James C. Molet's Blog, page 4
May 6, 2020
Does Medicaid Cover Eye Exams?
A routine eye examination is an important part of your health care that should never be overlooked. This is because it can detect early symptoms of eye diseases, vision problems, and other health problems that may compromise your daily activities.
The cost for an eye examination and prescription glasses recommended by your optometrist will seem to be costly if you do not have enough budget allocated for this kind of medical necessity. Therefore, it may be very common to ask your health insurance provider (if you are under the Medicaid program) questions like these: Does Medicaid cover exams? And then, if yes, probably you have this follow-up question in your head, Does Medicaid cover glasses?
Well, the answer to whether Medicaid covers eye exams and glasses will depend on the state where you reside since Medicaid plans vary from state-to-state. However, generally, if you are eligible, Medicaid will cover both your routine and comprehensive eye examination such as color blindness, glaucoma, and visual field test. Moreover, Medicaid will also cover your eyeglasses.
Make sure to check with your local Medicaid office to see what are the vision benefits covered under your policy.
Children and Young Adults are Automatically Covered for Vision Care
Generally, Medicaid beneficiaries who are 21 years old and below are automatically covered for vision care as part of their health insurance policy. This serves as preventive care for children so that it will lessen the risk of vision problems later in life.
Children and adolescents age 21 years and younger are eligible for vision coverage under these two programs:
1. Children’s Health Insurance Program (CHIP)
This program provides health coverage to children who are qualified both on Medicaid and individualized CHIP programs.
Vision screenings and routine eye examinations are part of the benefits coverage and it is covered by Medicaid. Therefore, if you are eligible for CHIP benefit coverage, you may apply either through your local Medicaid office or through your local Marketplace.
Once you have chosen your local health provider, you will enroll in their services, and then your local health provider will give you a Medicaid service card that you will use whenever you seek health care services.
2. Early and Periodic Screening, Diagnostic, and Treatment Program (EPSDT)
This program is dedicated to children under 21 years old, who are enrolled in Medicaid, which grants access to any Medicaid health care coverage benefits regardless of the amount and whether the service is covered by your plan.
Your local state is the one who is responsible to inform you regarding the EPSDT benefits and ensure that eligible children will receive their regular examination including their physical, mental, growth, and nutritional health following the scheduled timetable determined by your state, which is also known as periodicity schedule.
Therefore, the vision care benefit is covered under this program such as eye examination, free eyeglass frames, and contact lenses. However, each state has its own guideline and policy that will state how often these eye examinations should be conducted and how many times your prescription glasses or contact lenses should be replaced.
Just because you’re an adult doesn’t mean that you’re excluded from coverage. Each state determines the level of the vision care covered for low-income adults. Remember that there are no specific federal guidelines that mandate coverage for this, so check with your local Medical office on your state’s coverage.
Which States Cover Eye Exams?
Under the Medicaid program, children and adolescents under 21 years old must receive vision screenings every check-up. If upon check-up, the doctor suspects a vision problem, the patient will be covered for further treatment and evaluation until their condition is under control.
Your state’s Medicaid program will be the one who will dictate how frequent these checkups and screening should be conducted, however, generally, it is recommended that eye checkup must be performed at least once a year to ensure the eye’s optimal health. This is because it can help to detect early potential eye or vision problems. Most importantly, it can help in identifying underlying conditions such as diabetes, glaucoma, and hypertension.
Hence, here are the basic vision care benefits covered by Medicaid that offer low-cost to free charge depending on your Medicaid policy and the state where you reside.
Routine and comprehensive eye examinations such as pupil dilation, color blindness, and other vision tests.
Well, listed below is the state-to-state coverage for a routine eye examination
State to State Coverage For Routine Eye Examination
STATES WITHOUT COVERAGE OF EYE EXAMINATION
Arizona
Colorado
Delaware
Florida
Georgia
Idaho
Kentucky
Louisiana
North Carolina
Oklahoma
South Carolina
Tennessee
STATES THAT CONDUCT EYE EXAMINATION ONCE ANNUALLY
Alaska
Connecticut
Illinois
Iowa
Missouri
Nevada
New Hampshire
Texas
Utah
STATES THAT CONDUCT EYE EXAMINATION ONCE EVERY TWO YEARS
Arkansas
California
Hawaii
Indiana
Maryland
Massachusetts
Michigan
Montana
Nebraska
New York
North Dakota
Ohio
Oregon
Rhode Island
Vermont
Virginia
Washington
STATES THAT CONDUCT EYE EXAMINATION ONCE EVERY THREE YEARS OR MORE
Alabama
Kansas
Maine
Mississippi
New Mexico
West Virginia
Which states’ Medicaid covers Prescription Glasses?
Eyeglasses, which includes frames, repairs, replacement, and fittings. If you are 21 years old and below, you can ask for replacement twice per year, if your glasses were lost, stolen, or broken. Otherwise, it was stated once a year only.
However, some states do not provide coverage for prescription glasses, especially to pregnant women.
STATES THAT DO NOT COVER PRESCRIPTION GLASSES
California
Oregon
Utah
Contact lenses will not be covered by Medicaid if it is requested for cosmetic purposes. For example, to replace your eyeglasses to improve your physical appearance. However, if they are deemed to be medically necessary, or if they are prescribed by your optometrist, your plan may cover them.
Here are some of the conditions where contact lenses may be covered:
Aphakia – the absence of the lens of the eyes after undergoing a cataract surgery
Anisometropia – your eyes have unequal refractive powers
Myopia
Bifocal and trifocal are covered. If bifocal does not work or you, you may acquire two pairs of single vision glasses. On the other hand, oversized lenses and multifocal lenses are not covered. You may pay for the additional cost if you want to upgrade your standard lenses.
Remember: Medicaid covers only standard frames, glasses, and contact lenses. Premium frames or specialty lenses are not covered, but you may foot the bill for the additional cost.
Medicaid usually covers and approves one pair of eyeglasses every year. In some special cases, you may ask for additional prescription glasses, if it is considered to be medically necessary.
To use your coverage, you are required to seek medical assistance from only approved Medicaid optometrist and ophthalmologist.
How to Find Eye Doctors that Take Medicaid?
To find an eye doctor that takes Medicaid, you need to look at your insurance card to know the participating vision care providers accredited by your plan. But, most likely, your local agency may assign you to any of these four managed care facilities:
Managed Care Organizations (MCOs)
Prepaid Ambulatory Health Plan (PAHP) – it is a non-comprehensive health plan that is limited to outpatient services
Prepaid Inpatient Health Plan (PIHP) – it is a non-comprehensive health plan that is limited inpatient and institutional services
Primary Care Case Management (PCCM)
However, some might opt to vision centers to seek medical eye assistance. Therefore, you might be wondering, does Walmart eye center take Medicaid? Well, the answer is yes, they take Medicaid and other insurance plans such as Aetna, Amerigroup, Blue Cross, Cigna, Medicare, and others. If you want to see the full list of accredited health care plans of Walmart Eye Center, you may check this site.
Meanwhile, upon undergoing several eye examinations, you have been diagnosed with a serious eye problem. Are serious eye problems still covered by Medicaid as part of their vision care benefits? Well, you may read below to find out.
Are Serious Eye Problems Covered by Medicaid?
If you have a serious eye problem such as cataracts, glaucoma, or detached retinas, you need to see an ophthalmologist. An ophthalmologist is a kind of medical doctor that specializes in vision care such as performing eye surgeries, prescribing ophthalmic medications, diagnosing, and treating eye diseases.
However, in order to cover the medical bill for eye surgery, it must be deemed medically necessary. One very good example of an eye surgery that Medicaid will most likely cover is the cataract surgery. This is a procedure wherein they remove the affected lens of your eyes and then replace it with an artificial lens.
Aside from cataract surgery, here are other eye surgeries that Medicaid will most likely cover. You may call your state’s Medicaid office to check the list of eye surgeries that they cover. Also, make sure to ask if the insurance company dealing with your plan requires prior authorization.
Trabeculectomy – lower the intraocular pressure (IOP) inside the eye in patients with glaucoma
Pneumatic Retinopexy – repair certain types of retinal detachments
Pterygium surgery – removal of the abnormal tissue from the cornea and sclera of the eye
Dacryocystorhinostomy – create a new tear drain between your eye and nose, if your tear duct has become blocked.
Vitrectomy – removal, and replacement of all the fluids from the eye to treat the eye’s retina and vitreous.
The post Does Medicaid Cover Eye Exams? appeared first on Retirement Savvy.
Does Medicaid Cover Incontinence Supplies?
Roughly 25 million Americans suffer from some form of incontinence. The good news is that Medicaid does cover incontinence supplies and bladder-control products such as briefs, pads, and pull-ons.
You can’t deny the fact that buying these incontinence supplies really puts a strain on your personal budget. That is why it is very common to ask questions like, Does Medicaid cover incontinence supplies? Or What are the incontinence supplies covered by Medicaid? After all, you just want to assure that you are enjoying the benefits of your insurance to the fullest.
How to Get Medicaid to Cover Incontinence SuppliesFor you to be covered under the Medicaid plan of incontinence supplies, it must be deemed medically necessary. But, on your own, you cannot just simply state that subjectively, you need to get a prescription or certificate from your physician to make it more formal.
