When you are a younger adult who has never had any trouble getting around the subject of long-term care can seem completely irrelevant. However, those who are currently residing in a nursing home or assisted living community probably felt the same way at some point in time. It is important to look ahead toward the eventualities of aging if you want to be comprehensively prepared for the future. Long-term care is actually going to be needed by about 70% of people in the United States … [Read more...] about How Will You Pay for Long-Term Care?
Long-Term Care
Access Our Estate Planning Report Library
People who have absorbed in-depth information about any particular subject are going to make better decisions than those who are not fully informed. This certainly extends into the realm of estate planning. On the most basic level people think about estate planning as the act of drawing up a last will that divides a pie of sorts among family members. In fact there is a bigger picture to consider. A last will may not be your best choice for transferring assets. If you … [Read more...] about Access Our Estate Planning Report Library
Planning for the Stages of Aging
If you think about estate planning you might reduce it to the act of drawing up a last will to express your final wishes regarding monetary assets. This is a rather closed viewpoint because it doesn't really address the stages of aging. The majority of people don't pass away without going through these stages, and it takes intelligent advance planning to prepare for them. Retirement Planning When you reach the age of Social Security eligibility you do not magically gain the … [Read more...] about Planning for the Stages of Aging
Combine These Figures to See a Profound Picture
Many people assume that it will be easy to live inexpensively during their twilight years. You may have already crossed everything off of your bucket list at that point in terms of costly travel and adventure. Medicare will be there to handle health care expenses, and you may expect to own your own home and vehicles outright. As a result you may anticipate limited expenses. In truth, adopting the above perspective is a trap of sorts. What about long-term care? Medicare … [Read more...] about Combine These Figures to See a Profound Picture
Special Pension for Service Members Who Need Living Assistance
Living assistance is very expensive, Medicare won't pay for it, and of course most senior citizens are living on a fixed income. This is not the best combination of circumstances. People who have served in the military may be able to tap into a benefit that they have earned to help them address the expenses that they may incur if they need help with their day-to-day needs. This benefit is called the Veterans Aid & Attendance special pension. To qualify you have to be able to … [Read more...] about Special Pension for Service Members Who Need Living Assistance
Seniors Face Higher Medicare Deductibles, Part B Premiums
Retirement planning is very important if you don't want to find yourself on a very tight budget during the latter portion of your life. Living on a fixed income can be very challenging, and Social Security alone is really not enough for most people. And even if you could get by on Social Security on the day that you retire costs inevitably go up and cost-of-living adjustments are very modest to say the least. In fact, in 2010 and 2011 there was no Social Security cost-of-living … [Read more...] about Seniors Face Higher Medicare Deductibles, Part B Premiums
Healthy Seniors: Don't Be Fooled
Sometimes you can be lulled into a false sense of security for one reason or another, and as a result you may fail to take the appropriate actions. This can come into play among healthy senior citizens. Let's say that you have always been one to go to the gym regularly, eat well, and refrain from smoking and excessive drinking. You see your retirement years start to come into focus and you feel very good physically. Your doctor has given you a clean bill of health and you … [Read more...] about Healthy Seniors: Don't Be Fooled
High Nursing Home Costs Make Other Options Attractive
Understanding all of the facts is key when you are making preparations for the future. People sometimes make uninformed assumptions that get them into trouble. One of them is the idea that Medicare is a cure-all once you qualify for the program. Those who are under this impression may not be aware of the fact that Medicare won't pay for long-term care. In the local Indianapolis area a daylong stay in a private room in a nursing home in 2012 averaged $237 according to the … [Read more...] about High Nursing Home Costs Make Other Options Attractive
Long-Term Planning: Longevity Is a Factor
There are multiple contingencies to consider when you are making preparations for the latter stages of your life. Financing your retirement years is of course going to be one of your concerns, but you also have to consider the eventualities that go along with entering into your twilight years. Your longevity is going to be one of the variables that is a significant factor. The population is rapidly aging, and senior citizens are making up a large percentage of the overall … [Read more...] about Long-Term Planning: Longevity Is a Factor
Medicaid Changes Announced
Medicaid is very important to many elders because most of the nursing home care that is provided in the United States is paid for by this joint federal/state program. Even if you were to enter into retirement with some reasonably significant savings they could be swallowed up by long-term care costs. In 2012 the average annual charge for a private room in a nursing home exceeded $90,000 throughout the United States. Senior citizens have a 40% chance of requiring nursing home care … [Read more...] about Medicaid Changes Announced
