Some might say that planning your long-term care needs at 50 is too early. However, you do not have to wait until a health crisis forces your hand. Your 50s are an ideal time to start planning for your future care needs through MassHealth, Massachusetts' Medicaid...
MassHealth
How an immediate annuity can help with MassHealth planning
As we’ve discussed previously on this blog, the cost of nursing home and other long-term care can be exorbitant. If you don’t plan to effectively cover these costs, then your assets can quickly dissolve, leaving you with very little, if anything, to distribute to your...
The MassHealth lookback period and asset transfer
MassHealth can help people pay for their long-term care, but its financial eligibility requirements are strict. To qualify, an applicant must fall below a certain threshold in terms of assets and income. And to make this even more strict, MassHealth has a so-called...
What to know about MassHealth application denials
Qualifying for MassHealth can be a financial lifesaver as you age since it can help pay for long-term care and necessary medical treatment, which otherwise could eat away at your savings and deteriorate any wealth that you intended to pass down to your loved ones....
What kind of long-term care will you need?
Millions of Americans will need long-term care when they get older. One widely-cited study found that 70% of Americans who make it to age 65 will need long-term care at some point in the remainder of their lives. This kind of care, whether it's at-home or in a nursing...
Who can apply for HCBS waivers in Massachusetts?
If your family relies on MassHealth programs, you might have heard about Home and Community Based Services (HCBS) waivers. These programs aim to support those who prefer to receive long-term health care services in their home rather than in an institutional setting....
Qualifying for a MassHealth hardship waiver
You may know about the MassHealth estate recovery process. MassHealth can recoup costs they spent on your long-term care by taking your assets from your heirs after you pass away. No matter how well you plan and spend down your assets to qualify for MassHealth, your...
What you need to know about MassHealth estate recovery
With effective planning, you can reduce your assets and your income so that you qualify for Medicaid. This could allow you to protect your assets while ensuring that you have the resources needed to pay for your medical and long-term care needs, including a nursing...
What is the MassHealth frail elder waiver?
Many elderly Massachusetts residents recognize that they can no longer safely live on their own but are not ready to move to a nursing home. If you or a loved one are in this situation, MassHealth offers an option you may not know about called the frail elder waiver....
Errors that could jeopardize Medicaid eligibility
Planning for Medicaid requires a lot of foresight and an understanding of the law. If you can successfully navigate the process, you can protect your wealth and your ability to secure the medical and long-term care you may need. That’s why it’s crucial that you...