As estate planning lawyers, we help people facilitate effective postmortem asset transfers, but there is another financial element. You have to preserve your wealth to protect your legacy, and there is a looming threat to it in the form of long-term care costs. Aging and Living Assistance It is easy to think that statistics do not apply to you personally, but many people that make up the statistics felt the same way. This definitely applies to living assistance when you are a senior … [Read more...] about Nursing Home Costs Can Consume Your Legacy
Elder Law
Aid and Attendance Veterans Pension Can Defray Long-Term Care Costs
The people that make sacrifices to serve in the United States military take risks, and they also receive certain rewards. One of them is a retirement pension for careerists that served for at least 20 years, but there is another pension benefit that flies under the radar. Aid and Attendance Pension Certain wartime veterans that need help with their day-to-day needs can gain eligibility for the Aid and Attendance Veterans Pension. The length of service requirement is just 90 days with one day … [Read more...] about Aid and Attendance Veterans Pension Can Defray Long-Term Care Costs
Medicaid Estate Recovery and the Child Caregiver Exemption
Elder law attorneys counsel clients that are preparing for the eventualities of aging, and long-term care is one of the concerns. The majority of seniors will need help with their daily needs, and more than one third will spend time in nursing facilities. Last year, the median annual charge for a private room in a Hartford area nursing home was just under $180,000. The average length of stay is one year, but more than half of people that require paid care receive the assistance for more than … [Read more...] about Medicaid Estate Recovery and the Child Caregiver Exemption
Genworth Survey: Hartford Long-Term Care Costs Increased in 2021
As elder law attorneys, we pay close attention to financial and legal matters that are specifically relevant to senior citizens. Long-term care costs are at the top of the list, because most seniors will eventually need help with their activities of daily living. Genworth Financial has been conducting surveys on an annual basis that provide detailed information about the state of elder care costs around the country. They have recently released their survey for 2021, and the results are not … [Read more...] about Genworth Survey: Hartford Long-Term Care Costs Increased in 2021
Updated Veterans Pension Rates for 2022
Veterans make sacrifices that other people do not, but they also qualify for some benefits that are only available to former servicemembers. One of them is the Veterans Pension, and in this post, we will share information about the new 2022 rates for the different classifications. Length of Service Requirements The Veterans Pension is not to be confused with the retirement pension that servicemembers become eligible for after 20 years of duty. This pension is available to some veterans that … [Read more...] about Updated Veterans Pension Rates for 2022
Address Potential Nursing Home Costs in 2022
You probably put a lot of thought into your financial future with your retirement in mind. This is as it should be, but many people that are diligent overlook an expense that can have a devastating impact on your legacy. An Inconvenient Truth About Medicare It’s natural to assume that Medicare will take care of most of your long-term care costs when you become eligible. Everyone knows that there are some out-of-pocket expenses, but they are usually going to be relatively modest. Plus, there … [Read more...] about Address Potential Nursing Home Costs in 2022
Advocacy Groups to Congress: Abolish the Medicaid Estate Recovery Mandate
Most seniors will need living assistance at some point, and a significant percentage of elders will require nursing home care. If you are going to qualify for Medicare when you are 65, you may not be concerned about long-term care costs when you reach an advanced age. Medicare must cover nursing home care, right? It is a form of medical assistance that is required by seniors, and Medicare was designed to meet the health care needs of older Americans. This is a logical assumption, but in … [Read more...] about Advocacy Groups to Congress: Abolish the Medicaid Estate Recovery Mandate
Important 2022 Medicare Facts and Figures
When a new year approaches, the parameters of the government benefit programs for senior citizens are adjusted for the following year. We have recently shared information about the Social Security cost of living increase, and we will look at Medicare in this post. Part A Deductibles and Coinsurance Hospitalizations are covered through Medicare Part A. There is no monthly premium if you are eligible for Medicare, but there is a deductible. It is going from $1484 to $1556 in 2022. Medicare … [Read more...] about Important 2022 Medicare Facts and Figures
Key Facts About Medicaid Planning for Married Couples
If you earn a good living and you have always received health insurance coverage through your employer or an exchange, you would have no reason to understand the Medicaid guidelines. You know that you will be covered until you become eligible for Medicare when you are 65. This makes sense on the surface, but many elders become very interested in Medicaid eligibility at some point in time. Why would this be the case? Medicare will pay for convalescent care after an injury or illness when … [Read more...] about Key Facts About Medicaid Planning for Married Couples
Elder Financial Abuse Is All Too Common
As you get older, you will invariably have a new set of concerns, and this is simply part of the human condition. You should be aware of the challenges that are looming so you can take the appropriate preventative measures. Elder financial abuse is a major problem that a lot of people never think about. It was brought to light back in 2009 when the MetLife Mature Market Institute released a groundbreaking study. Researchers stated that abuse cases cost victims a total of $2.6 billion … [Read more...] about Elder Financial Abuse Is All Too Common
