As elder law attorneys, we have a thorough understanding of government benefits for seniors, and this includes veterans. Most people have heard of the veterans retirement pension that service members can receive after 20 years of service. The amount that you would receive will increase if you stay in the service for longer periods of time. This is a great benefit that gives veterans the opportunity to retire in comfort. Retirees will receive a pension and a Social Security benefit, and … [Read more...] about Wartime Veteran Pensioners Will Get a Boost
We have been sharing some cost-of-living adjustments that impact the government benefit programs for seniors since the new year is upon us. Medicaid has now produced their updates for 2021, and we will take a look at some of their new numbers in this post. But first, we will provide a basic overview so you understand why Medicaid is important for seniors that will qualify for Medicare. Long-Term Care Costs Seven out of every 10 seniors will need some type of living assistance. According to … [Read more...] about Medicaid Spouse Allowances Will Be Adjusted
As elder law attorneys, we keep a finger on the pulse of legal and financial matters that are impacting senior citizens at any given time. Some of them are simply inevitable eventualities of aging that are not necessarily anyone's fault, but there is one looming threat that is truly heinous. The very thought of elder financial abuse can make your blood boil. You have to wonder how someone could stoop this low, but unfortunately, it is a big problem in the United States today. Very … [Read more...] about Be Aware of Elder Financial Abuse Threats
The landscape surrounding long-term care in the United States is disconcerting to say the least. According to the United States Department of Health and Human Services, seven out of 10 seniors will need help with their day-to-day needs at some point in time. This is just a fact of life that no one can control, but the cost factor presents a significant challenge. Almost all senior citizens rely on Medicare for health insurance, and they pay taxes throughout their lives to gain eligibility. For … [Read more...] about Are You Eligible for the VA Aid & Attendance Pension?
When you pay self-employment or payroll taxes, you are earning retirement credits that lead to eligibility for Social Security and Medicare. In 2020, you get one credit for every $1410 that you earn, and the maximum accrual is four credits per year. In past years, this amount was lower because there are annual adjustments to account for inflation. However, the amounts have been relative to the modest figure that we see this year. Once you have at least 40 credits in the bank as it were, you … [Read more...] about When Will I Get Social Security Payments?
Many families experience role reversals at some point in time. When you reach your middle-aged years, you may find yourself providing more and more assistance for your aging parents. This is simply the way of things, but eventually, the level of care that is needed may be beyond your capabilities. We are going to provide some insight here to help you understand some very important facts about long-term care and the costs that go along with it. Government Statistics The United States … [Read more...] about Will You Be Caring for Your Aging Parents?
There are pointed strategies that can be implemented to provide for each person on your inheritance list in the ideal manner. This is well demonstrated when you look at inheritance planning for people with disabilities. Need-Based Government Benefits Clearly, people with these challenges are going to require expensive medical care throughout their lives. Since many of these folks are not in a position to hold jobs, they cannot get health insurance through employers. Fortunately, Medicaid … [Read more...] about Can Medicaid Seize Assets in a Special Needs Trust?
It is natural to feel a certain sense of security when you know that you will qualify for Medicare as a source of health insurance when you are 65. There are out-of-pocket expenses that you have to pay yourself, but if you retire with some resources and income, you should be able to manage them. This being stated, there is one complete void in the coverage that is not easy to overcome on your own. Medicare will not pay for a stay in a nursing home, and it does not cover in-home care. About … [Read more...] about Medicaid Spouse Allowances Can Provide Relief
As elder law attorneys, we are tightly focused on matters that are of interest to senior citizens. According to the U.S. Census Bureau, 10.6 percent of people in Rochester were 65 years of age and older in 2019. This is a very significant portion of the population, and these folks have concerns about the eventualities that they may face as time goes on. There are a number of different elder law issues that are a source of concern at the present time, including physical and emotional elder … [Read more...] about Be Aware of Medicare Gaps
The most pressing elder law concern at the present time is the matter of long-term care and the costs that go along with it. Many people assume that Medicare would pay for living assistance, but in fact, this program does not pay for custodial in-home care or a stay in a nursing home or assisted living facility. Long-Term Care Costs About 70 percent of elders will eventually need help with their activities of daily living, so this is a situation that you should take quite seriously. Genworth … [Read more...] about Medicaid Waiver Can Preserve Resources