Elder law and retirement planning go hand-in-hand. Making sure the you have the financial underpinning to enjoy your retirement years to the fullest is important. But then there is the elder law issue of long-term care and the expenses that are potentially incurred. Medicare doesn't pay for an extended stay in a nursing home or an assisted-living community. If you combine the average length of stay with the average cost of a year in a nursing home in New York you're looking at a figure …
Many Elders Are Victims of Financial Abuse
While most of us would agree that senior citizens should be honored and respected, in fact many of our nation's elders are victims of financial abuse. It's hard to say with certainty exactly how many cases of financial abuse take place annually because experts agree that a large number of cases are never brought to the attention of authorities. However, a survey was conducted among over 2500 members of the Certified Financial Planner Board of Standards. 56% of them were aware of instances …
Special Military Pension Can Assist Senior Veterans
Many people are not aware of the existence of the Veterans Aid and Attendance special pension. This pension is different from the military retirement pension that service members become eligible for after 20 years of service. This benefit is designed to help veterans pay for living assistance. Many people ultimately need help with their day-to-day needs at some point in time and residence in an assisted living facility is very expensive. Even in-home care can cost a good bit of …
Medicaid & Long-Term Care: Download Our Report
When you look into the subject you may be quite surprised to find out just how expensive it is to spend some time in a nursing home or assisted living community. Costs are rising year-by-year, so the current state of affairs is one thing but what you may be looking at in 20 or 30 years is another. Presently a single year residing in a nursing home in the state of New York averages well in excess of $100,000. There are those who take this with a grain of salt because they expect to be …
Assisted Living Benefit for Wartime Vets
Assisted living is very costly, and many senior citizens simply cannot pay for it out-of-pocket. Medicaid can be a solution for some people, and veterans may be able to tap into a very valuable military benefit. The Veterans Aid and Attendance special pension provides single veterans with as much as $1732 per month to help with assisted living expenses. A surviving spouse of an eligible veteran may receive up to $1113 per month, and a couple could qualify for $2054 each month. To meet the …
Alzheimer’s Disease: Know the Facts
Being comprehensively prepared for the future involves planning ahead for the possibility of incapacitation. We all know there are numerous different causes of incapacity, but the most significant one for senior citizens is Alzheimer's disease. When you understand the facts about Alzheimer's disease it becomes impossible to keep your head in the sand assuming that you will never go through a period of incapacitation. The New York Times has done an excellent job researching the subject and …
Insurance Can Defray Long-Term Care Costs
Late last year the New York Times tackled the subject of long-term care insurance and whether or not it is wise for younger people to purchase this insurance. The first thing that should be considered is the fact that Medicare won't pay for long-term care. And, most senior citizens will need living assistance at some point in their lives. These two facts make advance planning a must unless you are someone who doesn't mind gambling with your future. Long-term care insurance is an option, …
Your Parents May Need Your Help Someday
When we are children we look up to our parents and rely on them for everything. Once we enter adulthood we still need our parents in any number of ways, and this dynamic is something that is embedded in all of us. However, the truth is that your parents may well need your help some day when they reach an advanced age. Most people who reach their middle 60s will indeed need some help with their day-to-day needs eventually. According to the Medicare website 70% of this assistance is provided by …
Act Now With the Future in Mind
When you are going through your prime earning years you have a window of opportunity that you can either take advantage of or ignore. You must assume personal responsibility for your own future, and if you do not act with that future in mind along the way you may regret it later on. Retirement planning is important, and you cannot correct errors of omission as a senior citizen in most cases because you simply don't have the time to recover. On the other hand, if you understand the facts, …
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