|
The AARP Bulletin's Ask Our Experts column provides answers to
important questions affecting older Americans. Read below for this month's
column, or review our archive of
previously published questions and answers sorted by topic. (Note: Recent
news or changes to regulations may affect the guidance offered in this
previously published column.)
Submit your own question
to the Ask Our Experts column via our easy-to-use online form.
Q. My aunt, who’s 92, has been in a nursing home for three years. She’s using her savings to pay for it but will run out in about six months. As her guardian, when do I need to apply for Medicaid?
A. Many people are ineligible for Medicaid when they enter a nursing home, but then spend down their income and assets and qualify for the federal-state assistance program. Tell the home’s administrators about her situation right away so they can begin to check her financial status to determine if and when she meets the qualifications for coverage. (To qualify, her nursing home expenses must exceed her income, and her total assets can’t exceed an amount set by states, generally around $2,000.) Then, as soon as your aunt makes the last payment she can afford, you can apply for Medicaid. It should be processed within 45 days, as required by federal law. — Expertise provided by Wendy Fox-Grage
Q. I’m 65 and joining Medicare Part D. How can I find out the cost of my drugs for the year?
A. Go to the Medicare Prescription Drug Plan Finder at www.medicare.gov and enter the names of the drugs you take and the dosages. You’ll see the cost of your drugs under each plan in your area, including your estimated annual and monthly out-of-pocket costs. If you join a plan halfway through the year, look for the amount you’re likely to pay for the rest of the year. (For a handy guide to the site, go to the Bulletin online guide to the Medicare drug plan finder. You can also call the Medicare help line at 1-800-633-4227 for the same information. — Expertise provided by Patricia Barry
Q. My company stopped contributing to my 401(k). Does that mean that I can now take out money without incurring a penalty?
A. Ask your company what your plan allows. Generally, if you withdraw money before age 59 1/2, you have to pay a 10 percent penalty. For details, visit the U.S. Department of Labor. — Expertise provided by Sara Rix
|
|
Email This Page To A Friend
Print This Page