Long Term Care Planning

If you are about to turn 70,and have delayed claiming Social Security retirement benefits up till now, you are joining an elite group, but it’s important to know when and how to claim.

Long-term care costs climbed again in 2021, with rates for home health aides and homemakers seeing the sharpest rises, according to Genworth’s annual Cost of Care Survey. The coronavirus pandemic continues to contribute to cost increases. 

When a married couple applies for Medicaid, the Medicaid agency must analyze the couple’s income and assets as of a particular date to determine eligibility. This “snapshot” date can have a major impact on a couple’s financial future. 

Anyone who gifted assets within five years of applying for Medicaid may be subject to a penalty period, but that penalty can be reduced or eliminated if the assets are returned. 

Almost all state Medicaid programs will cover some assisted living costs, although there may be a waiting list.

Vaccines can become less effective over time. Even individuals fully vaccinated as children may need to update their immunizations. Medicare Parts B and D offer vaccination coverage.

While it is preferable to conduct long-term care planning well in advance of needing care, if you haven’t planned ahead, there are some strategies available to avoid spending all your assets. 

Many families will eventually have to hire a caregiver to look after an aging relative. There are two main ways to hire someone: directly or through a home health agency.

Rising inflation due to the ongoing coronavirus pandemic means that in 2022, Social Security benefits will go up 5.9 percent, the sharpest upsurge since 1983. 

The U.S. Supreme Court has agreed to hear a case that has the potential to affect anyone who receives government assistance with their medical care following a disabling injury that results in a lawsuit.