When applying for the coverage of incontinence supplies under Medicaid, make sure you fulfill these two Ps:
1. PaperworkThese are some kind of documents that you need to submit so that you will get that free pass coverage for incontinence supplies. Well, every Medicaid plan has a different set of requirements about the documents you need to prepare.
Generally, the documents fall under these categories:
Assignment of Benefit (AOB)
This document authorizes someone (most likely, your immediate family), aside from yourself to submit reimbursement claims on your behalf. This allows your medical supply company to provide you with approved incontinence supplies and send the total cost to your Medicaid plan to foot the bill.
Certificate of Medical Necessity (CMN)
This is a state document used by doctors to write down the need for incontinence supplies are indeed medically necessary. Therefore, this document establishes your need for incontinence supplies. Just make sure that the doctor filled up all the necessary information for it to be accepted.
Letter of Medical Necessity (LOMN)
Just in case, CMN is not required to submit, you need to submit a letter of medical necessity, written by your physician expressing your need for incontinence supplies upon his/her diagnosis. It entails the reasons why those supplies are needed to treat or manage your condition. Most Medicaid states will prefer this document since it is more detailed and provides a better explanation of why incontinence supplies are medically necessary.
Medical Records
These documents contain your past medical records and history such as the health care services you received and your past medical conditions. You may request this document to your physician since some Medicaid plans may review this kind of document before they approve the coverage for your incontinence supplies and other services.
Physician’s Order (PO)
This is the most common and basic document required by most Medicaid plans. This is just a prescription that states what are the incontinence supplies you need to manage or treat your condition.
2. Prior Authorization (PA)To get you covered, you need to obtain first a prior authorization before the medical supplier will provide your incontinence products. This is just basically a pre-approval from Medicaid for the coverage of your supplies.
This means that you are not allowed to buy these supplies, and then you will file a claim for reimbursement, even though they are covered by your Medicaid plan.
However, this varies from state to state, so you better call first your local Medicaid office to know more about your specific plan policy, the do’s and don’ts.
List of Incontinence Supplies that are Potentially Covered by Medicaid
Now you know how to get Medicaid to assist you. But what exactly does Medicaid cover?
These are the basic incontinence supplies and products covered by Medicaid, though it varies from state to state:
Adult briefs (Disposable briefs)Adult pull-ups/pull-ons (Protective underwear)Bladder control padsBooster padsMale guardsUnderpads (bed pads/waterproof pads)Other Medicaid plans will cover barrier creams to help in maintaining the healthy condition of your skin, some disposable gloves, and wet wipes
Eligibility and Coverage for Incontinence Supplies may Vary by StateRemember that Medicaid programs differ from state to state; therefore, they have a different list of incontinence supplies that are considered medically necessary. Therefore, you should ask your state’s Medicaid office in regard to those matters.
The table below breaks down different states and their Medicaid plans. You can use the links to visit your local Medicaid office’s website and find out more about the coverage of your incontinence supplies.
STATE
ARE INCONTINENCE SUPPLIES COVERED
TYPE OF MEDICAID PLAN
REQUIREMENT/S
Yes
Fee-For-Service
• Must be prescribed by your doctor
Yes
Fee-For-Service
Managed Care
• Must be prescribed by your doctor
• Children who are 3 years old and below are not covered
• Requires prior authorization
Yes
Fee-For-Service
Managed Care
• Must be prescribed by your doctor
Yes
Fee-For-Service
• Must be prescribed by your doctor
Yes
Fee-For-Service
Managed Care
• Must be prescribed by your doctor
• Children who are 4 years old and below are not covered
• Needs prior authorization
Yes
Fee-For-Service
Managed Care
• Must be prescribed by your doctor
Yes
Managed Care
• Must be prescribed by your doctor
Yes
Fee-For-Service
Managed Care
• Must be prescribed by your doctor
Yes
Fee-For-Service
Managed Care
• Must be prescribed by your doctor
• Children who are 3 years old and below are not covered
• Requires prior authorization
Yes
Managed Care
• Must be prescribed by your doctor
• Children who are 3 years old and below are not covered
• Requires prior authorization
Yes
Fee-For-Service
• Must be prescribed by your doctor
Yes
Fee-For-Service
Managed Care
• Must be prescribed by your doctor
Yes
Fee-For-Service
Managed Care
• Must be prescribed by your doctor
• Children who are 4 years old and below are not covered
• Needs prior authorization
Yes
Fee-For-Service
Managed Care
• Must be prescribed by your doctor
Yes
Fee-For-Service
Managed Care
• Must be prescribed by your doctor
• Children who are 3 years old and below are not covered
• Requires prior authorization
Yes
Fee-For-Service
Managed Care
• Must be prescribed by your doctor
• Children who are 3 years old and below are not covered
• Requires prior authorization
Yes
Fee-For-Service
Managed Care
• Must be prescribed by your doctor
• Children who are 3 years old and below are not covered
• Requires prior authorization
Yes
Fee-For-Service
• Must be prescribed by your doctor
• Children who are 3 years old and below are not covered
• Requires prior authorization
Yes
Fee-For-Service
Managed Care
• Must be prescribed by your doctor
• Children who are 3 years old and below are not covered
• Requires prior authorization
Yes
Fee-For-Service
Managed Care
• Must be prescribed by your doctor
Yes
Fee-For-Service
Managed Care
• Must be prescribed by your doctor
No
NOT COVERED
NOT COVERED
Yes
Fee-For-Service
Managed Care
• Must be prescribed by your doctor
• Children who are 4 years old and below are not covered
• Requires prior authorization
Yes
Fee-For-Service
• Must be prescribed by your doctor
Yes
Fee-For-Service
Managed Care
• Must be prescribed by your doctor
• Children who are 3 years old and below are not covered
• Requires prior authorization
Yes
Fee-For-Service
Managed Care
• Must be prescribed by your doctor
• Children who are 3 years old and below are not covered
• Requires prior authorization
Yes
Fee-For-Service
• Must be prescribed by your doctor
Explanation of the two types of Medicaid plans : Fee-for-service vs Managed CareIn the table above we mentioned two types of services in the “Plan” column. Here’s an explanation of what that means, and how it affects you when receiving treatment for incontinence.
Fee-for-serviceManaged CareThis is a type of Medicaid plan wherein the healthcare providers are compensated for every health service they provided to eligible Medicaid patients. As an eligible Medicaid beneficiary, you cannot go to any medical facilities to seek medical treatment and other services unless these facilities are accredited by Medicaid.
This is a health care delivery system offered by Medicaid, wherein the delivery of Medicaid benefits and other services are managed by a private insurance company or their managed care organizations (MCO) through contracted arrangements.
Through this, the state can lower the cost of Medicaid programs to deliver better health care services to their beneficiaries.
Difference Between these Two Plans:The difference between these two plans is the network of coverage. For example, under the fee-for-service policy, there is no network requirement implied on this plan. This means that you can seek medical treatment for incontinence and other services to any medical facilities as long as it is accredited by Medicaid.
On the other hand, for managed care plans, there is only a network of hospitals and doctors that will provide health care. You cannot seek treatment or services outside of that network. Otherwise, it will not be covered by Medicaid.
Who are Eligible for Medicaid?
For you to gauge if you are qualified for the Medicaid’s coverage of incontinence supplies, you need to meet first the certain requirements set by your local state because each state has its own set of eligibility requirements.
However, there are some qualifications that are common and apply in all states. Medicaid coverage provides for the most common ones such as:
Low-income familyPersons with disabilitiesPregnant womenElderlyMedically NeedyThe Medicaid program follows federal guidelines, however, the coverage may vary from state to state; therefore, the best way to know your state’s coverage is to contact your local Medicaid office.
On the other hand, there are a lot of factors that contribute to incontinence, or the so-called underlying factors. People from all ages are affected by incontinence. Therefore, another qualification to check by Medicaid is a proper documentation of the underlying condition.
ConclusionIncontinence is certainly inconvenient, but luckily Medicaid will cover the cost of your incontinence supplies in most cases.
We’ve listed the documents you need to submit to your Medicaid office, as well as the list of incontinence supplies that are typically covered.
Have you had a successful experience applying for Medicaid coverage of your incontinence supplies? Tell us how you did it in the comments!
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May 5, 2020
Here Are The 13 Best Retirement Communities For Active Adults
If you or some of your older family members are looking for retirement communities but aren’t interested in a full-care facility, you’re in luck. There are plenty of excellent retirement communities pacifically for active adults.
First, let’s dive into the best retirement communities for active adults, then we’ll guide you through what you should look for in an active adult retirement community.
13 Best Retirement Communities
This quiet retirement community is located near Shepherdstown, West Virginia, placing it within driving distance to Washington DC. It’s got plenty of natural trails and outdoor splendor to enjoy, as well as refined dining experiences and a diverse array of activities and entertainment.
This scenic retirement community will give you plenty of sun at DeLand, Florida. It’s centrally located, close to the main metropolitan center of the aforementioned city, yet it’s tucked away behind trees and a few hills to keep things quiet and calm for community residents.
This 55 and older active resort is easily one of the most luxurious retirement communities you can find. They offer year-round activities, tons of amenities and sunny weather year-round thanks to their Arizona location. They also have lots of custom-built homes for those in the mood for a southwestern aesthetic.
