The Attorney's Role in Medicaid Planning

Do you need an attorney for even “simple” Medicaid planning? This depends on your situation, but in most cases, the prudent answer would be “yes.” The social worker at your mother's nursing home assigned to assist in preparing a Medicaid...

Using Life Insurance as Part of Your Estate Plan

Life insurance can play a few key roles in an estate plan, depending on your age and situation in life.  There are two main types of life insurance: term and permanent. Term life insurance is the simplest: You buy a policy for a set number of years and you...

How Does the Medicaid Look-Back Period Work?

One area that causes a lot of confusion with regard to Medicaid is the look-back period. Medicaid, unlike Medicare, is a means-based program, which means that you are only eligible for it if you have very few assets. The government does not want you to transfer all...

Annuities and Medicaid Planning

In some circumstances, immediate annuities can be ideal Medicaid planning tools for spouses of nursing home residents. Careful planning is needed to make sure an annuity will work for you or your spouse.  An immediate annuity, in its simplest form, is a contract...

Medicare Premiums to Increase Slightly in 2021

Medicare premiums are set to rise a modest amount next year, but still cut into any Social Security gains. The basic monthly premium will increase $3.90, from $144.60 a month to $148.50. The Centers for Medicare and Medicaid Services (CMS) announced the premium and...