Many seniors get Medicaid to pay for the costs of nursing home care. Getting Medicaid to pay for care can be very important because Medicare will not cover a nursing home under most circumstances, nor will private health insurance. This means if you do not have Medicaid coverage, there is a very good chance that you […] The post Can Medicaid Take Your Home After Death? appeared first on Nirenstein, Horowitz & Associates P.C..
Many seniors will require long term care of some type as they get older. Glastonbury elder law lawyers can help seniors to find ways to afford the care that they require. While some elderly individuals will end up needing nursing home care, many older people would prefer to try to stay in their homes as [ ] The post How Can Seniors Pay for In-Home Nursing Care appeared first on Nirenstein, Horowitz & Associates P.C..
An inheritance tax is a tax that would be levied on distributions to every inheritor who is not exempt from the tax. In other words, there could be multiple impositions of an inheritance tax when one estate is being distributed among the heirs. The states have the ability to impose state-level inheritance taxes, but most states are not exercising this option. Only six states in the union have state-level inheritance taxes, and fortunately, Connecticut is not among them. The states with state-level inheritance taxes are New Jersey, Pennsylvania, Maryland, Nebraska, Iowa, and Kentucky. Topics covered in this report include: Inheritance Taxes Estate Taxes Click here to read the whole article or download the PDF.
The matter of long-term care is one of the most pressing elder law issues of our day. We will look at long-term care expenses in this post, and we will also examine the limitations of the Medicare program. Medicare Many people are confident about their ability to handle medical expenses in the future because they will qualify for Medicare coverage. Medicare is a government health insurance program, and you pay into it when you are paying FICA taxes throughout your working career. You get four retirement credits for every $1200 that you earn in 2014. It is possible to accumulate as many as four retirement credits in a year. This is the maximum annual accrual, regardless of how much you earn. Once you have 40 credits, you will qualify for Medicare when you reach the age of 65. This program will be of great assistance, but it does not cover everything. There are out-of-pocket expenses to contend with for covered services, and there is one enormous hole in the coverage. Medicare does not
When you are planning for retirement, you should be aware of what you can expect from the Medicare program. Medicare is a government health insurance program that is intended to provide coverage for senior citizens. You gain eligibility for Medicare coverage by accumulating retirement credits while you are working and paying taxes. At the time of this writing in 2014, you get one credit for every $1200 that you earn. The maximum annual accrual is four credits. Once you have accumulated 40 credits, you will qualify for Medicare coverage when you reach the age of 65 under currently existing laws. Medicare will certainly be of great assistance if you qualify, but there are limitations. There are significant out-of-pocket expenses that you should prepare for in advance. There is a deductible for inpatient hospital stays, and there can be co-payments for long stays. You have to pay a monthly premium for Medicare Part B coverage. This is the portion of the program that pays for visits to ph