Retirement

If your name or social security number on your social security card is incorrect or you need to speak to the Social Security Administration the phone number is 1-800-772-1213.

Medicaid is a joint federal and state program that pays for health care services for those with low incomes or very high medical bills relative to that persons income and assets. Medicaid pays for nearly half of all nursing home care.

A gift made pursuant to the Federal Estate and Gift Tax exclusion for gifts of $14,000 per year per person does create a period of ineligibility for Medicaid. You may make a gift of $14,000 or less per year to any person without creating a gift tax but the gift would still create a period of ineligibility for Medicaid which will be determined by utilizing the following formula. The dollar value of the asset transferred and dividing it by the average monthly cost of a nursing home as determined by the Department of Social Services for your area. This is not the actual average monthly cost of a nursing home in your area but the rate as established by the Department of Social Services. The actual cost is probable significantly higher. Speak to your local CPA or elder law attorney for more information on a gift or transfer and Medicaid.

Any transfer of assets to an Inter Vivos Irrevocable Trust will not automatically create a 60 month period of ineligibility for Medicaid. When a transfer to a trust is made the period of ineligibility will be calculated by taking the dollar value of the asset transferred and dividing it by the average monthly cost of a nursing home as determined by the Department of Social Services in your area. Not all transfers to a trust will automatically create a 60 month period. There can be transfers made to a trust which create periods of ineligibility of less than 36 months. Speak to your local CPA or an elder law attorney for more information on trust transfers and Medicaid.

The Medicare Special Enrollment Period (SEP) is essentially an exemption that allows seniors who meet certain circumstantial events to make Medicare Advantage plan purchases outside of the annual open enrollment period. Qualifying circumstances include: •Seniors with a change in there permanent address •Seniors who enter or leave a nursing home •Seniors who are eligible for both Medicare and Medicaid, who lose cost sharing assistance provided by Medicaid •Seniors eligible for low-income subsidy •Senior who lost credible Rx coverage •Seniors dis-enrolling from employer sponsored health plan

Generally not. Medicare only covers medically necessary care under Hospital Insurance Part A and medical insurance under Part B. Long-term care is custodial care given at home or in a nursing home for people with chronic disabilities or lengthy illnesses. Private insurance companies sell long-term care insurance policies. For more information on long-term care insurance speak to your local CPA or get a copy of A shopper's Guide to Long-Term Care Insurance from the National Association of Insurance Commissioners at 120 W. 12th Street, Suite 1100, Kansas City, MO 64105-1925

Medicare is a national health insurance program for people ages 65+, or younger individuals with certain disabilities.
Like most other insurance programs, Original Medicare does not pay for all health care costs. You must pay for deductibles, premiums, coinsurance or copayments. Medicare has four parts:
A. Hospital Insurance - helps pay for inpatient care in a hospital or skilled nursing facility (following a hospital stay), some home health care and hospice care.
B.Medical Insurance - helps pay for doctors’ services and many other medical services and supplies that are not covered by hospital insurance.
C.Medicare Advantage - plans are available in many areas. People with Medicare Parts A and B can choose to receive all of their health care services through one of these provider organizations under Part C.
D.Prescription Drug Coverage - helps pay for medications doctors prescribe for treatment. Go to the Social Security website for more information at http://www.socialsecurity.gov/medicareonly/

When you first become eligible for hospital insurance (Part A), you have a seven-month period (your initial enrollment period) in which to sign up for medical insurance (Part B). A delay on your part will cause a delay in coverage and result in higher premiums. If you are eligible at age 65, your initial enrollment period begins three months before your 65th birthday, includes the month you turn age 65 and ends three months after that birthday. If you are eligible for Medicare based on disability or permanent kidney failure, your initial enrollment period depends on the date your disability or treatment began. If you accept the automatic enrollment in Medicare Part B, or if you enroll in Medicare Part B during the first three months of your initial enrollment period, your medical insurance protection will start with the month you are first eligible. If you enroll during the last four months, your protection will start from one to three months after you enroll. If you do not enroll in Medicare Part B during your initial enrollment period, you have another chance each year to sign up during a “general enrollment period” from January 1 through March 31. Your coverage begins on July 1 of the year you enroll. However, your monthly premium increases 10 percent for each 12-month period you were eligible for, but did not enroll in, Medicare Part B. In addition to using the SSA website, http://www.socialsecurity.gov, you can call us toll-free at 1-800-772-1213.

The Centers for Medicare & Medicaid Services (CMS), a branch of the U.S. Department of Health and Human Services, is the Federal agency that administers the Medicare program and monitors the Medicaid programs offered by each state. Medicare makes it easy for you to get information. You can find answers to general questions about eligibility, coverage, and Medicare Summary Notices (MSNs) on this Web site. You can also compare health and drug plans, Medigap policies, hospitals, nursing homes, and more! For specific questions about your claims, medical records, or expenses, visit MyMedicare.gov, or call 1-800-MEDICARE .