Here’s an affordable active living community, which is only for those 55 and older. It comes with a selection of preowned homes, along with a multimillion-dollar clubhouse. Other amenities include a full-time activities director, plenty of resort luxuries like swimming pools and tracks, and an excellent climate thanks to its coastal Florida location.
K. Hovnanian’s Four Seasons at Wickenburg Ranch
This is a newer active adult retirement community featuring modern homes with single-family designs. The homes usually incorporate open living spaces for entertaining and casual relaxation. Golf courses, dog parks, spas, sports courts and much more are among the attractions you can benefit from if you choose to live in this tight-knit neighborhood.
This is a broader active retirement community offering over 80 home plans, giving you plenty of choices and even allowing you to emulate your previous home if you don’t want to change things too much. It’s also among the better 55+ affordable retirement communities, and all of the workers and craftsmen are extremely professional. They have locations in both North and South Carolina depending on your preference.
Traditions of America in Chester County
This retirement community is located just outside Philadelphia in northern Chester County. Thus, residents get to enjoy an active lifestyle both in the community borders and at the nearby metropolitan center. The community features many amenities like clubhouses, swimming pools, and walking trails.
This conservation-oriented residential community is low-density and located across 4400 acres in North Carolina. It’s right next to the Blue Ridge Mountains, affording residents fantastic views throughout all days of the year. It’s great for those who appreciate the outdoors, especially due to their amenities, which include golf courses, practice parks, heated pools, and much more.
Las Vegas may not be known for meadows, but this retirement community is still worth your time. It’s 42 acres in total and is a guard-gated resort featuring newly remodeled homes for both sale and rent. It’s pretty affordable like the rest of Vegas and benefits from a year-round warm climate and an active community. Plus, it’s Vegas! What’s not to like?
St. James Plantation. NC Gated Community
Here’s a great gated retirement community for active adults, located next to the seaside village of Southport. All residents get to benefit from first-class amenities, like an oceanfront beach club and marinara. Fitness clubs, miles of championship golf and plenty of biking and walking trails round out the available experiences.
Pacific Lots and Homes of Costa Rica
Head to sunny Costa Rica with this retirement community. Average year-round temperatures are about 82°, so you’ll never feel too cold even during the winter months. Property taxes are pretty low and there’s a real sense of community thanks to the tightly-knit culture and low population.
Schell Brothers Premier Delaware Homes
Those with a little extra cash to spend should look at this retirement community, located at Rehoboth Beach in Delaware. The homes are new, the views are fantastic, and you get plenty of floorplan designs to choose from. Personalization is the norm, and all the homes are built with your comfort in mind.
Nestled in an Arkansas Valley, Hot Springs is an excellent and affordable retirement community featuring 12 lakes, three beaches, and 30 miles of trails. It’s an excellent place if you prefer the outdoors. But it also has a rich cultural heritage and plenty of dining and entertainment options.
What to Look For in an Active Adult Retirement Community
First and foremost, make sure that the community in question is actually for active adults. Regular retirement communities might not be set up for this particular demographic.
In a nutshell, active adult communities are maintenance-free and independent living residences. They’re for adults that are 55 and older, and they come in two major types: age-restricted and age-targeted. Age-restricted communities include homes where at least 80% of them have at least one person over 55. Age targeted communities are little laxer and aren’t limited to this age range.
Either way, the big thing to keep in mind is that active adult communities help retirees and other older folks keep up active lifestyles through amenities and luxuries, in addition to exercise areas. They aren’t like other retirement communities that have staff on hand to help residents live or perform day-to-day activities.
Be careful not to recommend an assisted living community to your able-bodied mom and dad. They may not be quite as amused as you are!
Amenities
As mentioned, you’ll want to pay attention to what amenities a particular community can provide to your parents (or you, if you’re shopping for yourself). Amenities are things like fitness centers, swimming pools, golf courses and any other places where adults can spend time doing activities or socializing. These also include restaurants; great retirement communities should have a healthy selection in relatively close proximity (i.e. driving or walking distance).
Space Sizes
Many folks looking to join an active adult retirement community are trying to downsize. Their normal homes have too much of the space after their kids move out. Examine the available rooms or homes at an active adult retirement community so you can see what space will be available were you to move in. Some people prefer more rooms than others.
Demographics
It’s also a good idea to think about who lives in the retirement community, and whether that’ll work for whoever you’re looking to recommend these to. For instance, if you are looking for a community for your parents and they prefer people of their own generation, it’ll be a better idea to look for an age-restricted community. The reverse is true if they’re a little more open-minded.
Home Care Providers
As mentioned above, active adult retirement communities don’t have care services included with their costs by default. But as people age, they do require additional care and support in order to maintain a good standard of living.
Some communities have prearranged packages with other care service providers that you can use. Others may require you to set up your own arrangements. See what community offers in this regard before making a final decision.
Maintenance Requirements
Some active adult communities have more maintenance requirements than others, like lawn care or snow shoveling. Others provide these as services that are included in the cost of living in the community in the first place. Carefully consider what maintenance requirements are present and think about the physical well-being of your parents. Maybe your dad likes doing chores and would prefer a community that lets him keep feeling useful.
Transportation Arrangements
What does transportation look like within the community? Some places rely primarily on small golf-cart-like vehicles and walking while others have plenty of space for traditional driving. If your parents or grandparents aren’t able to drive any longer, you might benefit from seeking out a community that doesn’t use normal cars very often.
Location
You’ll also want to think about the location of the in relation to family members. For instance, grandparents probably don’t want to be too far from their kids and grandkids, both for holidays and special occasions and for general visits.
On the other hand… maybe you do want the community to be as far away as possible for less drama! All we’re saying is it’s something to consider.
Costs
Finally, don’t discount the fact that costs can vary dramatically from community to community. Some places are much more portable than others, and you’ll need to consider your budget over the short and long-term when deciding on a community to visit.
Conclusion
All in all, any of the above communities will be a great pick for most people. Consider the ones that are geographically closest to you or what amenities they have before making a final decision. Remember, you can usually visit the communities before signing on the dotted line. Let us know if you or someone else has experienced these places and tell us what it was like!
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Can You Transfer Assets Out Of An Irrevocable Trust?
An irrevocable trust is one of the best ways to transfer wealth to the next generation without having to suffer through excessive taxes or ensure that the assets are squandered. It provides a surefire way of keeping wealth safe and secure until it’s ready. However, if the situation changes, people may wonder if they can transfer assets out of an irrevocable trust.
Strictly speaking, you can’t transfer assets out of an irrevocable trust unless you make certain rules about the trust’s contents when it is drafted. We’ll explain more about this later in the article.
But first, let’s talk about a few basics.
What is an Irrevocable Trust?
In a nutshell, an irrevocable trust is a trust type where the terms can’t be amended, modified or terminated without getting the permission of the grantor’s named beneficiary(s). The grantor essentially transfers all the ownership of the associated assets into the trust and removes the right of ownership of those assets to the trust itself.
It’s most often used as a securer alternative to a will by providing a rule on how your property and other belongings are distributed to your named heirs.
Upon opening the trust, you designate a trustee and beneficiary. The trustee is the person overseeing or managing the trust, and may or may not be one of the beneficiaries or heirs. Beneficiaries can be whoever you like, but most often it’s friends or family who you believe should get your assets or wealth after your death.
An irrevocable trust gains its own tax number, the assets within are considered independent until being claimed by the beneficiary. Trustees are responsible for paying taxes owed by the trust, although they can use trust funds rather than their own income to do this.
Speaking of claiming, you can set the rules or regulations that affect the irrevocable trust when you draft it. For instance, you can determine who gets what’s in the trust, when they receive it, and if there are any other conditions that may be required before a beneficiary can take the assets allocated to them.
Many grandparents will create caveats for the trust, designating that the funds within are specifically to be used for certain types of expenses. This may be the case where beneficiaries don’t demonstrate good monetary judgment.
Irrevocable Trust Disadvantages
There are some disadvantages to making an irrevocable trust in the first place. For instance, older people who transfer the majority of their assets to an irrevocable trust but then later fall into financial hardship cannot remove those assets from the trust. They’d have to talk to their beneficiaries (like their children or grandchildren) and get their permission to remove those assets from the trust beforehand.
This risk is nonexistent if you trust your heirs, of course. But many people act strangely when it comes to money or inheritance and they make decisions that they otherwise wouldn’t.
Basically, consider any assets that you transfer into an irrevocable trust as no longer your own unless you explicitly get the permission of your beneficiaries to make changes or remove the assets.
Irrevocable Trust Advantages
These types of trusts also come with advantages. For starters, they can help you overcome income requirements for health insurance like Medicaid and offer some tax benefits. Remember, assets or wealth that are placed into an irrevocable trust are legally no longer tied to your name. So they no longer count for tax liabilities or toward the value of your remaining estate.
In general, most people who will take advantage of these benefits are those with large estates and lots of wealth tied up in their property or other assets. As a result, wealthy individuals use irrevocable trusts more than regular folks.
How Can You Transfer Assets From an Irrevocable Trust?
