In most instances, you can own a home and still get MassHealth coverage of your health or long-term care. While MassHealth has strict income and asset limits on eligibility, in most cases it doesn't count the home against those limits. On the other hand, as I often say, while they don't get you coming, they will get you going. If you sell the house either during your life or upon your death, MassHealth will seek to recover its costs of paying for your care.Read More
The other day, I met with a long-term care insurance broker who bemoaned the quicker timetable of estate planning attorneys as compared to the underwriting process for long-term care insurance (LTCI). He reported that in his experience most estate planners try to complete the process from first meeting to executing the ultimate documents in about five weeks. It takes longer than that for an application for LTCI to be approved or rejected by insurance companies who will only sell policies to healthy applicants.Read More
Topics: long-term care insurance
How much money you need "in the bank" when you retire depends on many factors, including the following:
Living standards. How much money will you need each month to live the way you want to live? Does that include travel? A second home? Gifts or support to children and grandchildren? Create a budget as a starting point, and then assume that it will increase at least 3 percent per year to account for likely inflation.