Everyone is aware that you can decide how you want your assets to be distributed after your passing when you create an estate plan. At the same time, wealth preservation is another part of the equation if you want to maximize the legacy that you will be able to pass on to your loved ones. Nursing Home Expenses There is a major expense looming, and many people do not think about it until it is too late. Over one third of senior citizens will spend the end of their lives a nursing homes … [Read more...] about Oklahoma City Long-Term Care Costs Are On The Rise
You may not think much about Medicaid if you have resources and health insurance, and this is understandable. Once you reach the age of 65, you will qualify for Medicare. So Medicaid is simply not on your radar in any real sense. However, when you are developing a plan for aging, you will find that Medicaid may be quite relevant when you are an elder. Why is this the case? This program will pay for long-term care, and Medicare does not cover custodial care. Don’t Be Overconfident Of course, … [Read more...] about Will My Spouse Be Broke If I Use Medicaid to Pay for a Nursing Home?
People that serve in the military during wartime make enormous sacrifices for the country, but they also receive some valuable benefits as a reward. In addition to the retired pay that veterans can receive after 20 years of service, there is another special pension that flies under the radar. Veterans Pension The Veterans Pension is available to some former service members that are at least 65 years of age and/or permanently and totally disabled. Since this benefit is only available to wartime … [Read more...] about This Veterans Pension Can Help With Living Assistance
The term "sandwich generation" refers to a growing demographic of individuals who find themselves sandwiched between caring for their aging parents and supporting their own children. These individuals are often in their 30s to 50s, and they face unique challenges and responsibilities in managing the needs of multiple generations simultaneously. In this post, we will explore what the sandwich generation is and the various aspects of their role and experiences. Defining the Phenomenon The … [Read more...] about Sandwich Generation Members Face Elder Care Challenges
Long-term care insurance is self-explanatory. It covers the costs that are associated with long-term care for seniors. Since Medicare doesn’t pay for long-term care, this could be a solution. However, like any other type of insurance, long-term care insurance has its pros and cons. Pros: Protection against high costs: Long-term care services can be very expensive, especially if you need them for an extended period of time. Long-term care insurance can help you cover these costs and protect … [Read more...] about Long-Term Care Insurance: What Are the Pros and Cons?
As elder law attorneys, we speak to a lot of senior citizens that want to learn about potentially concerning legal matters. Unfortunately, there are others that do not seek out this type of advice at the right time. In many instances, clients come to us after problems have arisen. At that point, it can be difficult to mitigate the damage. Information is the key to a comfortable, secure retirement that ultimately allows you to leave behind a suitable legacy to your loved ones. In this blog … [Read more...] about Key Facts About Social Security, Medicare, and Long-Term Care
The most important matter that elder law attorneys address is the long-term care situation. Most senior citizens will need some type of help with their activities of daily living eventually. Some of them can receive the assistance they need in their own homes from family members and friends, but residential long-term care will often become necessary at some point. Since Medicare is a health insurance program for seniors, and many elders require nursing home care, you may assume that … [Read more...] about Oklahoma Nursing Home Costs: Surveys Shed Light
When determining whether an individual qualifies for Medicaid, states impose both functional and financial tests. Functional means that the applicant must demonstrate medical need. Financial means that such an individual must demonstrate financial need. With proper planning though, it’s possible to meet the financial need prong even if assets exceed the threshold amount set by the state. Read on to learn more. … [Read more...] about Medicaid Planning
As elder law attorneys, we educate people about long-term care and the financial implications that go along with it. Once they understand the reason why action is required, we help our clients implement nursing home asset protection plans. With this in mind, we will provide some important information in this post. Medicare and Medicaid To get right to the point, Medicare does not pay for long-term care. Whether it is in your place of residence or a nursing home, Medicare doesn’t cover … [Read more...] about Long-Term Care Planning and the 2023 Medicaid Healthy Spouse Allowances
When you have been active and capable during your middle-aged years, it can be hard to imagine a time when you will need help with your activities of daily living. Yes, you may have some limitations, but you will not have to rely on others to complete basic tasks. In this post, we will provide some food for thought with regard to the expectation of total independence for the rest of your life. Social Security Longevity Calculator The Social Security Administration has a life expectancy … [Read more...] about Longevity Statistics Put Long-Term Care in Perspective