Thanks to a new rule recently finalized by the federal government, obtaining and renewing health care coverage under the Medicaid program is set to become easier for millions of Americans.

A promissory note is normally given in return for a loan. Classifying transfers as loans rather than gifts can be useful because it sometimes allows parents to “lend” assets to their children and still maintain Medicaid eligibility.

As the U.S. population ages and life expectancies increase, the need for long-term care is becoming an important consideration for many individuals and families.

Though Medicaid exists to help those who need it, navigating the specifics of what it covers and does not cover can be daunting. Here are highlights on the basics of Medicaid coverage.

As adults age, they may want to remain in their homes and communities for several reasons. For one, remaining in one’s own residence preserves independence.

As a spouse, you have the option of claiming a Social Security retirement benefit based on your own earnings record or collecting a spousal benefit equal to half of your spouse’s Social Security benefit.

In late March 2024, U.S. Sen. Bob Casey (D-PA) introduced the Boosting Benefits and COLAs for Seniors Act. The Act centers on changing the formula that the SSA uses to calculate Social Security benefits for older adults.

As of late 2023, the median monthly cost of a semi-private room in a nursing home in the U.S. was close to $9,000. The vast majority of people cannot afford to pay these prices out of pocket over the long term.

Seniors seeking information on assisted living options may find recent data from the Seniorly Resource Center useful. Its new 2024 report sheds light on the costs of assisted living – from the most to the least expensive – across the U.S.

If you are a homeowner who is falling behind on your real estate taxes, you may end up facing foreclosure on your property. Because your property taxes hinge on the value of your property, you may find your taxes rising beyond what you can afford.

To qualify for Medicaid, you must have limited income and assets (in most states, no more than $2,000 in your name). If you have more than that, you may find yourself having to “spend down” your extra assets to meet the $2,000 limit.

Each year, 10 percent of older adults experience some form of abuse. In addition to physical harm, elder abuse can also encompass financial exploitation, neglect, and emotional abuse. WalletHub has evaluated elder abuse protections in the 50 states and the District of Columbia.

Even if you have a long-term care insurance policy, you may likely be hoping that you won’t ever have reason to use it. Regardless of what the future holds, there’s one silver lining of which you may not be aware. That is, premiums on many long-term care insurance policies are in fact tax-deductible.

As they grow older, your parents may prefer to continue living in their home rather than moving to a long-term care facility. They are not alone in this; more than three-quarters of adults over the age of 50 say they would prefer to age in place.

Each fall, the Centers for Medicare & Medicaid Services (CMS) renews the federal guidelines that seek to protect individuals whose spouses are applying for or receiving Medicaid long-term care benefits.