In the strictest sense of the phrase, you can’t transfer assets from an irrevocable trust that you created for your future beneficiaries. But do you remember how we described that you could make certain rules or caveats about the trust’s contents as you draft it? You can use those rules to create loopholes in the irrevocability of the trust.
For instance, you can create a rule inviting someone else to amend the trust if something changes between the trust’s creation and the projected date of asset withdrawal. As an example, if a parent created an irrevocable trust for a child with disabilities, they could structure in such a way that the kid would lose eligibility for any government benefits based on the trust’s contents.
Yet they can also include a provision that allows the trustee to amend the trust if laws change and allow the kid to have both the assets and government assistance at the same time.
Another example would be allowing trust assets to be transferred to a separate beneficiary or to a charity or another organization if the original beneficiary does not fulfill the right requirements. Let’s say that an irrevocable trust was created by a set of grandparents for their favorite child. But that kid later did something that they didn’t agree with after they were dead.
Because of the irrevocable trust provision they can either transfer the trust asset to another beneficiary or donate it to a charity.
However, you can’t transfer assets from an irrevocable trust back to your original estate under any circumstances. The only possible loophole of this would be transferring assets to a beneficiary while you were still alive, then having them give you the assets anyway. Still, this would involve lots of taxing on both parties’ part, so what’s the point?
The Power of Appointment
Anyone who creates an irrevocable trust also has the power of appointment. This grants them the ability to determine how the trust assets will be ultimately distributed. It’s another version of one of the above scenarios, where assets can be distributed in a different way from what was originally specified if conditions change.
Let’s say that a mother and father create an irrevocable trust for their son, only for him and his wife to begin the divorce process. By reserving the power of appointment in the irrevocable trust provisions, the parents can then change the asset distribution so that their son’s soon-to-be ex-wife doesn’t get any of the assets after they die.
What If You’re the Beneficiary?
The only other loophole concerning transferring assets out of an irrevocable trust occurs if you are one of the beneficiaries of the trust you create. That’s right; you can make an irrevocable trust specifically designating yourself as the sole or one of the beneficiaries. Why would you do this?
Let’s say that you currently have plenty of wealth squared away, but you’re concerned about your costs of living once you get older and want to ensure that you have enough money around for your twilight years. You can create an irrevocable trust in order to keep this wealth protected until a designated date, condition, or any other factor you choose.
This also prevents you from paying taxes on all of that money or property until you take it out to be used. Technically speaking, this would result in you transferring assets out of an irrevocable trust to yourself. But you can’t also be the trustee, so you’ll need someone else to play this part in order to make this scheme work.
Is it Possible to Terminate an Irrevocable Trust?
Beneficiaries cannot terminate an irrevocable trust under most circumstances. However, a trustee or a qualified beneficiary can terminate such a trust if:
the trust purposes have either been fulfilled or have become impractical, illegal, impossible or wasteful to fulfill
complying with the conditions of the trust would impair the accomplishment of the material purpose of the trust
the material purpose of the trust doesn’t exist
Let’s simplify the legalese. You can terminate an irrevocable trust if the point of the trust would be defeated or diminished by awarding the assets as the contract states. Let’s say, for instance, that grandparents made an irrevocable trust for their grandchildren, but those grandchildren, unfortunately, died before the grandparents. In this case, because the purpose of the trust would be impossible to fulfill, the irrevocable trust could be terminated.
Another good example would be an irrevocable trust containing physical assets like a house. But if the house was a proven danger to a neighborhood and legally needed to be taken down or demolished, the irrevocable trust could be terminated since one of the assets in the trust was demonstrably wasteful.
However, you should note that the original grantor of the irrevocable trust cannot terminate the trust under any circumstances. Even in the original example with the grandparents and grandkids, the petition to terminate the trust would have to be brought forward by the trustee. If you’ll recall, the trustee is an individual other than the original grantor(s).
Conclusion
An irrevocable trust is a very tight contract, and it’s hard to transfer assets out of it by design. However, you can sometimes alter the trust if things change unexpectedly so your efforts aren’t in vain. Let us know if you have other questions about these trusts or if you’ve had experience with them in the past.
The post Can You Transfer Assets Out Of An Irrevocable Trust? appeared first on Retirement Savvy.
Will Medicaid Pay For A Service Dog?
Service dogs play a vital role in the well-being of individuals with disabilities or mental health conditions. But although they are often considered to be medically necessary, it’s unclear whether Medicaid will pay for a service dog’s initial costs and ongoing fees. Considering that service dogs can cost quite a bundle, anyone interested in such a dog needs to know! Let’s answer this question and more now!
What Is a Service Dog?
Let’s begin with the basics. A service dog isn’t just any canine companion that provides you with general comfort while you’re out and about. They serve specific functions. In fact, the Americans with Disability Act states that service animals are, “defined as dogs that are individually trained to do work or perform tasks for people with disabilities”.
Another way of looking at it is that a service dog is specially trained to assist the handler with something that relates to their disability. For instance, a dog that knows how to fetch can do something specific, but that isn’t normally related to disability unless stated so on the service dog application.
An example of a dog that is a service dog is a canine that guides a blind handler across the street. In this case, both the training and the service provided directly related to the disability of the handler him or herself.
What do service dogs get to do that others can’t? For starters, they can’t be denied entrance to any business, and even places where you can get food like restaurants or cafés. They can also Comodo state and local government buildings or nonprofit organizations. But on the flip side, they always have to be under control, meaning they need to be leashed and harnessed in such a way that doesn’t interfere with the dog’s duties or services.
One last caveat: service dog handlers can’t be asked about his or her disability. The only legal requests are what the dog has been trained to do in service of the handler and if the dog is a service animal in the first place.
What Does Medicaid Cover? Will it Pay for a Service Dog?
In a nutshell, Medicaid is a federal and state program that provides medical cost assistance for qualifying people that don’t have lots of income or other resources. They cover benefits that may not be covered by Medicare, but personal care services and nursing home care. Thus, it’s logical for someone to ask if Medicare will pay for a service dog.
Why It Doesn’t Cover Service Dogs
Medicaid, and indeed any health insurance, even from private companies, does not cover service animal expenses.
Put simply, Medicaid is designed to cover any absolutely necessary medical expenses that would, if not cover, result in a reduction of quality of life or life endangerment. This means that Medicaid covers things like hospital expenses, doctor visits, nursing home care, and so on. But technically speaking, service animals are not necessary to live when you can have someone else provide the services that dogs do.
It’s because of this technical loophole that Medicaid doesn’t cover service dogs under any circumstances. They also don’t cover any other type of service pet or animal.
How Much Does a Service Dog Cost?
Service dogs are expensive animals both because of their extensive training requirements and all the ongoing costs needed to keep them in tip-top condition. You not only need food and other health materials for the dog in question, but you also need to cover any recurring vet expenses like animal shots or health checkups.
With the training and these ongoing costs combined, service dogs usually cost between $15,000 and $30,000 if you want a properly certified animal. This is much more expensive than what it costs for a regular dog. In addition to the initial price, your service dog will cost you between $500 and $10,000 every year depending on the dog’s health, age, and training requirements relative to your disability.
Why So Expensive?
Because the tasks that they are often asked to undertake are more complex than regular tricks or other standard training, service dogs have to go through extensive training right after they are born for the first few months of life. In many cases, specific dog breeds, often more expensive than buying a mutt at the pound, are sought after in order to make the training process easier.
All the costs add up over time. Adoption, for instance, easily runs at about $1000 or more depending on adoption fees, licenses and the breed you select. Other costs include medical services like spaying or neutering, vaccinations, and micro-chipping so you can find the dog if they are ever lost.
Then you have to account for the cost of training, which usually costs between $10,000 and $50,000. While you can train the dog yourself, you’ll need the assistance of a certified trainer and it will take longer than if the dog was trained at a certified facility.
Then general care costs pile up over time as well. Medical costs, betting and toys, grooming items, tags, and food all raise the medical and ongoing bills for a service dog far beyond what you pay for a regular animal.
Alternatives
Is there another way to get a service dog for free? Even though Medicaid doesn’t pay for a service dog, there’s ways you can get a service animal with assistance. Especially if you are on some kind of restricted income. With all the costs understood, what are your alternatives for paying for a service dog?
Private Insurance
Like Medicaid, private insurance plans also don’t cover the costs for a service dog, like initial purchasing, training, and ongoing materials.
This being said, your medical insurance can often be extended to cover your dog’s ongoing costs, like veterinary care, supplements, and emergency services. This is similar to common pet insurance, which all responsible pet owners should already have.
You’ll have to look into your private insurance plans and policy to determine whether you can obtain ongoing coverage for your service animal via the same provider or if you need to switch providers.
The VA
Many veterans may seek out the assistance of service dogs. They can remind veterans to take prescribed medications or help them get through PTSD symptoms, like an anxiety attack.
Thus, some VA service dogs may qualify for health benefits through the U.S. Department of Veterans Affairs Mental Health Mobility Service Dog Initiative. Note that only dogs that assist with both mobility limitations and mental health disorders may qualify for these benefits.
In total, this initiative provides coverage for the canine’s health and wellness costs, as well as prescription medications that might be necessary for the dog to perform its duties. Veterans can visit a VA mental health provider and apply for the benefit. This essentially covers all or most of the ongoing costs for your service dog.
