According to the Centers for Disease Control, one in every three adults 65 or older falls each year, which can lead to serious injuries, such as hip fractures and head traumas, causing more drastic senior care needs. Among this age group, falls are the leading cause of injury-related death. Here are some tips for creating a safer home environment and preventing future falls: GET A CHECK-UP Fortunately, falls are preventable. If your senior has recently become a bit unsteady, make sure their doctor gives them a full physical evaluation to rule out any medical issues. For instance, low blood pressure…
Seniors who are buying or selling a house often have very different issues than younger buyers and sellers. Seniors may be contemplating downsizing or moving to a more accessible home, or they may be looking for a way to age in place. A Seniors Real Estate Specialist (SRES) can help senior sellers, buyers, or renters navigate these issues. SRESs are realtors who have completed a series of courses on how to help seniors and their families with real estate transactions. They specialize in helping people age 50 and older, and they can be used for selling, buying, or renting. An…
Medicaid transfer rules are something the average family should be concerned with! The facts are, as we live longer, more than half will spend time in a nursing facility. As a general rule, when assets are transferred to others for less than fair market value, this transfer will result in a period of Medicaid ineligibility. Here are four instances where transferring the family home or principle residence for less than fair market value may be permissible and not result in Medicaid ineligibility or penalty. First, the principle residence can be transferred to the spouse who is not in…
Most seniors would prefer to remain in their homes, which is usually also their largest asset. However, since many people are living far beyond the life expectancy for which they planned (or did not plan in some instances), remaining in the home is becoming a financial burden, especially for elderly widows. A reverse mortgage is sometimes a way for a senior to stay in his or her home, tapping into the value of the real estate to give the homeowner the ability to pay the real estate taxes, make necessary repairs, pay off debt, or pay for long term…
If you qualify, Medicare will cover your home health benefits entirely, and while under the law there's no limit on the length of time you will be covered, in practice coverage is limited. Nevertheless, Medicare home health benefits can mean the difference between you or a family member continuing to stay at home, or your health deteriorating until hospital care or nursing home placement become necessary. You are entitled to Medicare coverage of your home health care if you meet the following requirements: you are confined to your home (meaning that leaving it to receive services would be a "considerable…
Many people wonder if it is a good idea to give their home to their children. While it is possible to do this, giving away a house can have major tax consequences, among other results. When you give anyone property valued at more than $13,000 in any one year, you have to file a gift tax form. Also, under current law you can gift a total of $5 million over your lifetime without incurring a gift tax. If your residence is worth less than $5 million, you likely won't have to pay any gift taxes, but you will still have…
The assisted living care model is between your home and the nursing homes and has come into prominence in the past 20 years, and will continue to grow as the Baby Boomers head into the retirement years. However, even for families who have had those conversations, making the transition from home to an assisted living can be challenging. Assisted living provides an opportunity for older Americans to enjoy the comforts of a home-like setting, plenty of activities and socialization, along with the help they might need — from bathing and dressing to housecleaning and medication reminders. Yet, many are so…
Liens Section 1917(a) of the Social Security Act (the Act) allows, but does not require, States to impose liens on the property of a Medicaid beneficiary under certain circumstances. More specifically, liens are permitted in two instances prior to a beneficiary’s death: 1) when there has been a court judgment that benefits were incorrectly paid; or 2) when the lien is imposed against the real property of an individual a. who is an inpatient in a nursing facility, intermediate care facility for the mentally retarded, or other medical institution, if the individual is required to spend for medical care all…
If you have assets under $2,500, and reside in a nursing home, the State of Maryland through Medical Assistance (Medicaid) will pay the nursing home. However, a house that is a person’s primary residence is exempt for purposes of Medicaid eligibility provided that the community spouse is still residing in the house, and the net value of the house does not exceed $500,000. Additionally, if you are a single, then sign the application that you have an “intent to return to the house,” even if that it’s impossible and you remain in a nursing home. The home is an exempt…
If you are applying for Medicaid, the institutional spouse (spouse in nursing home) and their community spouse (spouse not in nursing home) may protect their assets and lifelong savings, retirement IRA etc. by spending those assets on noncountable assets. These expenditures may include: prepaying funeral expenses, paying off a mortgage, making repairs to a home, purchasing a new automobile, updating home furnishings and equipment, purchasing insurance up to $1,500 buying a new home, if under $500,000, (in some states $750,000) puchasing an annuity In the case of married couples, it is often important that any spend-down steps be taken only…
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