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?