Medicare premiums are rising sharply next year, cutting into the large Social Security cost-of-living increase. The basic monthly premium will jump 15.5 percent, or $21.60, from $148.50 to $170.10 a month.
When applying for Medicaid’s long-term care coverage, in addition to the strict income and asset limits, you must demonstrate that you need a level care typically provided in a nursing home.
The federal government can grant “waivers” to states allowing them to expand Medicaid to include home and community-based services. The downside is that states can limit home care and the wait can be long.
Rising inflation due to the ongoing coronavirus pandemic means that in 2022, Social Security benefits will rise 5.9 percent, the sharpest upsurge since 1983.
The government has expanded access to protections for spouses of reverse mortgage holders who are not named in the loan document, allowing more such spouses the ability to stay in their home if the borrowing spouse dies or moves to a care facility.
Medicare prescription drug plans can have a coverage gap—called the “donut hole”–which limits how much Medicare will pay for your drugs until you pay a certain amount out of pocket.
Five elder advocacy groups are calling on Congress to eliminate Medicaid estate recovery after a congressional advisory commission concluded the practice recoups a tiny percentage of Medicaid spending while contributing to generational poverty and inequity.
As the second (and maybe third) round of stimulus checks go out, it is important to know that nursing home residents are not required to turn their checks over to their nursing home.
All Long-term care costs rose sharply in 2020, but assisted living facility costs increased the most, according to Genworth’s latest annual Cost of Care Survey. The across-the-board rises were due in part to increased costs brought on by the coronavirus pandemic.