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Updated: April 12, 2024 at 9:38 am
Medicaid and life insurance. These together aren’t like peas and carrots. More like oil and water!
You may have heard different information about Medicaid eligibility and life insurance. Frankly, a lot of the stuff you read on the internet is inaccurate.
In this article, we dispel the inaccuracies and tell you what you need to know about how Medicaid works with life insurance.
Updated: April 12, 2024 at 9:40 am
Massachusetts residents who possess long-term care insurance are granted a unique provision. The provision is the only of its kind in the nation.
Let’s back up a bit. You’ve probably heard about people losing their homes during the estate recovery process. This happens when the state’s Medicaid department files for a claim on your loved one’s estate for using Medicaid for long-term care needs. The state wants to recoup what it paid to your family member.
Updated: April 12, 2024 at 9:40 am
When people think of long-term care insurance, a favorable tax deduction is the last they think of.
Why? Well, traditional long-term care insurance has had a bad rap these days. It seems like everyone knows premiums have increased through the roof. (FYI – they have stabilized, though.)
Moreover, people don’t like the “use-it-or-lose-it” stigma associated with traditional long-term care insurance. We understand. As we have discussed, however, you will probably need some type of long-term care in your future.
Did you know that traditional long-term care insurance offers a really nice tax deduction as well as other awesome tax benefits?
Continue reading Long-Term Care Insurance Tax Deduction | How It Helps & Other Tax Advantages
Updated: April 12, 2024 at 9:40 am
You’ve probably never heard of NGL or a funeral expense trust (or funeral trust, for short).
When a person is searching for the right final expense or burial insurance, sometimes the breadth of carriers and products makes the process confusing and intimidating. The person becomes frustrated. Then he or she stops this important coverage altogether, leaving his or her family exposed to a potential financial burden.
You don’t need to feel that way with the NGL Funeral Expense Trust.
Updated: April 12, 2024 at 9:40 am
If you have a final expense life insurance policy, you probably don’t think it could affect your care in nursing homes.
We know you did the right thing. You purchased a final expense insurance policy to take care of your burial expenses and leave some money to your spouse or surviving heirs upon your death. And, you feel good about the decision. It is a good one: you don’t want them to worry about paying for a funeral while grieving. Of course, you want to leave a legacy for your family as well.
But you weren’t aware of a potential problem with nursing homes and life insurance (which is final expense insurance).
Continue reading Your Final Expense Insurance Could Be Taken By Nursing Homes – Unless You Do This