The Future of Medicaid
It is a question I am being asked with increasing frequency when people call our office about needing Medicaid now or planning for the possibility of needing it in the future. “Will there even be Medicaid coverage if and when I need it?” Specifically, I am talking about the Medicaid programs that
2025 Medicaid Numbers
In a blog post in October, I updated you on some of the new Social Security and Medicare numbers for 2025. The recently announced cost of living adjustment (COLA) of 2.5% follows a 2024 increase of 3.2%. Many other federal programs are tied to the Social Security COLA. These include Medicaid and the
2025 Social Security Cost of Living Adjustment
When we get to the end of the year, it’s time to look ahead to what numbers may change in 2025 for the government programs from which our clients receive benefits. It starts with the Social Security Administration, which announces its cost of living adjustment (COLA). Other government programs then adjust their
Social Security Benefits and Taxes (Part 2)
In last week’s post I talked about Social Security. I specifically focused on how, for many Americans, Social Security benefits are the sole source of income but most of these benefits are subject at least in part to income tax. That is the case for a single person who has more than
Social Security Benefits and Taxes (Part 1)
Social Security benefits are the primary source - and in some cases the sole source - of income for a majority of Americans. Many Americans have little to no retirement savings. Company pension plans have become rare and even when available, most people do not stay with a single company long enough
The SECURE Act’s 10 Year Rule (Part 2)
In last week’s post, I wrote about the SECURE Act, specifically the change that for most beneficiaries does away with the ability to stretch out the time period by which funds must be withdrawn from these accounts. This change will affect most children who inherit retirement accounts from their parents. Being 25
The SECURE Act’s 10 Year Rule (Part 1)
A recent caller asked me to confirm a change he said he read about relating to required minimum distributions from an inherited IRA. I wasn’t sure exactly what he was referring to so I did a little digging. Before I tell you what I found, probably a little background on the topic
2024 VA Aid and Attendance Numbers
In this week’s post I will review the updated numbers for 2024 for the VA program that provides a benefit to wartime veterans and their spouses. Known as the VA Aid and Attendance program, this benefit provides a special pension to eligible applicants who need long term care. The maximum pension amount
2024 Medicaid Numbers
Last month in this blog I updated you on some of the new Social Security and Medicare numbers for 2024. The recently announced cost of living adjustment (COLA) of 3.2% has resulted in a much smaller benefit increase than the past 2 years. Many other federal programs are tied to the Social
2024 Social Security Cost of Living Adjustment
When we get to the end of the year, it’s time to look ahead to what numbers may change in 2024 for the government programs from which our clients receive benefits. It starts with the Social Security Administration, which announces its cost of living adjustment (COLA). Other government programs then adjust their