However, this doesn’t cover the initial purchasing or training costs you will need to be pay via another method.
Furthermore, the VA Prosthetics and Sensory Aids Service will provide veterans with working service dogs coverage for veterinary care and equipment. This benefit does not cover the initial payment for the dog, grooming, food or other routine expenses.
The VA does provide other benefits to veterans enrolled in the above insurance program. Programs like travel expenses associated with obtaining the dog, guaranteed coverage for all treatments for the dog, and hardware expenses related to dog equipment.
Grants
The Assistance Dogs International organization and other nonprofit grants may help those with disabilities find service dogs for free or for very small fees.
Personal Loans
If you need help paying for a service dog, you can also always take out personal loans up to $50,000 to cover the initial costs of obtaining a service dog. Then you can rely on the other insurance or benefits plans described above to cover the ongoing expenses.
Flexible Spending Account
Some insurance policies allow you to use a flexible spending account to buy a service dog. This requires a letter of medical necessity from your doctor. In a nutshell, this type of spending account lets you use your salary before taxes are taken out, which will result in a cheaper overall purchase then you would have to withstand otherwise.
Nonprofits for Autism
If your dog is related to autistic disabilities, there are many organizations that may help you obtain and keep a service dog by paying for initial and ongoing costs. These organizations are nonprofits like Can Do Canines, Dogs for Better Lives, and Canine Companions for Independence.
Note: Any of the grants or secondary options often have long waitlists, so you’ll need to apply early. You can’t always rely on your application being fulfilled in lieu of someone else’s.
Conclusion
In the end, it’s a huge bummer that Medicaid doesn’t pay for service dogs. This means people who need a service dog will have to try harder to get it covered or pay out-of-pocket. How have you managed to pay for a service dog? Do you have any tips for those looking to get coverage? Let us know and start a conversation!
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Know Someone Who’s Retiring? Here Are The TOP 21 Retirement Gifts For Men!
Retirement is a big deal for most men! It signifies the end of one chapter of their life and the beginning of a new one. But it also gives them an opportunity to reflect on their life and the work that they’ve completed throughout their career.
So, What is a good retirement gift for a man? For their friends and family, it means it’s time to think about retirement gift basket ideas for a man. Fortunately for you, we’ve already discovered what's a good retirement gift for a man and are eager to share. Let’s dive in!
Hard LiquorThis is a bit of a shoo-in, but sometimes the classics are best. It's a fact of life that most men enjoy hard liquor of one kind or another, whether it's whiskey or vodka or another type of spirit. Alcohol is even traditionally used as a congratulatory gift, often given from man-to-man.
Even if you aren’t another male, you should consider giving the guy in your life a bottle of tasty spirits to celebrate the onset of retirement. Not only is it a gesture he’ll appreciate, but it’s also something he can physically experience, which tends to stick in the mind a lot better than more sentimental gift types for most guys.
But there's another benefit, too: you get to share the spirit with him! Bonus points if you plan on having a retirement party for your dad, husband, brother, or another male figure. Alcohol gets emotions flowing and ensures that everyone has a good time
We’d recommend picking out a bottle of spirits based on what the guy you’re buying for already prefers, then looking for a great brand of that spirit type. If he likes whiskey, get him a good whiskey, not something cheap off the local store shelf.[image error]WOODFORD RESERVE DOUBLE OAKED BOURBON
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Glenlivet 18 Yr
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Crystal Head Vodka
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Cigars
Cigars are another classic gift idea for guys who are retiring. They are a classically masculine pastime in one of the few luxuries that big business tycoons allow themselves as a sort of celebratory measure. They’re classy, old-fashioned, and scream manly man. That makes them a perfect gift for this type of occasion.
However, there’s a good chance you have no idea where to start when it comes to buying your guy a great cigar for his retirement. The fact is that cigar choosing is a complex process and relies on personal palette more than almost any other factor.
Still, you can usually find a great cigar by asking the specialist in the store or by focusing on things like body, size, and shape.
The body, in this case, talks about flavor just like you would with beer: cigars can be light and mellow or dark and more full-bodied. Or they can be somewhere in between. If your male retiree already smokes cigars, consider doing a little sleuthing and figuring out what type of cigar they prefer before purchasing them a box.
[image error]Gurkha Cellar Reserve 15 Year Kraken
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Davidoff Nicaragua
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La Flor Dominicana Coronado
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BBQ Supplies
This one goes out to all the dads! But even guys who aren’t fathers will still likely prefer some barbecue equipment over other cooking supplies. For whatever reason, barbecuing has cemented itself as one of the more masculine cooking arts. This goes double if the man you’re buying for already has a barbecue or grill and likes to break it out when the sun is shining.
BBQ supplies are, fortunately, pretty easy to find and purchase. You also have a wide selection of different products, so you can pick something that he does already have to give your gift even more value.
For instance, you can get him BBQ supplies like tongs, brushes, or other cleaning or food-handling tools that will help him make the perfect burger patty every time. Or you can purchase disposable BBQ supplies like top-tier charcoal.
On the other hand, if he doesn’t already have a barbecue or grill… Why not get him one? Retirement only comes once, so there’s no point in going low! If you do buy a barbecue, make sure that it’s something that’ll fit in the garage and something he’ll be likely to use often.[image error]Char-Broil Performance Stainless Steel Gril
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Walfos Premium Sturdy Tongs for BBQ and Grill
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GCI Outdoor Slim-Fold Cook Station
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Watches
Watches are a staple of masculine fashion, even though women also wear them frequently. But the big differences between male and female watches are usually seen in both size and aesthetic.
Feminine watches are usually thin and light-colored, while male watches are the opposite and may even be particularly busy on the inside (containing lots of secondary timepieces and such). There are so many male watches that look excellent that it’ll almost be impossible to choose.
But we would recommend considering a watch more than almost any other type of gift because it’s a traditional retirement gift. In the corporate world, it’s an old passed-down idea that men are supposed to give each other watches after 20 years at the same company.
Naturally, you don’t have to follow this idea, but sometimes traditions are valuable for a reason!
When selecting a watch for your man, make sure to consider his own aesthetic taste. Does he like metallic watches with silver and gold or is he more into leather watches that are brown and a little simpler in function? Either way, don’t be afraid to spend a little cash; higher-priced watches usually last a longer time.
[image error]Fossil Men’s Nate Quartz Stainless Steel and Metal Casual Watch
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Suunto Core All Black Military Men’s Watch
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Armani Exchange Men’s Classic Stainless Steel Watch
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Golf Equipment
We’re in dad territory once again! However, it’s no stretch to say that golf is primarily enjoyed by men (for reasons, no doubt, that many women can’t fathom). If the guy in your life already enjoys the support, why not pick up some excellent golf equipment to celebrate his retirement? After all, you have a lot more time to fantasize about being the next Tiger Woods (or… not!).
When it comes to golf equipment, it'll help to consider what your guy already has in his collection. Most guys who golf seriously have a full kit of clubs and accessories, although they may be pretty old. So you might be able to get away with buying them a new golf kit (be aware that these can run into the several hundred dollar range depending on quality).
But you can also just get other golf accessories, like visors, clothes, or balls. Here are some examples.
[image error]Callaway Men’s Strata Complete Golf Set
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Amazon Essential’s Men’s Classic-Fit Stretch Golf Pant
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Putt-A-Bout Grassroots Par Three Putting Green
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Video Games
Video games aren’t just a hobby for nerds anymore. They’re enjoyed by men of all ages, especially since guys entering retirement age played the first video games back in the 60s and 70s.
These days, video games are all the more impressive thanks to their graphical improvements and their enhanced controls. But chances are that your older male friend or family member will still enjoy picking up the controller and pretending to be a digital warrior or racing a digital car.
To start, we’d recommend getting a console like an Xbox or PlayStation if the man in question doesn’t usually play video games. On the other hand, you could get him a tricked out gaming PC (that costs almost an entire paycheck) if he’s experienced with games and wants to see what top-tier equipment can render on his screen.
[image error]Xbox One S
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Playstation 4 Slim Bundle
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Cyberpower Gamer Xtreme VR Gaming PC
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TV Stuff
The living room, and specifically the TV, are often thought of as part of the male domain. Even more specifically, we all know how guys love to have control over the remote! Many guys will spend the first days and weeks after retirement lounging in front of the couch, basking in their newfound free time. Retirement is a great opportunity for you to give him the stuff he needs to rebuild his TV room or man cave.
Ideas are aplenty in this arena. You could get a new flatscreen TV; definitely look for something 4K resolution if you want to impress and you have the budget. But you can also look into things like surround sound speakers to make his video games or movies sound even better, or you can look into sports channel packages if you spend a lot of time watching games rather than playing them.
Or, if you’re bold, you can get him a true universal remote to let him fulfill all of his control fantasies to their wildest extent. Whatever you choose, be sure to upgrade whatever he has![image error]TLC 50 Inch 4K Smart LED TV
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Logitech Z606 5.1 Surround Sound Speaker System
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GE Universal Remote Control
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Conclusion
Ultimately, we think that any of the above picks would be a great idea as a retirement gift for any man. But think carefully about what the guy in your life enjoys and try to get them something that works with their personality or hobbies.
