The Complete Guide to Medicaid and Nursing Home Costs: How to Keep Your Family Assets Protected--up-to-Date Medicaid Secrets You Need to Know

Overview

It is estimated that five out of ten people turning 67 will use a nursing home at some point in their lives and many will need home care and other related services as well About two-thirds of people in nursing homes have no living relatives. And about 70 percent of all nursing home patients are women. Nursing home costs are estimated to be over $75,000 in one year, which would economically devastate most families. The federal government will not be helping either, unless you are without any assets, Medicare will ...

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Overview

It is estimated that five out of ten people turning 67 will use a nursing home at some point in their lives and many will need home care and other related services as well About two-thirds of people in nursing homes have no living relatives. And about 70 percent of all nursing home patients are women. Nursing home costs are estimated to be over $75,000 in one year, which would economically devastate most families. The federal government will not be helping either, unless you are without any assets, Medicare will cover you for a maximum of 100 days, but there are no social security benefits to cover any of these expenses. The only program that can assist you is Medicaid, but the catch is you must qualify.

You can protect yourself from Medicaid nursing home costs by taking action now while you still have your health; the key is in the planning, which this new, groundbreaking book will assist you with. On February 8, 2006, President Bush signed a law called the Deficit Reduction Act of 2005.

This law makes sweeping changes to the ability of seniors to transfer (gift) assets to their children and grandchildren. The information you use must be up to date.

You will learn all the LEGAL means to protect your assets: The Federal Spousal Impoverishment Act, Medicaid trusts, including what they are and how to use them, and Medicare supplemental insurance. You also will become knowledgeable about asset protection strategies, annuities, long-term care insurance, wills, assets, settlement costs, executors and trustees, life insurance, living trusts, living wills, durable power of attorney, catastrophic illness, potential long-term care needs, marital deductions, types of trusts, federal and state exemptions, irrevocable life insurance trusts, gift splitting, survivorship deeds, charitable remainder trusts, 529 plans, health care proxies, power of attorney, gift tax issues, generation skipping transfer tax, and tax deferred accounts.

In addition, you will learn how to legally and properly transfer assets and how to exempt the value of your principal residence. Through proper planning, much of your assets can be preserved within the family. This new book will guide you through the complex state and federal rules that are required for successful asset and income protection planning. Many books on asset protection indicate that you do not need the services of an attorney, but we highly recommend that you hire an attorney who is well-versed in this area to assist you.

What this book will do is explain the complicated issues, terminology, and planning strategies of asset protection to the layperson so that when you meet with a qualified attorney you will be well prepared, versed in the language, and ready to discuss issues and strategies, saving time, legal fees, and ensuring peace of mind. Get started today with the help of this new book.

Atlantic Publishing is a small, independent publishing company based in Ocala, Florida. Founded over twenty years ago in the company president’s garage, Atlantic Publishing has grown to become a renowned resource for non-fiction books. Today, over 450 titles are in print covering subjects such as small business, healthy living, management, finance, careers, and real estate. Atlantic Publishing prides itself on producing award winning, high-quality manuals that give readers up-to-date, pertinent information, real-world examples, and case studies with expert advice.  Every book has resources, contact information, and web sites of the products or companies discussed.

This Atlantic Publishing eBook was professionally written, edited, fact checked, proofed and designed. The print version of this book is 288 pages and you receive exactly the same content. Over the years our books have won dozens of book awards for content, cover design and interior design including the prestigious Benjamin Franklin award for excellence in publishing. We are proud of the high quality of our books and hope you will enjoy this eBook version.

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Product Details

  • ISBN-13: 9781601381538
  • Publisher: Atlantic Publishing Group Inc.
  • Publication date: 6/27/2008
  • Pages: 288
  • Product dimensions: 5.90 (w) x 8.90 (h) x 0.80 (d)

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Sort by: Showing all of 9 Customer Reviews
  • Posted July 28, 2009

    more from this reviewer

    Excellent Information and Advice on Caring for the Elderly

    "The Complete Guide to Medicaid and Nursing Home Costs" is an indispensable reference that contains all of the essential information you need to know when caring for your aging parent in times of illness. You will find helpful tips on qualifying for Medicaid, information on wills and deeds, how to transfer gifts, and contact information for state agencies. Accompanying this material is valuable advice about planning ahead, protecting assets, specialized nursing home care, finding caregiving services, and long-term care for Alzheimer's patients. The book also provides numerous examples that prove invaluable in explaining the issues under discussion.

    Over the past few years, many new laws have been added to state and federal statutes regulating Medicaid and nursing homes. This book discusses the up-to-date statutes as well as new state-wide programs that allow family members to stay at home and be paid to care for elderly parents in the home as an alternative to a nursing facility. Other choices presented in the book really help the reader understand the various options available to them. Many real-life situations are presented and discussed thoroughly to aid in the understanding of the legal principles. Thorough discussions of issues relevant to seniors and their families make this a must-read for everyone helping an elderly parent. The book will also be welcomed by elder law attorneys, financial planners, health care organizations, and others concerned with health care issues. It is also suitable as a guide for nursing and health care students.

