One of the benefits of the health reform law took effect January 1, 2011: free preventive services for Medicare recipients. Under the law, people with regular Medicare will no longer have to pay a co-pay, co-insurance or deductible to receive preventive services that are highly recommended by the U.S. Preventive Services Task Force — services [...]
If you or a family member lives in an assisted living facility in Massachusetts, you know that assisted living costs continue to rise every year. But did you know some of those costs may be tax deductible? Medical expenses, including some long-term care expenses, are deductible if the expenses are more than 7.5 percent of [...]
Many people incorrectly believe that once someone enters a nursing home, their freedom is over. In fact, nursing home residents have many rights, and it is important to know those rights and to be able to enforce them. Massachusetts nursing home residents’ rights are protected under federal law. In broad terms, nursing homes are required [...]
Nursing home and assisted living rates in Massachusetts rose significantly from 2009 to 2010, according to the 2010 MetLife Market Survey of Long-Term Care Costs. Private room nursing home rates in Massachusetts rose to over $120,000 a year or an average of $329 a day, while assisted living facility costs climbed to over $53,000 a year or on [...]
Medicare open enrollment is here! During the annual open enrollment period, which runs from November 15 to December 31, you may switch Medicare drug or health care plans. While you should review your coverage every year, this year it is particularly important because of changes brought on by the new health care law. As the [...]
A Massachusetts durable power of attorney is one of the most important estate planning documents there is. It allows someone you appoint — your agent or “attorney-in-fact” — to act in your place for financial purposes when and if you ever become incapacitated. However, many people experience difficulty in getting banks or other financial institutions [...]
In my last post, I discussed the Medicaid rules regarding transfer of assets and the penalties associated with certain transfers. There are however, certain exceptions to the transfer rules. Transferring assets to certain recipients will not trigger a period of Medicaid ineligibiltiy. These exempt recipients include the following: A spouse (or a transfer to anyone else [...]
One of Medicaid’s (aka MassHealth in Massachusetts) eligibility rules is the penalty for transferring assets. Congress does not want you to move into a Massachusetts nursing home on Monday, give all your money to your children (or whomever) on Tuesday, and qualify for Medicaid on Wednesday. So it has imposed a penalty on people who transfer [...]
The Medicaid law provides special protections for the spouse of a nursing home resident to make sure she has the minimum support needed to continue to live in the community. The so-called “spousal protections” work this way: if the Medicaid applicant is living in Massachusetts and is married, the countable assets of both the community [...]
A power of attorney is a very important estate planning tool, but in fact there are several different kinds of powers of attorney that can be used for different purposes here in Massachusetts. Before executing this crucial document, it is important to understand what your options are. A power of attorney allows a person – [...]