What about your ideas? Do you have any obvious retirement gifts for men that we didn’t cover? Let us know and share your retirement gift stories!
The post Know Someone Who’s Retiring? Here Are The TOP 21 Retirement Gifts For Men! appeared first on Retirement Savvy.
April 16, 2020
I Have Bad Credit Can I Still Borrow Money for My Business?
Borrowing money has become part of life, and there are different reasons why individuals do that today. Having a debt can be among the worst nightmares, especially if you have borrowed more than you can afford. But taking a loan when you desperately need cash lessens your worries. Most probably, you are feeling helpless because you are still in need of money, yet you have bad credit. But having bad credit does not mean you are not eligible for loans. You can still borrow money for your business.
Getting financing for your business is not easy, yet not impossible. You only need to be careful with the choices that you make. In this state, you are desperate, and getting money is your primary concern. If you are not careful, you might end up making a decision that will cause more harm to your financial status. As already stated, you can still borrow money for your business even with bad credit. Let us see the options that you have.
Seek Help from Friends and Family
“Blood is thicker than water,” they say. If you have ever been in a terrible situation and got help from your loved ones, you know what this means. During hard times, family and friends strengthen and support others. In case you need some cash for your business, friends can easily understand your situation and come to your aid.
When facing financial problems, share with your family members or close friends. Make it known to them what you are going through. Be direct and ask them for financial help. Tell them you intend to use the funds for business purposes.
True friends are affirmed when money problems strike. Swallow your pride and approach your loved ones. Avoid taking a huge loan, which will be a problem to pay off! For sure, you don’t want debts to come between you and your loved one. Money can ruin your relationship in big time. Once you are granted a loan, start working out on how to repay. Do you need a loan? Why not click here for more affordable rates?
Consider Taking Microloans
Microloans are one of the least expensive options. They are issued by individuals rather than banks. It is effortless to apply for, though it is only applicable when you want a small and short-term loan. The idea of a microfinance loan is meant to empower borrowers by assisting them in doing a business that can generate income and grow. If you want to start a small business that requires little capital, go for it. The only problem is that these loans have high-interest rates. Therefore, be smart enough to pay back immediately your business produces cash. Paying in installments is allowed.
You can get as low as $50,000. This might be a minimal amount for your financing, but it is a rescuer at this critical status that you are in.
Peer To Peer Lending
This is a money lending program that is carried out by investors online. A group of investors comes up with a platform to contribute loans to people. The platforms link borrowers to prospective investors. Examples of such programs are funding circle, lending club, and street shares. An individual gets a loan within a short time once they are matched to the investors.
Nevertheless, interest rates are very high. Keep in mind that you are already in a crisis, so don’t be fooled to take a high loan with high interest. It will be the worst decision for you. The advantage is that you can borrow any amount you want. For a business person who wants to build a business with considerable capital, try this. Only do this when you are sure that your business will be profitable, and it will pay off the money.
Merchant Cash Advance
Do you need cash within a very short time? A merchant cash advance will solve your problem. It is an acknowledged organization that lends money according to the estimated sales. Meaning that the amount of money given to you depends on the predicted outcome of your business. With this kind of platform, you can pay the loan in two ways. It is up to you to decide the one that suits you in your situation. One way is that your loan is paid from your future credit card. Alternatively, you can repay by allowing transfers from your account every month.
Borrow From Your Clients
Getting a loan from the clients’ sounds ridiculous! Surprisingly, it works. In every business, there is always one client who is faithful and never disappoints. The client has been doing business with you for a long time. Hence he or she knows how your business works and how you make profits. This potential customer knows how your business is profitable because he has seen the progress made.
Therefore, asking for help from him or her shouldn’t be difficult. Talk genuinely when explaining your situation. Agree on how you will pay back and the period needed to clear off the debt. You will be surprised at how this turns out. You can agree to be giving out free services to that client until your debt is clear. Although this will lead to some losses in your business, it can be an option at this particular time.
The Bottom Line
Borrowing money with bad credit is hard. Nevertheless, it is not impossible. It would help if you were ready to pay more. The interests will be higher. Before you take any loan, ensure you are familiar with the terms and conditions of the lender. Doing so helps you to plan yourself accordingly and go for the right lender. However, this may put your business at high risks that may end up worsening your financial crisis.
Consult your friends, family, and even other business partners about the loan options. Settle on what will have good results in the end. Follow the preferences mentioned at the outset of this article and be sure of getting the best solution!
The post I Have Bad Credit Can I Still Borrow Money for My Business? appeared first on Retirement Savvy.
April 11, 2020
Can You Really Get Retirement and Disability Benefits at The Same Time?
The Social Security Administration provides essential benefits to its members who have paid through contributions in their payroll taxes in the system until the members meet the required Social Security credits. According to the SSA Retirement Benefits program, you can collect your retirement benefits as early as you reach the age of 62. Meanwhile, you can get your Social Security Disability Insurance (SSDI), if you are no longer capable of working due to a permanent medical condition.
Based on the rules of Social Security Administration, you cannot claim both your retirement and disability benefits at the same time. You may either draw one, or the other, but not both simultaneously. However, in every rule, there is an exception, and later on, you will learn the only way to claim your retirement and disability benefits at the same time. For now, you must know first the basics about the qualifications on how to get retirement and disability benefits.
What Qualifies You for SSA Benefits?
Well, generally, SSA is known for its two major program benefits for their workers, the Retirement Benefits and the Disability benefits. Hence, you must know how the system works and the qualifications that you must need to meet, in order to enjoy the benefits of the program.
Therefore, let’s start with your retirement benefits and its qualifications.
How Do You Qualify for Retirement Benefits
To qualify for the retirement benefit of SSA, you must earn the required Social Security credits by paying your Social Security taxes. The required number of Social Security Credits to qualify for a retirement benefit varies and will depend on your birth year. Let’s say you were born in the year 1929 or later, your required SS credits is 40 and that is equivalent to 10 years of work and contribution.
However, there are some instances that you stop working, maybe because you have been laid off from work, or you need to go back to school, and some other reasons before you meet the desired number of credits to qualify for the retirement benefits. Well, no worries since your credits will still remain on the Social Security Record, so that, if ever you have come back to work again, you are still allowed to continue and complete the required number of credits, and still, be qualified for the retirement benefit.
Remember that SSA will not give you any retirement benefit UNLESS you meet the required number of Social Security credits.
Factors that can Affect Your Benefit Amount
If you want to know how much you will receive on your retirement benefit, well, it will be based on your earnings for your entire working career. This means that if you have higher lifetime earnings, you will be paid with higher retirement benefits. However, if there are years that you had been laid off from work, or you had a low income, the benefit amount might be lowered compared to when you have steady work and income.
Another factor that can influence the benefit payment you will receive is based on the age you wish to retire. The earliest possible retirement age is 62, wherein your benefit might be lower than if you wait longer. Hence, here are the three types of retirement age.
1. Full Retirement Age
Here is a table that shows the list of the full retirement age by birth year.
Age to receive full social security benefits
Year of birth
Full retirement age
1943 to 1954
66
1955
66 and 2 months
1956
66 and 4 months
1957
66 and 6 months
1958
66 and 8 months
1959
66 and 10 months
1960 and later
67
REMINDER: People who are born on January 1st of any year must refer to the previous year
2. Early Retirement
For early retirement age, you can claim your retirement benefit as early as you reach the age of 62. However, your retirement benefit will be reduced compared when you wait until the full retirement age. For example, you turn 62 this year (2020), and then you filed for early retirement, your benefit amount will be reduced by 25% compared if you wait until the full retirement age of 66-67.
Hence, there are certain situations that force people to retire early, for example, sickness and other health problems. You may consider applying for a Social Security disability benefit since the disability benefit amount is the same as a full retirement benefit.
3. Delayed Retirement
What’s good about the retirement program of Social Security is that you can decide whether you claim your benefits early, in their full maturity age, or you can delay your benefit collection. If you do work beyond your full retirement age, your Social Security benefits will increase in the future. This means that if you work beyond the age of 67, which is the full retirement age, each extra year you work will be added to your earnings in the Social Security Record.
The higher the lifetime earnings, the higher the benefit amount you will receive.
How do You Qualify for Disability Benefits?
You may apply for Social Security Disability benefits if you are not capable of working because of a medical condition that is expected to last one year or longer, which may result in death. To see the list of impairments for Disability Evaluation under Social Security, you may check this site
The Social Security Disability program pays disability benefits in two ways: (1) the Social Security Disability Insurance (SSDI) and (2) the Supplemental Security Income (SSI).
In general, to qualify for the disability benefits, you must meet these earning requirements:
1. A latest work test that is based on your age during the time you became disabled.
Here is a table that shows the rule for requirement #1.
If you become disabled during these quarters
You generally need…
In or before the quarter you turn 24 years old
1 ½ year of work during the three-year period ending with the quarter you became disabled
In the quarter after you turned 24 years old, but before the quarter you turn 31 years old
Work during half the time for the period beginning with the quarter after you turned 21 years old and ending with the quarter you became disabled.
In the quarter you turn 31 years old or later
Work during five years out of the 10-year period ending with the quarter you became disabled.
