Turn to Medicaid
Medicaid planning for married couples
Medicaid eligibility for singles adults
Assets and income
According to the American Council on Aging, in most states, a senior adult who is 65 years or older must have an income that is less than $2,742 a month for 2023 ($32,904 annually.) All of the individual’s monthly income is counted towards their total, including Social Security, Pensions, VA benefits (most states exempt a significant portion of the VA’s Aid and Attendance Pension Benefit), and annuity payments. Applicants must have their income verified by Medicaid by showing proof through documentation. This could be through 1099 tax records, bank statements, brokerage statements, social security annual award letter, pension statements, etc. If someone’s income exceeds the limit, there are planning strategies which can make someone with a higher income eligible for Medicaid. It is this expertise which makes Elder Care Financial Planning such a valuable referral resource to thousands of long term care communities around the country.
VA Benefits Planning
Long Term Care Insurance
Final Expense Policy
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