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  • Posted May 22, 2009

    Help for Detangling Medicaid Rules

    As the bumper sticker says "Aging, if it's not your problem now it soon will be." This is a necessary book for everyone 55 and over or with a relative that is. It attempts to straighten the tangled web of Medicaid rules. It tells you how to avoid the pitfalls that make an elderly person not qualify for the aide and how to avoid having family assets seized when the bills come rolling in after a serious or long term illness.
    This book contains an alphabetical list of Medicaid agencies for each state with address, phone, fax and web site and a short paragraph on the differences for each state listed in chapter 10. The book covers gifts and promissory notes to help when finances become tight. The book even covers alternative services to nursing homes because many states are trying to cut Medicaid costs by looking for alternatives to nursing homes. Each state has different ideas on how to do this. When looking into these programs for loved ones there are certain things one should look for. These are listed within the chapter within each type of program discussed. Probably most importantly chapter 14 deals with how to find a good elder care lawyer. This book even sports case studies, a bibliography and an index.
    Although a wise purchase, a slightly difficult book to read because it has some very confusing parts.

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  • Anonymous

    Posted September 17, 2008

    Understanding Medicaid

    In the United States, health care is increasingly becoming one of the biggest crisis that face families today. Government health care programs such as Medicaid offer limited solutions to low-income families, and the process to get proper care is often met with confusion and challenges. The Complete Guide to Medicaid and Nursing Home Costs addresses such scenarios and gives you valuable information on making levelheaded decisions about consultation and representation, achieving financial stability, and protecting your possessions from being seized. First, it is imperative that you become more knowledgeable about the Medicaid program to navigate all of the glitches within this system. Also, you will learn how to take accurate estimates of your assets (from properties to finances) to determine what is at risk to Medicaid. Remember that the rules in one state may vary from another state and status (single, married, etc) is taken into heavy account. The state takes a vested interest in various areas of your life once you decide on the Medicaid program. This book suggests that you consider annuities, gifts, wills and deeds as critical components in understanding Medicaid as well. The Complete Guide to Medicaid and Nursing Home Costs shares with you how to qualify for Medicaid by suggesting that you consider a number of conditions such as inflation protection and nursing home care. Needing care or being a caregiver is indeed a touchy subject that this book also addresses. The contact information of each U.S. state agency is included for direction on getting started. News on Medicaid in each state is incorporated for up-to-date knowledge. There are policies, rules and regulations for every subject matter in this book, which signifies the seriousness of ensuring that your life¿s plan benefits the whole family.

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  • Anonymous

    Posted June 25, 2008

    What's the Old Half-Loaf Method? Find Out!

    There are hundreds of 'how-to' guides out there, and even more guides that boast they are the complete and definitive manuscript in that particular area. The reason there are a lot of these books out there, is either because the field they are experts at changes in some way or another, or perhaps they just didn't cover everything they should have covered. Some times it's someone's idea that it's necessary to get a new manual out there, to teach all the new readers out there their particular craft. There came a time when people realized they just wanted the simple approach to whatever it was they wanted to learn. They wanted to be thorough, but they didn't want to have to waste days in learning it. So came along the books for dummies, which made a huge impact because it could teach even 'dummies', for lack of a better word, to do all sorts of things. However, the books for dummies just had this way about them, as if that's all they cared about. Technical details, in some cases, were overlooked because it didn't fit into the parameters of the book, or more accurately the lessons. They cover quite a bit, but would never grasp the same depth a technical manual would. When I picked up The Complete Guide to Medicaid and Nursing Home Costs, I was hoping that this manuscript would be somewhere in between the books for dummies and a technical manual, because that's what I look for when I'm trying to find any kind of definitive guide to something. I want the writer to have fun with the project, so hopefully no matter what subject I'm reading, I don't fall asleep while doing it. The title is a mouthful, but it gets the point across, which is the point of the publishing company. The Atlantic Publishing Group has done well in creating a very in-depth report regarding Medicaid and Nursing Home Costs. They cover all of the vital areas, as well as some areas that I didn't expect to see, such as the Old Half-Loaf Method, and the New Half-Loaf Method. They've gone to greater lengths than most to publish a truly genuine manual in the area they chose. In the end, it's never bad to have too many manuals or 'how-to' guides when covering any one subject, but if you do have one, it's good to have one that actually delivers the information you need to know, and all of it. At 288 pages, it cannot even be considered a hard read. They get the information to you, and in a respectively short method. Plus, with each purchase of the manual, a donation is delivered to the Humane Society of the United States, which should make anyone feel happy that while they're leaning something, they know they're helping at the same time. That feeling doesn't come around often.

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  • Anonymous

    Posted June 24, 2008

    For the Baby Boomers!

    With ¿baby boomers¿ beginning into their third trimester of their lives and the increase in life-expectancy, nursing homes (and Medicaid) are becoming more and more important. This book really focuses on explaining ¿what Medicaid is,¿ and how to approach receiving your coverage ¿what annuities are,¿ and how you receive your investments. Also discussing topics such as gifts, wills and deeds, and other essentials for one¿s retired life, this book is straight-forward and easy to read, teaching any common reader about these important facts. Although this book is set-up with a clean, precise, and informative approach, the focus leans more towards Medicaid procedures. Providing only one chapter on Nursing Homes (and more on alternatives to Nursing homes), the book is un-proportionate from its title/focus. Finally, the case studies at the end of the text are great, but would be better suited throughout the text, rather than clumped together at the end. Overall, the information in this text is thorough and complete, while the structure could be reconstructed to be more effective.

