regular pensions, and savings are often key to covering these costs. A recent article discusses several other resources that may assist qualified seniors in paying for needed care. Veteran’s Aid and Attendance Benefit If you or your[...]
A common estate planning strategy often discussed is the “Medicaid spend down.” This occurs when a person reduces his or her assets so that he or she can qualify to receive Medicaid benefits. Medicaid, of course, is an entitlement program. Individuals rely on Medicaid as a last resort to cover the astronomical costs of long-term[...]
How's that for a headline? A recent study, highlighted by Forbes in this article, has concluded that if you plan to spend 30 days or less in a nursing home, you will have a median net worth of $108,000 at the end. However, if you are unfortunate enough to require 6 months of nursing home[...]
It's no secret that resources for government-sponsored programs are dwindling. When it's a program like Medicaid, where each state is responsible for a portion of their costs, then the budget crunches are even more pronounced. This article from the Wall Street Journal discusses how the landscape for qualifying for Medicaid is changing, and getting harder. In[...]
My wife laughs politely as I refer to our local paper, The Trenton Times, as "the local fish wrapper" - even though I've made that joke hundreds of times. Occasionally, I find an article of interest and I can't help but link to it. Padding back into the house after bringing in the Sunday paper,[...]