Because of the high cost associated with long-term care, most people who need such care look to Medicaid to pay for it. In New York there are two main Medicaid programs that cover long-term care: Community Medicaid (where the care is administered in the home by an...
Preserving & Protecting Your Family’s Assets & Legacy
Medicaid Planning For Nursing Home And Home Health Care Expenses
How can you convince your aging parents to plan for Medicaid?
It can be a challenge to balance the respect you have for your parents with the need to proactively support them as they age. They may take offense when you make suggestions regarding how they manage their daily lives or finances. The suggestion, such as that they may...
Do you need a plan to cover future nursing home costs?
Financial advisors long told people that a million dollars would be enough to fund their retirement, but that is not always the case. There are some individuals who will require far more support and incur far more expenses during their golden years than others. Living...
How Needs are Assessed for Medicaid Long Term Care Eligibility
Despite thoughtful retirement planning, many people struggle to pay for long-term care in their later years. Individuals may have generous pensions, social security, and retirement funds, but find that the cost of home care or nursing home care can quickly exhaust...
Do you know how to pick a nursing home?
As you and your spouse age, or your parents begin to age, you should consider that there may be a need for a nursing home. Finding a quality facility can take some time and you may want to begin looking early. Before you start searching for a nursing home, you should...
What types of advance directives are available in New York?
Advance directives are legal documents where you designate who should handle your financial and medical affairs and outline your specific wishes with respect thereto should you become incapacitated and unable to manage such affairs in the future. Although you may feel...
3 things to know when naming a health care proxy
Without warning, serious illness or injury may strike, leaving people unable to make medical decisions for themselves. Who will speak up for them when they cannot give voice to their wishes? As part of their estate plans, many people create advance care directives,...
The importance of having an advance healthcare directive
When it comes to getting older, there are a lot of things for which to prepare. One is planning what will happen if you are unable to make medical decisions for yourself, and you can do this with an advance directive. There are different parts to an advance directive,...
What do you know about planning for Medicaid?
As you get closer to the age of retirement, you may look more into programs like Medicaid. You know the cost of aging may spiral out of control faster than you realize, and you want to make the transition easier and affordable. The CPA Journal explores common Medicaid...
The importance of having an advance healthcare directive
Planning for the future is important. However, more people plan for financial reasons than for medical ones. An advance healthcare directive gives directions regarding health and medical care if you are in a state in which you are unable to make these decisions....
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