Many considerations must be addressed in an estate plan, not just who gets whatever’s left after your death. Long-Term Care expenses are an ever-increasing concern. Your estate plan should consider how those expenses would get paid. This article looks at several ways to plan for those expenses. 6 Important Estate Planning Considerations – Part 2: Long-Term Care … [Read more...]
Evaluate Living Needs of Aging Parents
As we are growing up we rely on our parents to take care of us, and once we reach adulthood we still rely on them for advice. And of course some adults have gone to their parents for financial support over the years. Given this dynamic it can be difficult to come to the realization that your parents may need you more than you need them at some point in time. This can be exacerbated by the fact that your parent or parents may not want to accept the changing dynamic. In spite of the challenges … [Read more...]
Living Well? Don’t Be Overconfident
People are becoming more more health conscious these days, and those who are members of the elder law community are always going to encourage healthy lifestyles. After all, you live an improved quality of life when you take good care of yourself and you decrease the possibility of illnesses setting in during your golden years. However, we like to caution people against being overconfident. Even if you have exercised regularly while eating well and refraining from unhealthy habits you should … [Read more...]
Homeowners & Medicaid Eligibility
If you ask the average person how he or she expects to pay for long-term care if it is needed at some point in time this individual would probably say that Medicare will pick up the tab. In fact this is a misconception. Those who have the foresight to consult with an elder law attorney before making any assumptions will learn that in fact Medicare does not pay for an extended stay in an assisted living facility. Though the program was set up to provide poor people with access to health care … [Read more...]
Study Sheds Light On In-Home Caregivers
Elder law attorneys are becoming increasingly concerned about the high cost of long-term care. If you wanted to spend a year in a private room in a nursing home in Connecticut it would set you back over $100,000 on average. And of course, people sometimes stay longer than a year. Assisted living communities are also extraordinarily expensive. The average cost for a year-long stay in an assisted living facility in Connecticut is well in excess of $40,000. As high as these numbers are, it is … [Read more...]
Connecticut Elder Law Resources
The elder law community focuses on legal issues that are of interest to people who have reached an advanced age. Without question, the best way to prepare for the eventualities of aging is to sit down and discuss everything with a licensed Connecticut elder law attorney. You are entering uncharted waters when you start to get older and ultimately reach different stages of life. There are certain things that you must take into consideration, and you may not know exactly how to proceed. It is … [Read more...]
Veterans Special Pension Look-Back Period Proposed
The Medicare program does not pay for long-term care, and given the fact that it is extraordinarily expensive this is a challenge for many senior citizens. However, Medicaid will pay for a stay in an assisted living community or a nursing home if you can qualify. There is an upper financial resource limit of $2000 that you must stay within to become eligible. So, people will sometimes "spend down" in an effort to qualify for Medicaid. But, there is a five-year look-back period. What this means … [Read more...]
Medicaid Can Fill Gap
You may feel as though you will have a safety net when you achieve senior citizen status in the form of Medicare. A lot of people are under the impression that this entitlement program will pay for just about everything when they become eligible so they don't worry about budgeting for possible future medical expenses. In reality there are gaps that must be filled. One of these involves assisted living expenses. Medicare does not pay for a stay in a nursing home or assisted living community, and … [Read more...]
How Expensive Will Long-Term Care Become in the Future?
Connecticut elder law experts are growing increasingly concerned about the cost of living assistance for elder Americans. Right now the expenses that seniors face when they need living assistance could be accurately described as exorbitant. But if you are planning ahead for the possibility of needing long-term care in perhaps 30 years the potential costs are mind-boggling. The MetLife Mature Market Institute puts out an annual survey that is very well researched and detailed. Last year the cost … [Read more...]
Court Rules Against Senior in Insurance Case
Hartford elder law attorneys speak to a lot of senior citizens who are concerned about long-term care. A stay in a nursing home or assisted living community can present quite a strain on one's retirement budget, and Medicare does not pay for an extended stay in one of these facilities. One possible solution would be to purchase long-term care insurance. While the premiums can be considerable they are less expensive if you obtain the coverage when you are younger rather than waiting until you … [Read more...]
