Elder Law Newsletters
Annuity Payout Options
An annuity contract includes provisions for paying out benefits to the annuitant or beneficiary. There are many payout options available. Generally, a portion of each annuity payment is income; thus, federal income tax applies.
Medicaid Income Limits for Married Couples
Medicaid provides long-term health care benefits for certain qualifying residents of nursing homes depending upon available income and resources. To be eligible for Medicaid, the applicant’s monthly income and resources cannot exceed established limits.
Medicare Coverage – Skilled Nursing Facility Care
Medicare provides insurance coverage for care provided in skilled nursing facilities (SNFs), typically nursing homes and acute hospitals with skilled nursing beds.
Part A – Hospice Care
If a patient is willing to waive coverage under Medicare Part A and certain other criteria are met, Medicare will cover many aspects of palliative hospice care.
Social Security – Supplemental Security Income
Due to divorce, teenage pregnancy, and many other factors, relatives, especially grandparents, are increasingly called upon to take care of children. Whether a formal, legal relationship or an informal one, this is known as kinship care.