CMS's Updated Financial Guidelines for Community Spouses in 2020
The Centers for Medicare and Medicaid Services have just released their guidelines regarding the “community spouse” for 2020. A “community Spouse” is the spouse of a Medicaid recipient who is living in a nursing home. There is an allowance threshold that applies to the community spouse, known as the CSRA or community spouse resource allowance […]
Is a Pre Paid Funeral Plan Right for You?
As we get older, and perhaps have to plan a funeral for a loved one ourselves, many people are thinking far ahead and planning and pre-paying for their own funerals. If you have had to go through the process of planning a funeral for a loved one that has passed, you know how difficult it […]
Recent Changes Mean New Challenges When Applying for Long Term Care Benefits Through the VA
New rules the VA has imposed on beneficiaries make it more challenging to qualify for long-term care benefits than ever. There never used to be penalties for transferring assets and affecting eligibility; however, that has all changed. In the case of Medicaid, a net worth maximum of assets (in 2018) is $123,600 which a spouse […]
The Medicaid “Look-Back” Period and the Impact it has in Regards to Your Eligibility Determination
The terms Medicare and Medicaid are sometimes used interchangeably when, in fact, they are very different programs. Medicaid is a means-based program designed for those who have very few assets. As such, penalties are in place to avoid people from taking advantage of the system. Transfers of all amounts and reasons are heavily scrutinized by […]
The Survivor Assistance Handbook- A Book Review
This compact guide was written by Certified Financial Planner Mark R. Colgan out of his personal experience. He was overwhelmed by a “mountain of financial details” following his own wife’s passing and felt that if he as a financial expert was having difficulty, then other people surely would be as well. While he admits it […]
Discussing Long-Term Care Planning With Aging Parents
Trying to start the discussion of long-term care planning with your aging parents can be difficult for everyone even if they have the best of relationships. Generally speaking, the conversation is better started in a familiar place such as the parent’s home. Transparency among children is always preferable as long as it is in the […]
