The reason why Medi-Cal may be relevant to you as a senior citizen is because Medicare will not pay for a stay in a nursing home. According to the United States Department of Health and Human Services, about 35% of seniors will someday need this level of care. In the greater Los Angeles area, you can expect to pay over a hundred thousand dollars a year for a private room in a nursing home, and the costs have been rising each year. If you are married, your family must be prepared to absorb … [Read more...] about Medi-Cal Planning by the Numbers
Elder Law
Benefits for Seniors: Key Facts and Figures
Our elder law attorneys assist clients that are looking ahead toward their senior years and the twilight period that will follow. When you are planning for retirement, it is important to have a thorough understanding of the benefits that you will be able to receive. In this post, we will provide some very useful information about Social Security and Medicare. Social Security Eligibility Age The eligibility age for a full Social Security benefit depends on the year of your birth. If you were … [Read more...] about Benefits for Seniors: Key Facts and Figures
Californians Get Favorable Medi-Cal Parameters
Before we dig deeply into the details with regard to the advantages that Californians enjoy, we should explain why Medi-Cal should be on your radar in the first place. The vast majority of seniors will someday need living assistance, and about 35% will eventually reside in nursing homes. These facilities are extremely expensive. At the time of this writing in 2019, here in the greater Los Angeles area, you are looking at over a hundred thousand dollars per year, and it could be much more … [Read more...] about Californians Get Favorable Medi-Cal Parameters
Wartime Veterans Pension Look-Back Imposed
As elder law attorneys, we assist people that are concerned about the eventualities of aging, so we have a thorough understanding of all the programs that can be of assistance to seniors. One of them is an often overlooked veterans benefit, and we will take a look at it here. Supplemental Income for Wartime Veterans People that serve in the military are eligible for a retirement pension after they have served for at least 20 years. The amount of the payout will go up depending on the length of … [Read more...] about Wartime Veterans Pension Look-Back Imposed
Elder Law Insight: 3 Things to Know About Medicare
When you pay FICA or self-employment taxes while you are working, it can seem like you are throwing money into a black hole for no particular reason. In fact, when you make these contributions, you earn retirement credits. During the current calendar year, you get one credit for every $1360 that you earn. The maximum accrual in a given year is four retirement credits. Once you have at least 40 credits “in the bank” so to speak, you will qualify for Medicare when you reach the age of 65 under … [Read more...] about Elder Law Insight: 3 Things to Know About Medicare
Elder Law Report: Medi-Cal Costs Will Rise
Medicare will help to pay for a wide range of different health care treatments, procedures, and services, including convalescent care after an injury or illness. However, it will not pay for custodial care. This is the type of care that you would receive in a nursing home or assisted living community. There are also health aides that provide mobile custodial care in the homes of patients, and Medicare does not cover their fees. If you are under the impression that there is a good chance that … [Read more...] about Elder Law Report: Medi-Cal Costs Will Rise
Nursing Home Costs Can Erase Your Legacy
When you think about retirement planning, you probably consider the normal expenses that you would naturally incur after your working years are behind you. As you are doing this, you will inevitably get a feel for the legacy that you intend to be able to leave behind to your loved ones. This is well and good, but you should understand some things about nursing home care and the costs that go along with it when you are looking ahead toward the future. Misconceptions About Medicare If you … [Read more...] about Nursing Home Costs Can Erase Your Legacy
Veterans Benefits Can Provide Much Needed Assistance
Long-term care costs can have a devastating impact on your financial situation when you are a senior citizen. When you have always been self-sufficient, it can be hard to imagine a time when you will need help with your day-to-day needs. However, in reality, most seniors do eventually require living assistance. Many people are unconcerned, because they expect Medicare to cover their medical expenses when they attain senior status. Medicare will pay for convalescent care for up to 100 days … [Read more...] about Veterans Benefits Can Provide Much Needed Assistance
What Is a Medi-Cal Trust?
Before we get into the question that serves as the title this blog post, we have to provide some important background information so you understand why Medi-Cal should be on your radar. According to the United States Department of Health and Human Services, seven out of every 10 people that are turning 65 on any given day will eventually need living assistance. On the surface, this may not seem like much of a big deal. Family members and friends can help with errands and such and life can … [Read more...] about What Is a Medi-Cal Trust?
What’s the Difference Between a Medi-Cal Trust and a Living Trust?
All trusts are not created equal. Different types of trusts are utilized to satisfy varying objectives. In this post, we will look at revocable living trusts and Medi-Cal trusts, and we will explain the major difference between them. Revocable Living Trusts and the Medi-Cal Program A revocable living trust is a trust that you can revoke or rescind. If you choose to do so, you can dissolve the trust, and it would no longer exist. You can also act as the trustee and the beneficiary while you are … [Read more...] about What’s the Difference Between a Medi-Cal Trust and a Living Trust?
