Many people look forward anxiously to their retirement years and they plan ahead accordingly so that they have the financial resources that they need to make the most of all their free time. And of course we are all aware of the need for estate planning, and those who have retired or are going to be retiring in the near future are generally going to have an estate plan in place. This having been stated it is important to remember the fact that there is more to your post-work years than the … [Read more...] about Comprehensive Latter Life Planning
The length of your life is going to be a big factor to consider when you are planning ahead with your elder years in mind. While no one has a clear view into the future you can examine longevity statistics to get some general ideas about the averages and go from there. According to the 2010 United States Census Bureau's compiled statistics the segment of the population that geriatric experts refer to as the "oldest old" (people who are 85 years of age and older) is growing more rapidly than any … [Read more...] about Longevity Statistics Can Help You Plan Ahead
It is important to gain an understanding of the Medicaid program when you are planning ahead with the eventualities of aging. This is because Medicaid will pay for long-term care, but Medicare will not. According to the United States Department of Health and Human Services 40% of people who reach the age of 65 are going to someday reside in a nursing home. Of course the likelihood will rise as you get older. These facilities are extremely expensive, and most people would find it very … [Read more...] about Medicaid Guidelines Adjusted for 2013
When we are children our parents are pillars of strength who are larger-than-life. And even as we get older we invariably rely on our parents for good advice and sometimes even some financial assistance when and if it is necessary. However, there comes a time when the tables can be turned. With this in mind it is a good idea to evaluate the well-being of your aging parents on an ongoing basis. Some people are too proud to ask for help, and this is something to be aware of when you are watching … [Read more...] about When Will Your Parents Need Assistance?
Statistics indicate that most people who are receiving Social Security are relying on their benefits for the majority of their income. This is not a very good situation to be in because of the fact that Social Security payouts are quite limited. The average monthly benefit is a bit over $1200 this year, and the maximum is just $2513 in 2012. People who are living on a fixed income face a lot of challenges from the start. But you also have to contend with the ever-increasing cost of living while … [Read more...] about Medicare Recipients Facing Larger Bills in 2013
Of course it is best to remain positive and think optimistically. But at the same time, if you want to be prudent when you are engaged in the process of financial planning it is a good idea to prepare yourself for any and all contingencies that you may face as the years pass. Some individuals assume that they will never need long-term care because they live healthy lifestyles. As a result they are rather cavalier about the matter and they make no preparations for the possibility of incurring … [Read more...] about Don’t Make Overly Optimistic Assumptions About the Future
They say that death and taxes are the only certainties, but in the field of elder law there seems to be another one emerging. It's looking like an annual rise in the cost of long-term care is as certain as death and taxes. Each year the MetLife Mature Market Institute does a good job of gathering statistics to let us know the state of affairs. They have just released their 2012 long-term care market survey and we would like to share some of the results. The national average for a single … [Read more...] about Long-Term Care Costs: 2012 Figures Indicate Continued Upward Trending
When you are considering taking certain steps as a senior citizen or as a representative of a senior citizen you may want to discuss the details with a good elder law attorney. If you act alone you may have regrets later on. Any time you are entering into a contractual agreement as a layperson you would do well to engage the services of an experienced attorney unless you are absolutely certain that you understand every sentence in the agreement. Given the nature of legally binding agreements … [Read more...] about Engage Elder Law Attorney Before Signing Contracts
Many people approach elder law attorneys asking questions about Medicaid planning. Until you are faced with the need for long-term care either for yourself or for a family member you may not understand the lay of the land. This care is simply too expensive for most people to handle out-of-pocket without exhausting all of their financial resources. And, Medicare will not pay for an extended stay in an assisted living community or a nursing home. Medicaid is a joint federal/state program that … [Read more...] about Can a Homeowner Qualify for Medicaid?
There was a court case decided in the state of Kentucky recently that is very relevant to the field of elder law, and it provides a heads up with regard to long-term care insurance. You may not be aware of the fact that most people who reach the age of 65 are going to need living assistance eventually. Some people can stay at home and receive in-home care, but many seniors ultimately reside full-time in nursing homes or assisted living communities. Residence in one of these facilities is … [Read more...] about Be Aware When Purchasing Long-Term Care Insurance