Here are the calendar quarters:
First Quarter: from January 1 to March 31
Second quarter: from April 1 to June 30
Third Quarter: from July 1 to September 30
Fourth Quarter: from October 1 to December 31
2. A period of work test that proves you have worked long enough for Social Security
When Should You Apply and What are the Requirements?
Once you have become disabled, you should apply for disability benefits immediately since the processing of the application will usually take three to five months. You may apply online by visiting this site.
Make sure to prepare the following information:
Personal information:
Your birth registration or a baptismal certificate will do
Your social security number or any identification number such as driver’s license
Employment information:
Your past employment history
A copy of your latest W-2 Form
If you are self-employed:
Your federal tax returns for the previous year
Your past medical history:
Personal information of the doctors, other health care workers, hospital or clinic that took care of you
Your past medical records that include lab results
Details of the all the medications you take such as the brand and generic name, the dose, and the dosage form
Record of the dates of your hospital visits
Therefore, you already know the basics of retirement benefits and disability benefits. Unfortunately, you cannot claim both of these Social Security benefits at the same time. It’s either one or the other, but as I said a while ago that there is an exception to this rule, which you will find out below.
How Can You Get Retirement and Disability Benefits at The Same Time
If you become disabled once you reach your full retirement age, Social Security will just close your case and renames your disability benefit to “retirement.” In fact, you do not have the choice and as the rule per se, you cannot withdraw both benefits.
Neither you cannot keep your disability benefits, nor you can keep it and wait for your retirement benefits to increase. However, there is a way on how you can get retirement and disability benefits simultaneously. Remember the early retirement age you have read above? Well, this is how it works.
You need to apply first for Social Security Disability Benefits. In this way, it will establish your protected application date and the putative onset date of your disabling condition. You may refer to the above guidelines on what are the requirements to qualify for the disability benefits.
Once you have applied your application for Social Security Disability Benefits, you may now move on with the next step, which is to file for early retirement. The SSA will accept your application for early retirement once you have met the required Social Security credits, which is 40. Once your application has been processed, you will now start receiving your retirement benefits at a reduced rate since withdrawing early retirement will cost you 25% of the full retirement amount.
Just wait until your Social Security disability benefit is approved so that you can enjoy the full and unreduced retirement benefit amount. You will also be receiving back pay from Social Security disability benefits for the entire time you are qualified. This means you will be receiving your full retirement for the months you didn’t receive any retirement payments and the deducted 25% of your retirement amount since you have initially received a reduced payment due to early retirement. The same goes as well for your disability benefits.
Moreover, your retirement benefits will be adjusted; therefore, you will still enjoy your full retirement benefits once you reach your full retirement age.
Deciding When is the Right Time to Retire
Deciding when is the right time to retire is a personal decision to make. Regardless of the age you retire, it is recommended to contact your local SSA office beforehand, to know and prepare your life choices so that you have made the right decision.
This is because choosing what month to retire can affect the benefit amount you will receive, it may be higher benefit payments or it may be reduced. Therefore, it is still best to consult a finance lawyer to help you in assisting your financial option, so that you can make the most out of your benefits.
The post Can You Really Get Retirement and Disability Benefits at The Same Time? appeared first on Retirement Savvy.
Can a Doctor Refuse to Treat a Patient Without Insurance?
It seems that healthcare has always been a hot issue and a lot of people are wondering about the physician’s right to refuse treatment to patients, especially if they do not have any health insurance or the ability to pay for the treatment. Well, it might be tricky to answer the question since doctors have taken an oath to take care and treat sick people; however, not all situations, doctors are required to treat patients. Hence, there is that one federal law that governs all hospitals and doctors regarding this topic.
According to Emergency Medical Treatment and Active Labor Act (EMTALA) that mandates almost all hospitals to treat all patients who seek emergency medical attention, regardless of having health insurance or not, until the patient becomes medically stable. Therefore, a doctor cannot refuse to treat patients without medical insurance.
It says that patients who seek emergency medical treatment are the ones who cannot be refused by doctors to give treatment, does that mean that they need to be admitted first to the emergency room? Well, you will get to know more about this below.
What are the Hospitals Governed by EMTALA?
Hospitals that are covered by EMTALA are those that accept either Medicare payments or not, as long as they are equipped with emergency departments. Since most of the hospitals are accredited by Medicare and equipped with emergency departments; therefore, this means that EMTALA almost covers all the hospitals in the United States.
The provision of EMTALA applies to all, not just those who are Medicare beneficiaries. They have the right to seek medical assistance through hospitals. EMTALA has certain guidelines when it comes to hospitals with dedicated emergency departments. Well, what does it mean when you say the emergency department?
The emergency department is licensed by the state to use as an emergency department
The emergency department is used by the public for providing emergency medical treatment
For all the patients visited the department in the whole calendar year, ⅓ of the visits must be composed of providing treatment for emergency medical situations on an urgent basis.
However, there is an exception to the provision of this law, for example, private clinics, standalone medical laboratories, private doctors, or those specialty hospitals that are not equipped with emergency departments are not subjected to EMTALA and its provisions; therefore, they have the right to deny in treating patients, whatever their reasons are. This is because private doctors and small private clinics are just like small businesses, wherein if a patient does not pay for the treatment he/she receives, the doctors will not earn money.
Here are some situations wherein private doctors and small private clinics can deny patients.
The doctor is too busy and unable to cater to new patients
The patient does not have the ability to pay the cost of the treatment
The doctor is not equipped to treat specific illnesses or condition
The doctor or the clinic is not affiliated with any medical insurance company either private or government
The patient is a malpractice lawyer
Other certain situations where a doctor may refuse to treat patients include:
The patient has not paid the bill
The patient is misbehaving and showed drug-addicting behavior
The patient is destructive
On the other hand, if you are the patient and you know that the hospital is governed by EMTALA, yet refuses to treat you and that refusal has caused your condition to worsen, you may contact a malpractice lawyer first before filing a lawsuit since the lawyer knows if you have good chances of winning the case.
Here are some things you must know as a patient’s right on how to handle this kind of situation:
1. You Don’t Need to be Admitted at the Emergency Room
According to EMTALA, hospitals cannot deny patient treatment who seek emergency medical attention. You might be wondering if you have to go to the ER first before getting your treatment? Well, I don’t think so, because once you get in the hospital proper (governed by EMTALA) such as in the parking lot, driveway, sidewalk, or just within 250 yards through the main hospital building, you can receive your treatment.
2. What is an Emergency Medical Condition?
Your condition may be considered an emergency if you have severe symptoms that may put danger to your health, can cause severe impairment to your body, and can cause organ or body parts dysfunction.
Emergency medical situations may also apply to pregnant women who are having contractions and may be due for labor. Therefore, it also applies in certain situations such as lack of time to transfer the pregnant woman before the delivery or transferring the pregnant woman that may threaten her health and the safety of the unborn baby.
The definition of an emergency medical condition is somehow broad; therefore, make sure that your condition lies in those situations. For example, people with sprained ankles will not be considered an emergency medical conditions under EMTALA, but a patient with a fractured bone may qualify since it can cause serious damage or it may dysfunction the body part with fracture, if not given medically treated right away.
Same goes for a pregnant woman who is not yet due for labor may not be qualified for the EMTALA, unless the pregnant woman has serious medical conditions that may put her and the baby’s life at risk.
3. EMTALA-Approved Hospitals Obligations
For patients who seek emergency medical care, the hospital has the right to conduct a proper medical examination to assess whether the patient has indeed emergency medical condition.
If the patient has been confirmed with an emergency medical condition, the hospital is required to provide treatment to stabilize the patient’s condition before they can transfer the patient to another hospital. It is necessary to keep the patient stable so that the hospital may assure that they are not liable if the patient’s condition worsens during the transfer to another hospital.
In other cases, the hospital may transfer the patient without giving any stabilizing treatment unless the patient makes a written transfer request after the doctor is informed about the possible risks or the attending doctor issues a certificate that the benefit of transferring the patient to another hospital outweighs the possible risks.
On the other hand, if the hospital deems that the patient does not need immediate medical care, after running some medical examinations, the hospital is not obliged to cater to the patient regardless if the patient does not have any health insurance.
4. The hospital Cannot just Transfer a Patient Without any Stabilizing Treatment
Despite the fact that the hospital may transfer the patient without giving any stabilizing treatment, the hospital just cannot transfer the patient anywhere. To make the transfer legal, the hospital must attempt to make the patient medically stable as possible within the attending doctor’s capabilities. Hence, you may only consider the transfer as legal together with the patient’s medical records once the transfer hospital agreed to take the patient.
Can You Sue a Doctor or Hospital for Refusing Medical Treatment?
If you have been wrongfully denied for emergency treatment or dismissed from the hospital even though you meet the guideline of EMTALA for emergency patients, you may hire a malpractice lawyer to seek financial compensation from the hospital that denied you.
Your right for emergency medical treatment is not just a basic human right, but it is mandated and governed by the federal law, EMTALA.
What Does EMTALA have to do with Malpractice/Medical Negligence to Patients?
1. It Covers Almost all Hospitals
Except for standalone clinics, private doctors, and small medical laboratories without emergency departments are not subjected to the provision of EMTALA. Hence, for hospitals affiliated with Medicare or Medicaid, they are mandated to abide by the provisions of EMTALA
2. EMTALA has Expanded Reach
Not just the emergency department, but you can also sue other departments in the hospital that denied to give emergency medical care.
