“What You Need to Know About Medicaid’s Personal Needs Allowance,” ElderLawAnswers Quote: “The WA Cares Fund’s operational details are interesting, but its impact on consumer behavior is what matters here. Faced with an immediate cost related to long-term care, people behaved differently than before. Instead of ignoring LTC until they need it and then relying primarily on Medicaid if confronted with catastrophic care costs, people bought the private coverage to avoid compulsory payroll deductions imposed by the state. That outcome has important public policy implications. If we want more people to plan ahead and prepare privately for long-term care, we need to
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“What You Need to Know About Medicaid’s Personal Needs Allowance,” ElderLawAnswers Quote: “Seniors who rely on Medicaid and live in nursing homes receive a personal needs allowance — a monthly stipend the Medicaid recipient can use to pay for needs that Medicaid does not cover. Medicaid restricts the amount of the allowance and how it is used. If recipients do not use all the money they received in a month, they may risk losing their coverage.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Generous government grants Medicaid recipients a monthly allowance? Hardly. Medicaid takes all
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“Social Security: 3 Reasons Why Record COLA Increase in 2023 Could Backfire on Seniors,” GOBankingRates Quote: “Seniors with additional income from interest, dividends, investments or earned income could have to pay taxes on their Social Security benefits for the first time. Seniors who are married, filing jointly, and earn more than $44,000 for the year could have to pay taxes on up to 85% of their benefits, according to the SSA. Those who earn between $32,000 and $44,000 may be taxed on up to 50% of their benefits. Individuals earning $25,000 to $34,000 may see 50% of their benefits taxed.
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