For many people, the solution is Medicaid. This jointly administered federal/state government health insurance program will pick up the tab for long-term care costs if you can qualify. However, it takes careful, informed planning to obtain Medicaid eligibility without losing anything in the process, because there is a $2000 limit on countable assets.The good news is that many things that you own do not count. Your home is not a countable asset, but there is an equity limit that changes slightly … [Read more...]
Will Medicare pay for all of my medical expenses after I enroll in the program?
Unfortunately, Medicare will not pay for everything in full. There are a number of different out-of-pocket expenses that must be paid by the benefit recipient. These would include copayments, deductibles, and monthly premiums. Plus, there is a huge gap in the Medicare program, and it is one of the most important elder law issues of our day.According to the United States Department of Health and Human Services, most people that are fortunate enough to reach the age of 65 will someday need living … [Read more...]
What about Medicare eligibility?
If you work and pay taxes for at least 10 years, you will become eligible for Social Security and Medicare when you become old enough to receive your benefit. At the time of this writing in 2018, the age of eligibility for Medicare is 65, and this applies to everyone, regardless of the year of your birth. … [Read more...]
Will I be able to retire when I start receiving my full Social Security benefit?
The answer is no if you do not have any other source of income, and the level of expenses that most people have to address. Right now, the average Social Security benefit for an individual is $1404 per month. This equates to $16,848 per year, which is certainly not enough to maintain any type of reasonable lifestyle in the United States. … [Read more...]
When will I become eligible for Social Security?
This seems like a simple, straightforward question, but it is actually more complicated than it sounds. When it comes to your full benefit, it all depends on the year of your birth. For people born in 1954 or earlier, the age of eligibility is 66 under currently existing laws. It then goes up by two months per year, so if you were born in 1955, you become eligible two months after your 66th birthday. This arrangement stops in 1960; people that were born during this year and after become eligible … [Read more...]
