While President Obama's re-election means Medicare and Medicaid as we know them will likely be preserved at least for the next four years, many challenges are still ahead. One of the biggest outcomes of the election is that the Affordable Care Act (ACA – a.k.a. "Obamacare"), which candidate Mitt Romney had promised to repeal, will almost certainly remain as law and be fully implemented. The law is already beginning to close the gap in Medicare’s prescription drug coverage known as the "doughnut hole," as well as providing free preventative care for Medicare recipients. The ACA also included a number…
Does the normally tidy house now seem neglected? Is there hoarding? Do you notice memory problems, confusion or physical unsteadiness? Discovering that a parent's physical or mental health is declining can be heavy on the heart. It also can be hard on your finances, states the Wall Street Journal. "The first thing is don't panic. "Come up with a plan." Feeling overwhelmed may prompt you to spend money on the wrong things, such as full-time care, when your parent just needs delivered meals or someone to run errands a few times a week. Here are some tips: 1. Assess needs…
As the baby boom approaches its Social Security years, it is turning the decision about when to start collecting benefits from an automatic move into a major planning and research opportunity. Having intensively looked into car seats and college admissions for their kids and tried to map out careers and 401(k) plans, boomers now will focus attention on squeezing Social Security for all it is worth. "Baby boomers are the first generation that isn't going to put up with crappy advice," says William Meyer, Chief Executive Officer of Social Security Solutions, Inc., one of a number of new companies selling…
Liz and Jennie are sisters who have always been close. Liz suffers from severe manic depression, but with medication she is able to live on her own, although she can't work. Because of her condition, Liz receives Supplemental Security Income (SSI), Medicaid, and she also lives in a government-subsidized apartment. For the last few years, Liz's aunt, as part of her estate planning, has written Liz a check for $10,000. Since Jennie knows that receiving large sums of money could jeopardize Liz's eligibility for her government benefits, she encourages her sister to endorse the check over to her so that…
The considerations are much different for an older couple with adult children and retirement plans than for a young couple just starting out. Before deciding whether to get married or just live together, you need to look at your estate plan, your Social Security benefits, and your potential long-term care needs, among other things. Whatever you decide to do, you may want to consult a lawyer to make sure your wishes will be carried out. Here are some things to think about: Estate Planning. Getting married can have a big effect on your estate plan. Even if you don't include…
Here are five reasons, states ING, why starting early to save for retirement makes sense: You may live quite a long time in retirement. Most people spend at least 15 to 20 years in retirement, so your life expectancy plays a key role in planning for how much money you’ll need and making sure your savings last. Your retirement lifestyle may be just as costly as your current lifestyle. Some people find that their expenses decrease in retirement—their house is paid off and children have moved away. Others find that their dreams for retirement come with big price tags. Depending…
The COLA, or Cost Of Living Adjustment, has been a nearly annual increase in Social Security payments. Why? To keep benefits consistent with inflation. Otherwise, seniors would be at the mercy of rising prices on fixed incomes. Lean times in the economy, however, have meant cutting back COLA for the past two years, leaving many seniors with no choice but to further tighten their belts. The 3.6% increase will be warmly received by many. For example, beneficiaries receiving $1,186 a month, the average for retired workers, will see monthly benefit increase of $43. To be sure, it’s not a dramatic…
By dedicating some time early on in the diagnosis and fighting for the cause during World Alzheimer’s Month and beyond, a family can know they have done everything to support their loved one to live a full life and protect their legacy. You may not have known but September is World Alzheimer’s Month. As the month comes to a close, it’s important not to forget about Alzheimer’s. Medical research and advocacy are vital causes to uphold. Nevertheless, it is a disease that you and your loved ones might have to face directly, if you have not already. The reality of…
If the debt-debate in Washington gets much worse it could mean a lot more belt-tightening for America’s seniors, including changes to the COLA for Social Security, the Cost Of Living Adjustment meant to keep seniors at pace with inflation. The change proposed by both sides of Congress and the White House officials, elaborated in this SmartMoney article, is to adjust the measurement of inflation used when determining the COLA. Inflation is a fairly common concept – the general and expected upward creep of costs – but economists are less certain about the most appropriate measurement. Currently, costs of products are…
Estate Recovery: Sections 1902(a)(18) and 1917(b)(1) of the Act require States to pursue estate recovery when a Medicaid beneficiary received medical assistance under the State plan: 1) in cases where a lien has been imposed under the State’s lien authority, and 2) for recipients age 55 and over, who received nursing facility services, home and community-based services, or related hospital and prescription drug services. States may optionally seek recovery to pay for costs of other approved State plan services provided to those 55 and over, except Medicare cost sharing paid on behalf of Medicare Savings Program beneficiaries on or after…
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