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  • Anonymous

    Posted June 25, 2008

    Useful Book!

    Aging is expensive. Although the conditions of nursing homes and the quality of health care is better than it has ever been--the prices are higher than they have ever been as well. Long-term medical care can completely deplete your savings and assets--a monster than adds penury to pain. But the greatest amount of trepidation will not keep us from the brink--we cannot slow the years to save our bank account or stop the failing of our bodies to buttress our investments. Instead, we must prepare, and prepare now, both for our own expenses and for the expenses of those who are dependent upon us. But how to prepare best? What programs deal with long-term medical expenses, like nursing homes? What laws are in place to help or hinder preparation? They vary by state, so you will need to contact an elder-care lawyer, but even to do so seems to require at least a basic understanding of the programs and types of laws that govern these vitally important financial and medical questions. This book seeks to answer these questions as best it can, in a general way and with the constant proviso that you will need to contact an elder-care lawyer to determine your actual best moves in your own area. But the concepts it illuminates, the programs it describes, and the techniques it illustrates are invaluable. It begins with simple definitions--what is medicaid?--and moves on to the pressing and important issues of how to deal with assets and how to protect them when applying for aid, how to qualify for medicare, what to do with homes, how to compose wills, where to deposit deeds, and whether and how to purchase annuities. In short, it provides a general overview of the whole field, bringing to mind issues you may not have thought about before 'such as alternatives to nursing homes', as well as clearly laying out the options concerning issues you have worried about for a long time. The last few chapters, however, seem the most valuable to me--as this book serves not just as a general guide, but as a springboard to more particular assistance. These chapters include advice on how to find information about laws and programs specific to your state, as well as advice about how to find a good elder-care lawyer 'the essential next step'. A final chapter on Alzheimer's Disease and Medicaid cements the conclusion that this is a comprehensive book in its general way, well-preparing those who read it to step confidently forward in their planning for their own and their dependent's old age. Anyone who will have to deal with the problems of long-term health-care--that is to say, everyone--ought to be familiar with the financial issues surrounding it, so no big surprises await them just beyond the golden gates of retirement, and this book provides exactly the right sort of introduction. I give it a four.

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  • Anonymous

    Posted July 9, 2008

    A reviewer

    The political season has dug up again a controversial issue that often send jitters down the spines of millions of Americans--Health Insurance. It is a subject most people, whether insured or not, find quite intriguing. The complexity of the Health Insurance policy sometimes gets more complicated as one grows older. And many elderly people are worried about the extent of coverage they could get out of their Health Insurance Policy. It is quite interesting that The Complete Guide to Medicaid and Nursing Home Costs addresses these burning issues with utmost simplicity. The book unravels many exciting topics related to Health Insurance Policies in the United States. It exposes every necessary information on Medicaid and Medicare: how to be qualified for Medicaid, the extent of its coverage and tips for Medicaid annuities payment for single and married. It gives unique explanation on how to keep your family assets protected, and how you could transfer gifts that won't result in Medicaid penalty. The Guide goes a step further to treat the issue of Wills and Deeds, elder lawyers and some alternative services to Nursing Homes. Several case studies are discussed, and it also touches on how Medicaid handles patients with Alzheimer's Disease. It highlights Medicaid Policies in different States, making it easy for people to gain a lot of knowledge about Health Insurance Policies by merely flipping through the pages. This Guide will go a long way in debunking some mystery surrounding the subject of Health Insurance.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted July 8, 2008

    A reviewer

    The political season has dug up again a controversial issue that often send jitters down the spines of millions of Americans--Health Insurance. It is a subject most people, whether insured or not, find quite intriguing. The complexity of the Health Insurance policy sometimes gets more complicated as one grows older. And many elderly people are worried about the extent of coverage they could get out of their Health Insurance Policy. It is quite interesting that The Complete Guide to Medicaid and Nursing Home Costs addresses these burning issues with utmost simplicity. The book unravels many exciting topics related to Health Insurance Policies in the United States. It exposes every necessary information on Medicaid and Medicare: how to be qualified for Medicaid, the extent of its coverage and tips for Medicaid annuities payment for single and married. It gives unique explanation on how to keep your family assets protected, and how you could transfer gifts that won't result in Medicaid penalty. The Guide goes a step further to treat the issue of Wills and Deeds, elder lawyers and some alternative services to Nursing Homes. Several case studies are discussed, and it also touches on how Medicaid handles patients with Alzheimer's Disease. It highlights Medicaid Policies in different States, making it easy for people to gain a lot of knowledge about Health Insurance Policies by merely flipping through the pages. This Guide will go a long way in debunking some mystery surrounding the subject of Health Insurance.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted February 5, 2010

    No text was provided for this review.

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