The United States of America has a social and financial safety net designed to protect individuals who need medical care, as well as those dealing with disabling illnesses and injuries. Among the programs intended to help those dealing with medical or economic hardship, government health care policies are some of the most commonly utilized.
Inadequate long-term care planning is often linked to common myths about paying for care. Quite a few people believe that Medicare or private insurance will pay if they eventually need to move into a nursing home. Many Americans are shocked to learn that that is not the case.
For many with disabilities, the ability to access savings, whether it be theirs or a family member's, without disrupting their eligibility for government programs such as Medicaid and SSI (Supplemental Social Security Income), has been a challenge for decades. Fortunately, as a result of the passage of a federal law in 2014 known as the Achieving a Better Life Experience Act of 2014 ("ABLE Act"), which created Section 529A of the Internal Revenue Code (IRC), those with disabilities and the members of their families may now create a special saving's account that is similar in some ways to a 529 College Savings Plan.
Nursing home care in New York can cost a fortune. In fact, when you reach the point in life that you require long-term care, it can be difficult to finance your health care needs without reaching into personal assets. If you want to protect your assets from a lengthy and expensive stay in a nursing home, you might consider a Medicaid Asset Protection Trust, called a MAPT.
It is important to know the distinctions between Medicare and Medicaid. With more than 70 million "baby boomers" coming of age, a growing number are now asking the question. Here's a brief explanation:
Millions of baby boomers are coming of age. It has been well documented, particularly in recent years, that these individuals will soon have a significant impact upon our medical and long-term care infrastructure. Often overlooked, however, is the fact that baby boomers are also parents and caregivers to millions of non-elderly disabled children. How will the parents' aging impact the care and wellbeing of their children?