Medicare Part B basically covers “outpatient” care: office visits to medical specialists, ambulance transportation, diagnostic tests performed in a doctor’s office or in a hospital on an outpatient basis, physician visits while the patient is in the hospital, and various outpatient therapies that are prescribed by a physician. Part B also covers a number of preventive services. In addition, Part B covers home health services if the beneficiary is not enrolled in Medicare Part A. Medicare recipients who are eligible for Part A are automatically enrolled in Part B unless they opt out. Part B enrollees pay a monthly premium…
Medicare Part A covers institutional care in hospitals and skilled nursing facilities, as well as certain care given by home health agencies and care provided in hospices. Any person who has reached age 65 and who is entitled to Social Security benefits is eligible for Medicare Part A without charge. That is, there are no premiums for this part of the Medicare program. Medicare pays for 90 days of hospital care per “spell of illness,” plus an additional lifetime reserve of 60 days. A single “spell of illness” begins when the patient is admitted to a hospital or other covered…
If you are paying for your own insurance, you may think you do not need to sign up for Medicare when you turn 65. However, not signing up for Medicare Part B right away can cost you down the road. You can first sign up for Medicare during your Initial Enrollment Period, which is the seven-month period that includes the three months before the month you become eligible (usually age 65), the month you are eligible and three months after the month you become eligible. If you do not sign up for Part B right away, you will be subject…
The first of the 78 million baby boomers turned 65 on January 1, 2011, and some 10,000 boomers a day will reportedly reach that milestone between now and 2030. If you are about to turn 65, then it is time to think about Medicare. You become eligible for Medicare at age 65, and delaying your enrollment can result in penalties, so it is important to act right away. There are a number of different options to consider when signing up for Medicare. Medicare consists of four major programs: Part A covers hospital stays, Part B covers physician fees, Part C…
There are two main parts to Medicare, each with its own eligibility requirements. Medicare Part A which offers hospital and other institutional coverage, is available for anyone who is over age 65 or who is permanently disabled and who is eligible for Social Security or Railroad Retirement disability benefits. You are eligible for Medicare Part A if you: are a United States resident who has reached age 65 and are either a U.S. citizen or a legally admitted alien who has resided in the U.S. continuously for at least five years; are a disabled person of any age who has been entitled…
Medicare is the federal government’s principal health care insurance program for people 65 years of age and over. In addition, the program covers people of any age who are permanently disabled or who have end-stage renal disease (people with kidney ailments that require dialysis or a kidney transplant). The Medicare program insures around 62 million Americans and spends close to $800 billion a year on their care. Medicare is an entitlement program, meaning it is not based on financial need. Although Medicare was originally conceived as a program that would relieve older persons of the burden of paying for health care, Medicare beneficiaries…
Under federal Medicaid (Medical Assistance in Maryland) law, if you transfer certain assets within five years before applying for Medicaid, you will be ineligible for a period of time (called a transfer penalty), depending on how much money you transferred. Even small transfers can affect eligibility. While federal law allows individuals to gift up to $16,000 a year (in 2022) without having to pay a gift tax, Medicaid law still treats that gift as a transfer. Any transfer that you make, however innocent, will come under scrutiny. For example, Medicaid does have a very limited exception for gifts to charities….
For better and for worse, Medicaid (Medical Assistance in Maryland) is the primary method of paying for nursing home care in the United States. But navigating the Medicaid system is complicated and confusing. Here are the basics. Medicaid is a joint federal-state program that provides health insurance coverage to low-income children, seniors, and people with disabilities. In addition, it covers long-term care for those who qualify. This coverage is in a nursing home. Medicaid has become the default nursing home insurance of the middle class. Lacking access to alternatives such as paying privately or being covered by a long-term care insurance…
Any trust that involves the disposition of real estate must be witnessed and notarized, since only notarized instruments may be recorded in land records. Otherwise, there are no formal or statutory requirements concerning the wording or form of trusts. There are, however, certain key provisions that trust-creating documents should contain. The trust instrument should contain an express statement as to its irrevocability. An irrevocable trust is deemed to be unamendable. The trust should clearly identify all interested parties, including the grantor(s), the trustee(s), and any and all beneficiaries. This is particularly important when a trust has been created because of…
A version of this article appeared in print on July 22, 2017, Section B, Page 1 of the New York edition with the headline: The Ethics of Trying to Qualify for Medicaid. The numbers quoted, and some facts have changed since 2017. I am publishing this edited article because I have had a number of people / clients ask if Medicaid planning is legal. The answer is YES. However, you have a choice to pay privately or go on Medicaid. But what happens if you need dentures, hearing aids, even cable tv for your room and you have no money!…
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