Tag: Medicaid
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The Right Way to Gift Money to Your Children
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Setting a Goal Before giving a financial gift, you need to understand why you are doing it. You may be looking to fund a future goal such as college education or retirement, or you may want to teach a child how to invest in stocks or mutual funds. You might…
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Retirement at Age 65 and the Decisions You Will Need to Make
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What will you do about healthcare? Choosing a health insurance plan is one of the biggest decisions you will need to make when you turn 65, whether you decide to retire or not. Medicare benefits for seniors begin at age 65 for most people. This makes it easier to retire…
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How to Report Dowry Payments on Your Taxes
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Tax Rules for Alimony Before 2019 The tax rules for reporting alimony payments you made or received depend on the date of your divorce. If you were divorced in 2019 or later, alimony does not affect your taxes. Payments you make are not tax-deductible, and alimony income is not considered…
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What is open enrollment?
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Open enrollment is the annual period during which you can sign up for or change benefits. How does open enrollment work? Open enrollment is a period during which you can enroll in a healthcare plan or make changes to your current coverage. Open enrollment typically occurs annually in the fall…
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What is a qualifying life event?
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Definition A qualifying life event is when you experience a change in your life or financial situation that causes you to lose your health insurance coverage or need to change it. As a result of a qualifying life event, you qualify for a special enrollment period, allowing you to apply…
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Practical Steps for Filing Medical Bankruptcy
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Introduction Medical bills are a factor in 50% of bankruptcy cases. There’s no doubt that filing for bankruptcy is a big decision. But sometimes this decision is facilitated by issues beyond our control, such as an accident or the development of an illness that leads to massive medical bills. Bankruptcy…
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How to Handle a Financial Emergency
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Unexpected financial emergencies can leave a person feeling stunned and helpless. Whether it’s a job loss, medical expenses, or urgent home repairs, a sudden change in financial circumstances can be extremely overwhelming. Assessing the Situation Once you realize that a financial emergency has occurred, take a moment to sit down…
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Places to find affordable health insurance
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Overview: The healthcare system in the United States has been a long-standing source of reform efforts due to high care costs and the fact that many Americans lack health insurance. In 2010, the Affordable Care Act (also known as ACA or “Obamacare”) was passed to address some key issues. The…
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What is the Medicare tax?
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The U.S. government imposes a fixed Medicare tax rate of 2.9% on all wages received by employees, in addition to income earned by self-employed individuals in business or agriculture. The “fixed rate” in this case means that everyone pays the same rate of 2.9% regardless of their income level. However,…
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How to Handle Joint Financial Matters After the Husband’s Death
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Coping with Grief After the loss of a loved one, it is essential to give yourself enough time to process your grief. You may feel that the various tasks you need to handle seem overwhelming, so remember to take breaks and allow yourself to go through this phase. To facilitate…
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What does Part B of medical insurance cover?
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Part B of Medicare is considered medical insurance and is the most similar to traditional health insurance. Part B covers outpatient services and medical services, as well as preventive services and other necessary medical interventions. What Part B of Medicare Covers Part B of Medicare covers outpatient services and medical…
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What is healthcare?
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Definition: Medicaid is the public insurance program in the United States that provides medical coverage for eligible low-income populations. How does Medicaid work? Medicaid is a government-run healthcare program that provides free or low-cost medical coverage for eligible individuals and families. The program is administered through a partnership between the…
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HSA vs. FSA: Which is Better?
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HSAs vs. FSAs Both provide a tax shelter for medical expenses, but HSAs are considered more flexible. Impacts of the CARES Act Significant changes apply to telehealth appointments and over-the-counter medical products. Frequently Asked Questions (FAQs) What are the qualified expenses for health accounts? What is covered by a flexible…
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What is Medicaid retirement?
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Definition and Example of Medicaid Annuity A Medicaid annuity is a lifetime financial payment that provides income to one spouse while the other is eligible for long-term care or elder care. It protects your financial assets while allowing you to qualify for expanded Medicaid benefits. How Medicaid Annuity Works Medicaid…
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Can I cancel my health insurance?
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There are times when it is necessary to cancel your health insurance plan, such as when you start a new job or become out of your parents’ coverage. Sometimes, terminating health insurance is as simple as making a phone call or accessing your account online. However, policy rules can vary…
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What is the Elderly Law?
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The Elder Law is a legal field that deals with the unique legal issues affecting the elderly. Definition and Example of Elder Law Elder Law is the specialized area of law that addresses the diverse legal needs of seniors. It focuses on legal issues that affect the elderly and their…
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Comprehensive Budget Reconciliation Law
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The Comprehensive Budget Reconciliation Act refers to several different laws enacted under the presidencies of Ronald Reagan, George H.W. Bush, and Bill Clinton. Here are some of the most notable comprehensive budget reconciliation acts, arranged chronologically: The Comprehensive Budget Reconciliation Act of 1981 The Comprehensive Budget Reconciliation Act of 1981…
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How to Avoid Medicaid Death Tax
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Medicaid Estate Recovery If the deceased was a Medicaid beneficiary and falls within one of the recovery categories, the state must recover enough assets from the estate to cover Medicaid costs associated with long-term care and related pharmacy and hospital benefits. This includes Medicaid payments for cost-sharing in healthcare for…
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Who needs to hire an elder law attorney?
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Issues related to elder law can be complex. A single wrong word or one misstep can be the difference between a good outcome and disaster if you become unable to care for yourself or your other personal affairs in your later years. An elder law attorney can assist you in…
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What happens if I don’t have health insurance?
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What if I don’t have insurance? Health insurance in the United States can be expensive. Even if an employer offers a health care plan, out-of-pocket costs can be high. From 2010 to 2020, employee contributions to premium costs rose by 40%, outpacing wage growth, according to the Kaiser Family Foundation.…
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Who pays medical bills after death?
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When someone dies, it is natural to feel panic when you realize that their medical bills and credit card bills have really piled up. Are you responsible for paying them? In most cases, the answer is no. Generally, the responsibility for paying accumulated debts falls upon the estate of the…
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Can you receive healthcare through healthcare and private insurance?
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In this article, we will learn about the possibility of obtaining healthcare through healthcare and private insurance, and how it can be beneficial for you. We will also discuss the legal importance of both healthcare and private insurance and how this can affect your healthcare costs. Healthcare and Private Insurance…
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When are you eligible for Social Security and healthcare (Medicare)?
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When You Are Eligible for Medicare Older adults who are U.S. citizens or permanent residents may be eligible for traditional Medicare coverage starting at age 65. You may also be eligible for Medicare if you are under age 65 and meet one of the following conditions: You are receiving dialysis…
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Top 10 Frequently Asked Questions about Employee Benefits for Workers
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1. What are the types of general employee benefits that I may be eligible for? The types of employee benefits available for working individuals are virtually limitless, but most employers are required to provide minimum coverage under the Affordable Care Act. These generally include health insurance, prescription drug coverage, and…
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How to Negotiate Medical Bills and Lab Fees
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Check the Bill for Errors This can be challenging because medical bills have their own unique language, but you can determine if your bill is accurate if you know where to focus your attention. Almost all procedures are coded to facilitate collection from insurance companies. You can search online to…