If you or a loved one is disabled and receiving public benefits through Medi-Cal or Supplemental Security Income (SSI), you are subject to income limitations to remain on those programs, yet they cover only food, shelter, and medical care. How do you pay for the other necessities and comforts of life?
Plan early. This is the single, most important advice I can offer to a wartime veteran and his/her spouse, or a widow or widower of a wartime veteran who wish to obtain VA benefits to pay for assisted living care or a home caregiver. If you would like to obtain Aid and Attendance benefit and you already know that you will need either a home caregiver or placement in an assisted living community, you need to plan early.
At first it may seem shameful or detrimental to ask for your parents to pay you for the care you provide. However, take the following scenario as an example where this could be immensely helpful. However, please note that this must be done with a professional or there could be adverse consequences.
The Veterans Administration (VA) operates the largest health care system in the United States and also offers pensions and other services for qualified veterans — and even their spouses — who face disability or assisted living issues. It has been estimated that nearly 20% of all seniors in America over the age of 65 could qualify for a Veterans Pension or Survivors (Death) Pension under the right circumstances, though only 5 percent — or roughly 480,000 — currently do.
What happens when you or your parents wants to give away an asset? In this article, I will describe some ways that a potential Medi-Cal recipient can gift property, more specifically a house, without becoming ineligible.
Estate planning can be quite stressful, which can lead some people to rush through this critical process. Far too many people overlook long-term care planning when they sit down to plan their estates. They focus on what assets they would like to leave to which family members, while neglecting the potential reality of nursing home costs absorbing all that money.
Medi-Cal is California's Medicaid program financed by the federal and state government. It is a public health insurance system that provides necessary health care services for children and adults with limited resources and income. Most people are familiar with Medi-Cal benefits that are available for low-income individuals, however, most people are not aware of long-term care benefits under Medi-Cal.
Estate planning in your younger days is much different than estate planning for the second half of your life. As you reach retirement age, there are specific details that deserve your attention.
Those who are looking for a care facility for their aging parents in California often have questions as to how to choose the right one. The first thing that a person should do is determine how much care a family member needs. For instance, a person who is highly confused or cannot groom themselves may need different levels of care than someone who can still live a relatively independent lifestyle.
Protecting your assets as you age and for the people you love after you die is complex. There is no single solution that works in every scenario. Depending on your age, the kinds of assets you own, and your legal and medical situation, a variety of solutions can offer you financial and legal protections.
