When your property is passed on to your loved ones after you are gone, your legacy will live on. We all need monetary assets, but there is also a sentimental component, so these transfers are quite meaningful. As you start to get up there in years and contemplate your legacy, asset protection should be in the forefront of your thinking, because there is a looming threat. Long-Term Care Costs Once you reach the age of 67, your life expectancy is 87 years if you are woman, and it is 85 years … [Read more...] about Medicaid Planning: Take Action to Protect Your Legacy
When you are planning ahead for your retirement years, you will naturally budget for expenses that are relatively easy to anticipate. The golden years can be a reward for all of your hard work, a time when you can enjoy leisure activities, travel, and cross things off your bucket list. This is well and good, but there is the other side of the rainbow. The twilight years can present a financial challenge in the form of long-term care costs. Sobering Statistics Everyone knows that some people … [Read more...] about Modifications and Medicaid Waiver Can Provide a Solution
Medicaid is relevant even if you will qualify for Medicare as a senior citizen for one very important reason: it will cover long-term care. The Medicare program will pay for convalescent care after an injury or illness when recovery is anticipated. However, it does not pay for the long-term custodial care that in-home caregivers and nursing homes provide. Nursing Home Costs The average annual charge for a private room in a Rochester area nursing home is $181,770 in 2021, or $14,940 per … [Read more...] about Can a Homeowner Qualify for Medicaid?
The most pressing matter that elder law attorneys address is the long-term care cost challenge. According to the government run website LongTermCare.gov, seven out of every 10 people that are turning 65 on any given day will eventually need help with their activities of daily living. More than one third of these individuals will reside in nursing homes at some point in their lives. The median annual charge for a private room in a Rochester area nursing home was just under $162,000 in 2020, … [Read more...] about Do You Need Long-Term Care Insurance?
We are going to share an important piece of timely information about Community Medicaid in this post. In order to understand the relevance, you have to digest some background information, so we will start with a brief explanation. Long-Term Care Costs Many elders require living assistance at some point in time. Medicare is the primary source of health insurance for most senior citizens in the United States, but this program will not pay for the custodial care that is provided in the home or in … [Read more...] about Important Community Medicaid Deadline Is Approaching
The majority of senior citizens will need help with their activities of daily living eventually, so this is a subject of great interest to elder law attorneys. You may assume that Medicare would pay for in-home care or a stay in a nursing facility, but this is simply not the case. Genworth Financial conducts research on an ongoing basis to keep a finger on the pulse of long-term care costs around the country. In addition to the national and statewide figures, they also drill down to look at … [Read more...] about 2020 Rochester Long-Term Care Cost Survey Has Been Released
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?