The legal specialty of estate planning includes the niche known as elder law planning. Because of the changing demographics of our nation these are interesting times for elder law attorneys. Our nation's population is aging at a very rapid rate. Now comes the flood of baby boomers approaching retirement age. This means unprecedented numbers of people will face the realities that go along with aging. If you want to be able to address all of the contingencies that may arise you … [Read more...] about Long-Term Care: Making Preparations
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
One of the most daunting expenses that senior citizens will be facing later in their lives is that of long-term care, and make no mistake about it: These costs are significant, and they are expected to continue to rise. According to the annual MetLife Mature Market Institute survey, a year living in an assisted living facility in the United States in 2010 would run you nearly $40,000. The same period of time residing in a nursing home would carry a price tag of $83,500 on average. The … [Read more...] about Taking Long-Term Care Costs Into Consideration
The costs associated with long-term care are a source of concern in the elder law community. Approximately four out of every 10 individuals who reach the age of 65 will someday spend some time in an assisted-living facility, nursing home, or both. To drill down a little bit further, citizens 85 years of age and older are the fastest-growing segment of the American population. About 25% of people who reach this age are residing in a nursing home at any given point in time. … [Read more...] about Medicaid Eligibility & Gift Giving
When you're planning for the latter stages of your life you are going to have to make long-term projections based on the costs that you anticipate, and this is clearly an imperfect science. However, the best way to approach it is to take care of the things that are within your control and do your research so that you're working with as much relevant information as possible. When you do this with regard to long-term care you'll find that the costs are surprisingly high and rising, and most … [Read more...] about Long Term Care: Know Your Options
When you are making plans for your twilight years 10, 20 or 30 years in advance you are certainly doing the right thing by exhibiting foresight. However, when you're looking this far into the future it can be challenging to make accurate projections with regard to your potential expenses. One of these possible expenses is the costs associated with long-term care, and they are a source of serious concern within the elder law community. How likely is it that you will one day incur long-term … [Read more...] about Long-Term Care Costs: Are You Getting Prepared?
The Benefits of Joining the State’s Long Term Care Partnership Long term care is a difficult subject for the aging American population. As life expectancy rises, retired individuals are concerned not only about maintaining a comfortable lifestyle on their retirement savings but also worried about the eventual need for quality long term care and its associated costs. One way to plan for long term care is through the state’s long term care partnership. What Does Long Term Care Partnership … [Read more...] about The Benefits of Joining the State’s Long Term Care Partnership
Long term care (“LTC”) is inevitable for many Americans. With this type of care comes a hefty price tag. As you plan for your retirement you should also consider how you will pay for extended care. One option is LTC insurance, which is private insurance used primarily to fund all or part of nursing home or at home care. Pay for the Care of Your Choice Long term care insurance provides you with more possibilities for your care needs. Basically Medicare covers hospital costs. Generally, … [Read more...] about Can Long Term Care Insurance Help You?
For some, the cost of long-term care insurance is just too expensive; especially with so many living paycheck to paycheck or putting off this commitment until it’s too late to be affordable. Yet, while there might not be much you can do to bring down the price, there are some steps you can take to work this important coverage into your budget. The first thing you should do is consult with a financial adviser. He or she may be able to help you rearrange your investments, resulting in a higher … [Read more...] about Budgeting Your Long-Term Care
Although there are now laws that regulate long-term care facilities, abuse and neglect is still a major problem. A 2008 federal survey found that 90% of the nursing homes in the United States have been cited for safety and health violations. Now, that’s a scary statistic. In addition, a large number of the complaints against nursing homes involve abuse and neglect of the residents, including infected bedsores, malnutrition, and even giving patients the wrong medications. Unfortunately, … [Read more...] about Keeping Your Loved Ones Safe In A Nursing Home