Our elderly loved ones often need care and compassion in their golden years. Sometimes, caring for our loved ones can be financially stressful – and in some cases, impossible – without the right funds and support. In Alabama and some other states, Special Needs Trusts exist to help the elderly in a way that not only maximizes their finances, but also enables them to continue receiving Medicaid benefits. For example, one popular belief is that elderly individuals entering a nursing facility cannot receive Medicaid benefits unless they “spend down” their assets. While this is true without … [Read more...]
Who Needs a Special Needs Trust?
A special needs trust is a trust formed for a disabled individual that allows the individual to shelter his or her financial assets while still being eligible for government benefits such as Supplement Security Income (SSI) and/or Medicaid. The trust enables the individual to use government benefits to provide for basic needs of life while allowing the trust assets to provide for the extra or supplemental needs of life. How Does It Work? SSI and Medicaid have very strict financial criteria that a disabled person must meet before being eligible for any government assistance. In essence, … [Read more...]
Holidays, Nursing Homes, and Medicaid
December is here; for many, it is a time of excitement, family time, holiday parties, good food and presents. Sadly, for many seniors, it is often a time of depression, illness and transition to a nursing home during the winter months. Families realizing that their loved one must enter a nursing home learn that a nursing home will cost between $6,000 – $11,000 per month (even in rural Alabama). Additionally, they learn that Medicare and supplemental healthcare insurance does not pay for long term nursing home care. Instead, they must pay the bill out of the loved one's assets (“spend down”) … [Read more...]
- « Previous Page
- 1
- …
- 13
- 14
- 15