Most experts recommend The financial consequences of failing to keep your legal and financial documents in order can be significant. As pointed out in a recent Wall Street Journal article, state treasurers currently hold $32.9 billion in unclaimed bank accounts and other assets. Additionally, some of the country’s largest life insurers are under investigation for failing to pay out unclaimed life policies to beneficiaries. Insurers say they are behaving lawfully and under their policy contracts are required to pay a claim only when beneficiaries come forward. Will your family members reap the full benefit of your estate planning efforts, or…
In the not too distant past residential options, for your aging parents, were a move to a nursing home or living with you. However, times have changed with assisted living facilities and home care agencies. Consequently, these options can potentially provide a new lease on life, for your parents, whether it be for a short time or for many years. Home care varies, depending on your parent’s needs and resources, from full-time or part-time assistance. Are you're parents unsteady on their feet, a fall risk, not taking their medications, eating enough, require some caregiving assistance, or help with housework? Therefore,…
When the time comes, as does for most of us, that we need assistance in our daily living, the unfortunate fact is that too many of us end up in nursing homes – not because we need constant nursing care, but because there no other good options. A provision of the new Patient Protection and Affordable Care Act may help change that. According to a recent article in the LA times, the most ambitious part of the Act, as it relates to long-term care is the Community Living Assistance Services and Supports Act, or CLASS – a voluntary, consumer-financed insurance…
The study examines the prevalence and impact of elder financial abuse in America today. It demonstrates how these crimes continue to decimate incomes, impact the health and well-being of its victims, and fracture families. Yet it still is underreported, under-recognized, and under-prosecuted. Elder financial abuse continues to the “Crime of the 21st Century,” according to a recently published MetLife study on the financial abuse of the elderly, “The MetLife Study of Elder Financial Abuse: Crimes of Occasion, Desperation, and Predation Against America’s Elders.” The study shows that elder financial abuse falls into three types of crimes: occasion, desperation and predation….
If you, your parent, or an elderly loved one is reaching the point where living alone is no longer an option – for medical reasons or otherwise – it may be time to consider some time of assisted living, whether nursing home or retirement community Increasingly, many families are looking at the “Continuing Care Retirement Community” or CCRC option. Even though the CCRC may be the pricier option, a little-known tax strategy recently explained in Smart Money could make it more financially attractive.. What is a CCRC? As SmartMoney explains: As opposed to a traditional nursing home where you simply…
Medicare does not pay for all the nursing home costs. Medicare Part A covers up to 100 days of "skilled nursing" care per spell of illness. However, the definition of "skilled nursing" care and the other conditions for obtaining Medicare coverage are rigorous. Consequently, few nursing home residents receive the full 100 days of coverage. Therefore, Medicare pays only about 9 percent of nursing home care in the United States. Medicaid will pay for nursing home costs. However, their are stringent qualifications. Check out the 2011 Medicare and You Handbook on the Medicare website ensure you receive the nursing care…
The greatest fears of seniors are one, running out of money, and two, ending up in a nursing home. Consequently, they lose their personal independence. Also, the loss of their hard earned savings. The average cost of nursing home care in Maryland is approximately $100,000 to $150,000 per year, dependent on your location, within the state. Unfortunately, most seniors pay for nursing home care utilizing their savings until it’s depleted. Subsequently, they qualify for Medicaid. Therefore, Medicaid will pay the cost of the nursing home, less all the senior’s income. With asset planning, whether in advance or in response to…
The idea of Assisted Living is tremendously appealing – an older individual receiving necessary care and services in a home-like environment, while retaining choice and autonomy. Most Assisted Living facilities are licensed to care for residents only up to a particular need of care. A generic multi-level system might designate three levels: low, moderate and high. When a resident has low care needs, the resident may reside at any type of Assisted Living facility. When the resident's care needs reach the moderate level, the resident is allowed to reside only at a facility licensed for moderate or high care needs. …
Click for a few of the stories uncovered during The Miami Herald’s yearlong investigation into Florida’s assisted living facilities. Thousands of documents revealed a nearly hidden world of questionable deaths, abuse, and cases of neglect towards the elderly and mentally ill. Their project, “Neglected To Death,” chronicled years of caregiver malpractice, unsuitable living conditions, and exposed Florida’s state regulators’ failure to monitor and enforce the laws protecting some of society’s most vulnerable residents. The Miami Herald and WLRN uncovered 70 questionable deaths within the last decade alone. While Florida supposedly holds some of the strictest elder-abuse laws in the nation,…
We help people navigate thru the Medicaid maze, provide legal and financial solutions, and help you alleviate your frustrations and time involvement. For the FREE GUIDE, to protect yourself, your family, and insure your Quality of Life click on “The Planning Ahead Alzheimer’s Guide” “Caring For Someone With Alzheimer’s Disease” 1. Do you reside in Maryland? Yes No 2. Do you worry about long term care or nursing home costs? Yes No 3. Are you confused about Medicaid or VA benefits? Yes No 4. Is being discharged from the hospital and returning…
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