In an earlier blog, I addressed some changes to Medicare brought about by the Healthcare Reform Act. In addition to those changes, the law establishes an Independent Payment Advisory Board to make recommendations on Medicare cost savings. These recommendations will automatically become effective if Congress does not enact an alternative proposal that achieves the same cost savings. Also, the Act ties Medicare Part D premiums to income, meaning more Part B and Part D beneficiaries will be moved … [Read more...] about The Health Care Reform Bill’s Affect on Medicare and Insurance
There is a lot of confusion between Medicare and Medicaid, and though they are both government sponsored healthcare plans, there are some major differences between the two. Medicaid – This plan is sponsored by the federal government and is intended to provide assistance to those with a low-income. If you have a financial need, Medicaid will cover you, even if you are over the age of 65. Many seniors that are low income will have Medicaid in conjunction with Medicare, simply because it covers … [Read more...] about The Difference Between Medicare and Medicaid
A lot of people don’t realize that Medicare offers only limited coverage when it comes to nursing home stays, and in most cases there is no coverage at all unless the patient was admitted to the hospital for at least three days prior to being admitted to a nursing facility. What this means is that a number of seniors must pay out of pocket if they must enter a nursing home in order to receive rehab services.Due to certain Medicare rules, many people are being placed in a hospital setting not as … [Read more...] about Nursing Home Rehab and Medicare
As laws currently stand, when you reach the age of 65 you will be eligible to receive Medicare assuming you (or your spouse) have worked and paid into the program for at least 10 years. This can lead you to believe that all of your medical expenses will be taken care of once you reach the age of eligibility. … [Read more...] about Prepare for Health Care Expenses
The challenges are significant when you are trying to get by on a fixed income without having a hefty store of savings to draw from. This is why financial planning lawyers are so adamant about the need to develop a clear-cut path that leads to a comfortable retirement. Many people find they will be working beyond the age when they become eligible to receive Social Security benefits because the numbers simply don't add up. Social Security payouts are quite modest, with the average monthly … [Read more...] about Higher Costs for Medicare Recipients in 2013
We're always looking for ways to connect with our community and give you the information you need to make smart estate planning decisions. If you've been thinking about starting an estate plan or just have questions that you'd like to have answered, here's a few ways to do just that: … [Read more...] about Upcoming Events – Learn More About Protecting Your Loved Ones With Estate Planning!
Estate planning has different facets. There is a perspective that involves the slicing up of a pie; whatever you happen to have left after you pass away gets sliced up and split among your beneficiaries. … [Read more...] about Frank Talk About In-Home Care
People with special needs may qualify for government benefits, including Medicaid and Medicare. While their names are similar, these programs are completely different and have different eligibility requirements and benefits. … [Read more...] about Medicaid vs. Medicare – What’s the Difference?
As we get older, thinking about retirement and aging can raise many questions, both for the person getting older and their adult children. Most start with, “how am I going to pay for…” How are you going to pay for all the care you may need and what are all your care options? It’s important to think about care management, not just for financial reasons but to ensure you get the best care possible for yourself or a grandparent, mother or father who may need it. It’s never too early to get … [Read more...] about Care Management for the Elderly
The issue of credit scores and estate plans does not pop up very often, but it is an issue with which you should be at least somewhat familiar. When it comes to credit scores and personal financial issues, there is not a lot of overlap with most of the estate planning issues that people commonly face. On the other hand, there is enough overlap so that having a basic understanding of how these areas might affect you and your family can be worthwhile. Today we are going to take a look at credit … [Read more...] about Credit Scores and Estate Plans