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Be Prepared - Medicare Premiums Set to Increase in 2022

Due to inflation, prices are rising and that is holding true to Medicare Premiums as well. They are set to rise sharply in 2022, which is going to cut into the large Social Security cost-of-living increase. Currently, the basic monthly premium is $148.50, and it’s set to jump 15.5% to $170.10 a month.

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What happens to your spouse’s income if they are admitted to a nursing home?

Medicaid has recently made some changes to provide protection for certain individuals, should their spouse be admitted to a nursing home. This protection is provided for individuals whose significant others are the breadwinners of the household.

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Why You Should Use a Lawyer for Medicaid Planning

Many seniors and their families don't use a lawyer to plan for long-term care or Medicaid, often because they're afraid of the cost. But an attorney can help you save money in the long run as well as make sure you are getting the best care for your loved one.

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Be Prepared for Medicare Open Enrollment

It’s hard to believe it is already nearing the end of September. Just around the corner is Halloween, which starts the hustle and bustle of the holiday season. All of this also means that open enrollment for Medicare is almost here. The Medicare open enrollment period runs from October 15th through December 7th.

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What Is an Elder Law Attorney?

Elder law is an area of legal practice that specializes on issues that affect the aging population. The purpose of elder law planning is to prepare the elderly person for financial freedom and autonomy through proper financial planning and long-term care options. (Wikipedia)

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Medicaid Eligibility and Life Insurance

Before applying for Medicaid, you want to make sure you qualify. As we have mentioned in the past, there are several rules that come into play when dealing with Medicaid and one of them is your income and assets. To qualify, you can have no more than $2,400 in countable assets. One thing individuals may not factor in, when determining their assets, is their life insurance policy. Life insurance policies are typically available as either term life insurance or whole life insurance.

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Covid-19 Related Purchases May Be Tax Deductible

If you haven’t filed your taxes yet, you may be able to add another tax deduction! The IRS announced that you can include what you spent on face masks, sanitizer, sanitizing wipes and any other products to help prevent the spread of the coronavirus as a medical expense.

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