Last month, the U.S. government began issuing new Medicare cards to every Medicare recipient in the country.
The roll-out is happening in phases, going state-by-state, with all new cards expected to be distributed by April of 2019. Residents in Pennsylvania, Delaware and Maryland are among the first getting the new cards.
A Solution for Keeping Your Elderly Parent at Home
“There’s no place like home.” Dorothy’s remembrance in the Wizard of Oz immediately brings to mind our own cherished abode. Yet, as your parents age, they may not be able to live in their homes without the assistance of family members. The assistance you provide to your parents (such as cooking, cleaning, paying bills, medication schedules, etc.) is often the critical difference between their staying in their home or moving to a nursing home. Given the high cost of nursing home care ($7,500 to $10,000 per month) and the current economic climate, paying you to provide care to your parents can be a win-win solution.
When you provide care to a parent, you may need to cut back on your work schedule, or, ultimately, leave your job altogether. In turn, your parent may compensate you for your time and loss of income. This arrangement may be a viable solution for both parent and child. However, payments made to you, without a written caregiver agreement in place, may result in a period of ineligibility for Medicaid benefits for your parents. Please note, caregiver agreements may also be entered into between other family members or persons unrelated to the person requiring care. Continue Reading Family Caregiver Agreements →
Today, primarily because of the advances in medical science and personal health awareness, we are living longer than at any other time in our history.
This increased longevity may, unfortunately, bring with it increased chances for us to contract both mentally and physically debilitating diseases. Such diseases may require treatment and care that is beyond what our families are capable of providing at home. As such, many times long-term nursing home care is your only option.
With Americans living longer than ever before, planning for the high cost of long-term care is critical to preserving a family’s hard-earned savings. Most seniors will likely require some form of long-term care, but many of them are unprepared for the significant financial burdens it places on their family.
Medicaid is a health and long-term care coverage program that is jointly financed by states and the federal government. Each state establishes and administers its own Medicaid program and determines the type, amount, duration, and scope of services covered within broad federal guidelines. Federal law also requires states to cover certain mandatory eligibility groups, including qualified parents, children, and pregnant women with low income, as well as older adults and people with disabilities with low income. States must cover certain mandatory benefits and may choose to provide other optional benefits.