Each year there is a study released by the MetLife Mature Market Institute that closely examines the costs associated with long-term care. The numbers for 2010 indicate that these costs are quite high and trending upward. The national average expense for 12 months residing in a private room in a nursing home last year exceeded $83,500, an increase of 4.6% over 2009 figures. People interested in living in an assisted living community could expect to pay nearly $40,000 per year in 2010. Once … [Read more...] about Remain Cognizant Of Medicaid “Look-Back” Period
The government program that provides income for senior citizens that just about everyone is well aware of is Social Security. Exactly when you qualify for your full benefit is going to vary depending on the year that you were born. For people who were born between 1943 and 1954, full retirement age is 66. It then rises by two months each year until 1960. Individuals who were born in 1960 and after reach full retirement age on their 67th birthdays. It should be noted that the above parameters … [Read more...] about A Look At Supplemental Security Income & Medicaid
Considering the rising costs of nursing homes and assisted living communities, prudent long term planning is necessary to make sure that you are prepared financially for all of the eventualities that you will face as you enter your twilight years. It is likely that you or your aging parents will need long term care at some point in time, and this is something to address both as an individual and as a family. The current national average cost for a year in a nursing home is over $83,000, and … [Read more...] about Paying For Long Term Care
Every U.S. state enacts guardianship or conservatorship laws to handle instances when citizens become physically or mentally incapacitated. For instance, many are familiar with Britney Spears' case; her family used California's conservatorship laws to involuntarily admit her to a mental institution. During that time, her father was designated as her conservator in order to look after her and take care of her finances. Many individuals often forget to plan for disability in later life and avoid … [Read more...] about What Happens in the Absence of a Disability Plan?