Posts Tagged ‘long term care’
Hindsight Is 20/20: Medicaid Coverage and the Five Year Look-Back Period
June 29th, 2018 by David Goldfarb
Nursing homes, assisted-living centers, and similar facilities can cost their residents a lot of money. As a result, many people rely upon Medicaid coverage to pay for long-term care, either for themselves or for loved ones. Medicaid, however, is a form of social welfare designed to help low-income individuals meet their healthcare needs. As a […]
Legislative Update: “The Lock-In” for Long Term Care
June 22nd, 2018 by David Goldfarb
As in previous years, much of New York State’s 2018-2019 enacted budget focuses on healthcare spending. This year enacts several important updates, but you should understand in particular the new “lock-in” provision for people enrolled in managed long-term care (MLTC) plans. No “lock-in” previously existed—New Yorkers who enrolled in managed long-term care plans could change […]
Long-Term Care Costs Are Surging, and New Yorkers Must Prepare for Them
March 23rd, 2018 by David Goldfarb
Financial planning for retirement is a complicated task. It requires anticipating living expenses for an indefinite amount of time. This daunting task is often met by a combination of resources. For adequate financial preparation, a retiree must often have health insurance coverage through Medicare, private insurer and possibly Medicaid. Retirement accounts such as 401(k) plans […]
Criteria for Federal and New York State Income Tax Deduction for Long Term Care Insurance
December 22nd, 2017 by David Goldfarb
Many people know that they should purchase long-term care insurance, but the high cost of policies prohibit them from taking the next step. Despite the expense, this insurance coverage not only protects you, your loved ones, and your estate, but it also may provide certain tax benefits as well. The method and extent of the […]
New York Medicaid New Resource Documentation Rules
September 6th, 2013 by David Goldfarb
There are three distinct resource documentation requirements depending on the type of Medicaid applied for. The three types of Medicaid coverage and the resource documentation requirements are: (1) Community Coverage Without Long-Term Care – requires a self-attestation to the amount of current resources; (2) Community Coverage With Community-Based Long-Term Care – requires proof of current […]