It can seem as though the system is set up to make sure that your bases are covered during retirement if you do your part. Social Security will provide some monthly income, and Medicare will serve as a source of health insurance. In some ways, this arrangement is effective, but you should understand all the facts so you do not make overly rosy assumptions about the extent of Medicare coverage. Out-of-Pocket Costs There are some significant out-of-pocket costs that go along with Medicare … [Read more...] about Don’t Make Assumptions About Medicare
Face Alzheimer’s Threat With Clear Eyes
Elder law attorneys help individuals and their families address challenges that can confront senior citizens. Alzheimer’s disease can have a major impact in this regard, and we will share some eye-opening facts about the disease in this post. A Leading Cause of Death People are well aware that Alzheimer’s causes cognitive impairment, but a lot of people are not aware of its deadly nature. According to the Alzheimer’s Association, one in three seniors will die with Alzheimer’s or dementia … [Read more...] about Face Alzheimer’s Threat With Clear Eyes
These Five Documents Should Be Part of Your Estate Plan
Estate planning attorneys always emphasize the fact that there is no one-size-fits-all estate plan that is right for everyone. There are different ways that assets can be transferred so you should explore your options and make fully informed decisions. That being said, there is a basic structure that applies to everyone, and we will look at the five documents everyone must have in this post. Asset Transfer Vehicle The first necessity is an assets transfer vehicle. A will is one possibility, … [Read more...] about These Five Documents Should Be Part of Your Estate Plan
Five Reasons to Consult With an Elder Law Attorney
When you hear the term “elder law attorney,” on the surface, it can be a head scratcher. Why would elders need a special type of lawyer? This is a good question, but there are some issues seniors face that have legal ramifications, and we will look at five of them in this post. Update Your Estate Plan Your existing estate plan will be based on the way that your life was at the time it was created. Over the years, many things can change, and your existing plan may not reflect the current … [Read more...] about Five Reasons to Consult With an Elder Law Attorney
Should I Have Long-Term Care Insurance?
As elder law attorneys, we help clients that are concerned about legal and financial matters that are relevant to senior citizens. Without question, the most pressing situation is the matter of long-term care and the costs that go along with it. We are going to look at the pros and cons of long-term care insurance here, but before we get to that point, we will share some necessary background information. Don’t Be Overconfident A lot of people do not give long-term care a second thought … [Read more...] about Should I Have Long-Term Care Insurance?
Nursing Home Cost Increases Exceeded Inflation Rate in 2020
Elder law attorneys focus on legal and financial matters that impact senior citizens, and living assistance is at the top of the list. The majority of elders will need help with their activities of daily living, and just over one third of seniors will eventually require nursing home care. A lot of people are not overly concerned about long-term care costs because they know that they will qualify for Medicare when they reach the age of 65. This coverage will definitely provide a solid … [Read more...] about Nursing Home Cost Increases Exceeded Inflation Rate in 2020
An Overview of 2021 Medicaid Spousal Impoverishment Standards
People that will qualify for Medicare should understand the Medicaid parameters because of an inconvenient truth. More than one third of elders will reside in nursing homes eventually, and Medicare does not pay for the custodial care that they provide. These facilities are very expensive, and married couples can be inundated with two different sets of nursing home bills. Medicare does cover nursing home care, and this is why it is relevant to seniors who will be enrolled in the Medicare … [Read more...] about An Overview of 2021 Medicaid Spousal Impoverishment Standards
Medicare Premiums and Deductibles Updated for 2021
Elder law attorneys focus on legal and financial matters that are relevant to senior citizens. Clearly, most seniors will rely on Medicare for health insurance, and many elders are on fixed incomes. It is important to fully understand the Medicare out-of-pocket expenses. We will provide an overview here, and we will also share the updated figures for the 2021 calendar year. Four Part Program There are four distinct parts that make up the Medicare coverage. Part A is the hospitalization … [Read more...] about Medicare Premiums and Deductibles Updated for 2021
Elder Financial Exploitation Is All Too Common
One of the most troubling issues that we are forced to face as elder law attorneys is the matter of financial exploitation of senior citizens. This problem started to come to light back in 2011 when the MetLife Mature Market Institute published an influential study. They were joined by Virginia Tech University and the National Committee for the Prevention of Elder Abuse, and they reached some eye-opening conclusions. At that time, they estimated that instances of financial fraud and … [Read more...] about Elder Financial Exploitation Is All Too Common
Will Your Parents Need Nursing Home Care?
Many families experience role reversals at some point in time. You may find that your parents need your assistance when they start to reach an advanced age, and the level of help that is needed may slowly increase. When the demands become significant, you may be incapable of meeting them on your own. This is something that many people experience, and under these circumstances, professional assistance will be needed. Assisted Living Costs The first thing to understand about assisted living … [Read more...] about Will Your Parents Need Nursing Home Care?
