USING ANNUITIES IN MEDICAID PLANNING
MEDICAID PLANNING The use of annuities in Medicaid Planning is a viable Medicaid Planning strategy. Long-term care is expensive and one of the best ways to pay for it is through Medicaid. Medicaid limits the countable assets of the individual Medicaid recipient to $2,000. If the Medicaid recipient is married, the healthy spouse, known…
PLANNING FOR MEDICAID FINANCING OF LONG-TERM CARE
By: Thomas D. Begley, Jr., Esquire, CELA and Marianne Johnston, Esquire Long-term care is expensive no matter the setting. The monthly cost of a nursing home in New Jersey today is approximately $12,500 – $17,500. Assisted living residents may pay anywhere from $6,500 to $12,500 per month. An individual hiring an aide from a licensed…
MEDICARE IMPLEMENTS $2,000 PRESCRIPTION COST CAP
As of January 1, 2025, Medicare has implemented a significant change to its Part D prescription drug program by capping annual out-of-pocket expenses at $2,000. This initiative, part of the Inflation Reduction Act of 2022, aims to alleviate the financial burden of medication costs for millions of Medicare beneficiaries. Previously, Medicare Part D enrollees faced…
PENNSYLVANIA ANNOUNCES 2025 ELIGIBILITY STANDARDS FOR MEDICAL ASSISTANCE (MEDICAID) FOR LONG-TERM CARE
by Marianne Johnston, Esq. With the new year comes changes in several of the Pennsylvania Medicaid eligibility standards for long-term care benefits. What has changed? Countable Resource Limit – $2,400 if gross monthly income is greater than $2,901 $8,000 if gross monthly income is $2,901 or less Gross Monthly Income limit for Pennsylvania Aging…