As you are doing the math and projecting a budget for the latter stages of your life you would do well to be aware of the high and rising costs associated with long-term care. First off, if you are under the impression that it is unlikely that you will ever need such care you may want to reconsider your stance. In fact most people who are fortunate enough to reach the age of 65 will eventually need living assistance, so this is something that is relevant to everyone. According to … [Read more...]
Take Full Advantage Of Veterans Benefits
Understanding all the benefits that are available to you is important when you are planning for retirement. Most senior citizens are going to rely to one extent or another on Social Security and Medicare, and you should do the research so that you know exactly what to expect from these programs. Veterans have additional possibilities. People who serve for at least 20 years before leaving the service become eligible for a military pension, and this can certainly add to your financial … [Read more...]
Incapacity Planning Is an Important Component
Holistic long-term planning is not simply a matter of hastily committing your final wishes to writing. There are a lot of things to consider with regard to the eventualities of aging, and when you look at the statistics careful planning is necessary if you want to be prepared. You may not be aware of the fact that the oldest old, people 85 years of age and up, are the fastest growing age group in the country. Of course life is good, but there are some potential challenges that go along with … [Read more...]
Medicaid Eligibility: Does My Trust Count?
Because of the fact that Medicare does not pay for long-term care many senior citizens wind up relying on Medicaid to pay for nursing home expenses. Medicaid planning can involve "spending down" so that you can stay within the upper financial asset limit of $2000. It should be noted that some of your personal property does not count toward this $2000 limit, including your primary place of residence. Divesting yourself of personal ownership of your assets is what spending down is all about. … [Read more...]
Make Healthy Choices, but Don’t Harbor Illusions
People who are involved in elder law and geriatrics are always going to encourage seniors to make healthy lifestyle choices. Celebrating a certain birthday doesn't have to equate to the expectation of ill health. Many health problems are brought about by an accumulation of poor choices, and indeed many illnesses are preventable if you do the right things. The above having been stated you don't want to harbor any illusions as you are making preparations for the latter stages of your life. While … [Read more...]
Something to Think About as Population Ages
Life is precious, and everyone strives to achieve longevity. However, you do have to be pragmatic about the eventualities that you may face if you do in fact live to an advanced age. Back in 2010 the United States Census Bureau released some interesting demographic statistics. One of them is very much relevant to the field of elder law. Among ten-year age groupings the fastest-growing of all between the years 2000 and 2010 was the set of Americans between the ages of 85 and 94. 40% of people … [Read more...]
Have You Considered a Residential Care Home?
With nursing home costs being so extraordinarily high these days people have a very strong financial incentive to look for other options. In addition to the financial element, many people obviously would prefer to stay at home if possible for their own reasons. In-home care can be facilitated by taking a couple of different steps. One of them would be to evaluate the needs of the person in question and make home improvements to accommodate them. Common improvements would include the … [Read more...]
Alzheimer’s Strikes Nearly Half of Oldest Old
The term "oldest old" is utilized within the geriatric community to describe individuals who are at least 85 years of age. In a surprising demographic trend the 10 year age group of people who are between the ages of 85 and 94 grew faster than any other between the turn of the 21st century and 2010. More and more people are living to this advanced age, and while longevity is good on the one hand there are some challenges that go along with it. One of them is the possibility of contracting … [Read more...]
Take Full Advantage of Veterans Benefits
As a veteran of the United States Armed Forces you earn certain benefits. Most people are aware of the fact that individuals who put in at least 20 years are eligible to receive a retirement pension for the rest of their lives. However, there is another type of pension that is available to many veterans, and it often goes overlooked by those who are in fact eligible. The benefit that we are referring to is the Veterans Aid & Attendance special pension. This pension does not require such a … [Read more...]
Nursing Home Facts to Consider
The high cost of nursing home care is something to take very seriously when you are budgeting for your senior years. In fact, these expenses are quite relevant when you are planning your estate as well because they can erode your financial legacy considerably. It can be difficult to envision a time when you may not be able to care for yourself, but the statistics don't lie. The MetLife Mature Market Institute puts out an annual survey that sheds light on the state of long-term care costs. In … [Read more...]
