What’s the right direction for you in planning for the help you might need in the future? Seven in ten of us will need long-term care at some point in our lives. Here are possible paths for covering the assistance you may need. How Will You Obtain the Care You Need? … [Read more...] about How Will You Obtain the Care You Need?
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...] about Be Aware Of Long-Term Care Costs
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...] about Medicaid Eligibility: Does My Trust Count?
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...] about Make Healthy Choices, but Don’t Harbor Illusions
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...] about Something to Think About as Population Ages
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...] about Have You Considered a Residential Care Home?
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...] about Nursing Home Facts to Consider
For a number of different reasons a significant percentage of adults go through life without an estate plan. Most people know that they should have some type of plan in place but they feel as though they can take care of it later on. Because it is so difficult to get people to take the initiative to execute a simple last will it is even harder to raise awareness about the need to plan ahead for the eventualities of aging. When you are relatively young it's hard to imagine a time when you may … [Read more...] about Practical Preparations for Possible Challenges
To qualify for the Medicaid program as a senior citizen you must have countable assets that do not exceed a certain very modest limit. In most states this limit is $2000. However, the word "countable" is quite operative here because some of your most valuable possessions don't count. And, if you are married your spouse can keep a significant portion of the countable assets if you were to seek Medicaid eligibility. Though you may retain ownership of your home and still gain eligibility for … [Read more...] about Medicaid Limits Adjusted Upward This Year
There are some rather challenging realities that we all may face when we reach an advanced age. Because things like limited mobility and incapacity are not very pleasant to consider some people sweep these possibilities under the carpet and never think about them or discuss them with their family members. This is a mistake because the truth is that most people who reach the typical age of retirement are going to need living assistance eventually. In most cases family members provide the care, … [Read more...] about There May Come a Time When Your Parents Need Assistance