3. You can Collect more Claim in EMTALA than In-State Claim
This is because they do not honor pain and suffering damages in most state malpractice laws; but with EMTALA, it can help you recover from these physical and psychological damages.
4. You can Still Sue the Hospital or Doctor after the Two-Year Period
After the malpractice or negligence incident, you will be given two years to sue the hospital or the doctor. Therefore, if the state claims a two-year period has passed, no worries since you can still sue the hospital or the doctor under the EMTALA within the two-year period.
Well, here are just some of the benefits of using EMTALA in regard to malpractice or medical negligence. You may check this site to know more information.
Therefore, you need to get a good malpractice lawyer who will cover all the laws and regulations, which can help you win the case.
Hence, by filing a malpractice lawsuit it can help you compensate from the following:
Lost wages
Out-of-pocket expenses due to denial from the hospital
Medical bills
Pain and suffering damages
However, these hospitals and doctors are covered by malpractice insurance companies, so that any malpractice claims raised by a patient will be defended by the lawyers working on that insurance company. Malpractice and medical negligence are complicated cases, which cost high-dollar fines if proven guilty.
The post Can a Doctor Refuse to Treat a Patient Without Insurance? appeared first on Retirement Savvy.
Here’s How To Switch Your Medicaid Healthcare Plan
There will come a time that you feel the need to switch your Medicaid healthcare plans, whether you find a plan that is better than your present healthcare plan or you just want to change the plan given by your state Medicaid office. Luckily, it is still valid to switch your plan within your first 90 days, if you are a new member.
After the free 90-day trial to change your Medicaid healthcare plan, you might be wondering if you can still change your healthcare plan. The answer is “YES” since the state will give you a chance to change your healthcare plan once a year, consider waiting for an open enrollment, which usually takes place during November and December of the year.
Aside from the Open Enrollment opportunity to change your healthcare plan, you may also qualify for the so-called Special Enrollment Period (SEP), especially if you have experienced certain life events such as getting married, moving overseas, conceiving a baby, adopting a child, and losing a job.
Well, generally, these are the ways on how to change your healthcare plans. Later on, you will get in-depth about this, one-by-one about the qualifications and the guide on how to do the switching of your Medicaid healthcare plan.
Why Are You Switching?
If you are switching your Medicaid plan, make sure you know exactly to what you are switching:
Are you switching between healthcare providers? You may check this site to know different healthcare provider options. Or;
Are you switching between healthcare types or plans? Since there are many types of plans available in the Marketplace.
If you are not satisfied with the healthcare plan that Medicaid has assigned for you, you may change your plan in the following ways.
How to Switch Medicaid Plans?
Once you qualify to become a member of Medicaid, you must remember that different states have different healthcare plans that you could choose from. Well, if you have not chosen your healthcare plan, your local Medicaid office will decide what plan is for you.
Changing Plan in the First 90-day Trial Period
Once you enroll in the Medicaid program, you will be given an introductory booklet from your local Medicaid office. As you open and read the booklet, you will see the different plans that you could choose.
You may either choose by yourself or your local Medicaid office will choose the plan for you based on the personal details you provided when you signed up. Since you are a new member, there are times that you are not knowledgeable enough about the program; therefore, you end up choosing the plan, which is not right for your needs, or the initial plan chosen by the Medicaid office does not suit your needs.
Fortunately, as a new member of the Medicaid program, you are still free to change your plan within the first 90-day trial. Here are the steps on how to do it:
Online Vs. Visit local Medicaid office
Well, in switching Medicaid healthcare plans, you may do it online or you may call your local Medicaid office to set you an appointment. Either ways are effective methods in changing your local Medicaid healthcare plan.
Changing your Medicaid Plan Online
The easiest and most convenient way to change your Medicaid healthcare plan is to do it online since most states offer online accounts for Medicaid members. You may also change your plan through Healthcare.gov if you have signed up there initially.
Set up your online account by visiting your local Medicaid website.
You need to provide your Social Security card number and then your Medicaid ID number.
Choose the Healthcare Plan that you Want
All Medicaid healthcare plans provide basic healthcare services and benefits. Some healthcare plans provide extra coverage that you may need; however, before changing your plan, consider your doctors since not all doctors accept all kinds of plans. Therefore, if you want to keep your doctor or your specialist, if you are consulting one, make sure that the plan you are going to have accepts your new healthcare plan. Otherwise, you will change the doctor’s listed on your new plan.
Visit Local Medicaid Office
If you are not comfortable doing the healthcare plan changes online, you may call your local Medicaid office that you are switching your current healthcare plan. Before you attempt to make a call, make sure that this information is prepared:
Medicaid ID number
The name of your current plan
The name of the plan you wish to switch to
Once they have set the date of your appointment, let them know that you are just a new member and you are just within your first 90-day period when changing your healthcare plan.
You may consider the advice of a Medicaid counselor on your local Medicaid office to get the right plan for you and your family, without compromising your convenience and your relationship with your specialists.
Consider the Open Enrollment
What do you mean when you say open enrollment in a healthcare plan? Well, open enrollment is the time on which you can make changes to your healthcare plan or you can enroll in a new health insurance plan. Hence, the dates for an open enrollment varies depending on where you reside. Usually, open enrollment runs from October to December every year.
However, open enrollment does NOT include Medicaid or the Children’s Health Insurance Program (CHIP). It does not limit enrollment through Open Enrollment because if you are qualified to sign up, you can do it any time of the year.
In short, it is only applicable for Medicare members, those who have individual insurance, or people who get healthcare plans through the Affordable Care Act (ACA). For Medicare recipients, open enrollment runs from October 15 to December 7 and for ACA members, open enrollment happens between November 1 to December 15.
However, some states have their own open enrollment period such as the following:
STATES WHO HAVE THEIR OWN OPEN ENROLLMENT PERIOD
DATE OF OPEN ENROLLMENT
California
Oct. 15, 2019-Jan. 15, 2020
Colorado
Nov. 1, 2019-Jan. 15, 2020
D.C
Nov. 1, 2019-Jan. 31, 2020
Massachusetts
Nov. 1, 2019-Jan. 23, 2020
Minnesota
Nov. 1, 2019-Dec. 23, 2019
New York
Nov. 1, 2019-Jan. 31, 2020
Rhode Island
Nov. 1-Dec. 23, 2019
For people who got their insurance plans through their employer, you may check with your employer since open enrollment for business varies because they are the ones who decide for that matter.
During the open enrollment, here are the health care insurance options you can do:
Buy a short-term health plan
Renew your current policy
Make changes to your current plan
Since our focus is on how to switch healthcare plans, you may do this during the open enrollment period. For example, you are enrolled in a Medicare plan and are planning to switch to Medicare Part C. To get the coverage effective by January 1, make sure you have applied the changes by December 7.
However, there is only one exception to Open Enrollment, and if you are not able to enroll during this period, you may still do so, especially if you experience certain life events that made you lose your health insurance or missed the opportunity to make changes on your current plan. Hence, it is called “Special Enrollment
Who is Eligible for Special Enrollment
You may be only qualified to have a special enrollment if you experience any of these certain life events or situations:
1. Change in Household Size
For example, you got married, you gave birth, or you adopted a child. You need to submit the documents that prove you got married or you adopted a child to qualify for the Special Enrollment Period.
2. Change in Primary Place of Living
You are qualified for a Special Enrollment if you move to a new home with a new ZIP code or to another country, you move to the US from a foreign country, you move to or from the place you attend your school, your seasonal employment, and to your transitional housing.
Hence, this only applies if you have qualifying coverage for one or more days within 60 days before you move.
3. Loss of Qualifying Health Coverage
Anyone in the household that lose the minimum essential coverage such as the following:
Medicaid
Children’s Health Insurance Program (CHIP)
Medicare
Employer’s health insurance plan
Individual insurance
However, you are not qualified for special enrollment if you lose any of this health coverage due to non-payment of premium policy, your plan was terminated due to fraud, or you cancel your coverage.
Well, those are just some of the important life events and situations that may qualify you for a special enrollment. To see the complete list, you may check this site.
Reasons Why you Would Switch Healthcare Plans
Switching between healthcare plans with other plans is now a common thing nowadays. Gone were the days where people are still naive about these healthcare plans, assuming that the one they got is permanent until the very last of their lives.
However, as you grow older, your healthcare needs will change; therefore, you will look for a better healthcare plan that covers your needs. Therefore, here are some of the reasons why you would switch your healthcare plan:
According to a study, the reasons why most people change plans aside from consumer preference are the following:
A change in employment
Change in employer plan offerings
Additional coverage to their current healthcare plan
A change in eligibility
They found a less expensive plan
A plan that offers better healthcare services, higher quality, more convenient locations, and a variety of doctor options
Are there any Penalties/Sanctions for Changing Healthcare Plans?
You will not be subjected to any penalties if you are changing your healthcare plans. Just make sure you know when is the right time to apply for changes. If you missed the open enrollment and you are not qualified for the special enrollment, you may just apply for short-term health insurance until the next window for open enrollment rolls up.
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