In upholding the President Obama's health reform law, the Affordable Care Act, the Supreme Court ensured the preservation and continued roll-out of improvements and protections for older adults. These improvements include the extension of Medicaid’s spousal impoverishment protections to those seeking long-term care in the community, financial incentives for states to keep long-term care recipients out of institutions, the gradual closing of Medicare Part D’s infamous “doughnut hole,” expanded access to preventive services for Medicare beneficiaries, and the Elder Justice Act. The Court did, however, scale back the Medicaid portion of the law, which could mean that fewer near-elderly will…
The Office of Older Americans was created as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. It was created to safeguard the rights of those over 62 and ensure they are properly educated about their financial options. Assistance in these and similar matters is all the more important now in a world with stagnant retirement accounts and rising healthcare costs. MetLife found that older Americans lost $3 billion from exploitation in 2010 alone. The rising senior population only means that the total cost of senior financial abuse will likely increase in the future. Tackling financial exploitation often…
A Wall Street Journal article asked some tough questions about the availability of Medicaid nationwide. We realize that many local residents are understandably concerned about the program in our state–it is an essential lifeline for many seniors. The latest WSJ article suggest that some states are making it harder for individuals to receive Medicaid help to pay for long-term care costs–however, the "crack down" on Medicaid expenditures is advancing very differently in certain states. According to the Kaiser Family Foundation, Medicaid now accounts for about 40% of long-term care spending nationwide. The program is a joint state and federal effort…
In Maryland and across the country, baby boomers and other older Americans are drowning in debt, say credit counselors and economists. A growing number of older people in our region are seeking financial assistance and help finding work, as well as filing for bankruptcy. From 1992 to 2007, the percentage of households of people in their mid-50s and older with housing and consumer debt rose from 53.8 percent to 63 percent, according to the Washington-based Employee Benefit Research Institute's research using government data. The problem is even more acute for those 55 to 64, with 81.7 percent carrying debt. Over…
According to an analysis of data from the University of Michigan done by the Employee Benefit Research Institute, poverty rates have increased every year since 2005 for older Americans and are worst among the oldest of the elderly. In 2009, 15 percent of Americans over the age of 85 were living in poverty and 6.0 percent of them fell into poverty after turning 85. The data suggests people are spending their retirement savings too quickly and falling into poverty as they grow older. Sudipto Banerjee, EBRI research associate and author of the report, said, as people age, their personal savings…
As the Baby Boomer generation continues to age, more and more seniors are finding themselves facing a harsh reality: they didn’t adequately plan financially for their later years. Sure they saved enough to retire, pay the bills, and travel. However, there is a potential financial drain waiting towards the end of their lives that they just did not see coming—the need for long term care. Perhaps this is where you find yourself now. Maybe your spouse has suffered a debilitating fall and you need a home health aide to assist you in caring for them. Or perhaps you are an…
Veterans and their families can learn about a Veterans benefit that will help cover the cost of long term care at a free seminar at the FSK American Legion Post #11, 1450 Taney Avenue, Frederick, Maryland. The seminar, presented by elder law attorney, David Wingate is Thursday, April 12 th, 2012, at 2 p.m. and 6 p.m. The cost of long term care can be expensive, often times depleting assets that have been accumulated over a lifetime. But veterans may qualify for Aid and Attendance from the VA. Eligible veterans may qualify for a benefit of up to $2,000 a…
When it comes to leaving your home and residing in a retirement home most people would rather stay at home. However, today's retirement homes, or Continuing Care and Assisted Living Facilities may not be what you think. In fact, many are like 5 star hotels. The assisted living facilities offer full service amenities such as laundry, housekeeping, transportation, onsite dining, and entertainment. The best part is that many of these services are all inclusive. Many seniors value their freedom, but for reasons beyond their control they can no longer care for themselves. Therefore, simple household chores like cooking, cleaning and…
As reported in Financial Advisor, a growing number of residents are aware of the need to conduct long-term care planning, but a majority admit that they still fail to plan as properly as they should. Specifically, the study found that eight out of ten Americans believe that it is vital to prepare ahead of time for the assistance they might need as they age. Yet, nearly half those respondents claimed that in their own case they remain unsure how they will provide for their long-term care when they reach their golden years. Long-term care costs are high and rising. Most…
Senior home care services can allow seniors to stay comfortably in their own homes. But, selecting home care agencies for your loved ones is one of the most important decisions you will make; because we desire our loved ones to be safe, comfortable and well cared for. Accordingly, here are some questions to ask prior to hiring the service: 1. When choosing senior home care it's important to consider the needs of the senior. Do they have specific medical requirements? Therefore, they may require a care specialist or have a caregiver with specific training. What about compatibility? As the right…
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