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?
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
Elder law attorneys will always advise their clients to consider the possibility of the need for living assistance at some point in time because most seniors will indeed require help with their day-to-day needs eventually. There are some good reasons to choose in-home care if you require living assistance. For one thing, you may simply enjoy the familiar surroundings. When you reach an advanced age you may have lost people close to you and this can make the connection that you have with your … [Read more...] about Are Home Health Aides Properly Screened?
The costs associated with long-term care are very much a concern within the elder law community. The annual charge for a private room in a nursing home in New Jersey last year exceeded $100,000, so we are talking about significant expenses that can play havoc with your legacy. Most people who are fortunate enough to reach their middle 60s are going to need help with their day-to-day needs eventually so this is something that impacts everyone. Tapping into any benefit programs that you may be … [Read more...] about Look-Back Proposed for Veterans Living Assistance Benefit
Depending on the precise situation that you find yourself in when you reach an advanced age you may recognize the fact that your ability to provide for your loved ones after you pass away has everything to do with your current expenses. With this in mind long-term care costs can go a long way toward consuming resources that you have always hoped to leave behind to your family members. In light of the high and rising costs associated with long-term care you may well be faced with assisted living … [Read more...] about Qualifying For Medicaid Can Preserve Resources