A long-term care insurance company recently cancelled the insurance coverage of an elderly woman who accidentally wrote the wrong amount on her premium check. The case illustrates the need for policyholders to pay attention to the details.
The recent tragedy in which nine Florida nursing home residents died when the nursing home lost power during Hurricane Irma is causing government officials to rethink disaster planning.
If you live in a state with high-quality care for older Americans, chances are the cost of it isn't so great.Data in a new report by Caring.com shows that seven of the top 10 states for quality elderly care also rank in the bottom 20 for the cost of those services.
Lawmakers this month sent an expanded GI educational benefits bill, known as the "Forever GI Bill" to President Donald Trump's desk to sign.The Forever GI Bill, which passed the U.S. Senate unanimously, is estimated to cost more than $3 billion over 10 years."It restores benefits to veterans who were impacted by school closures since 2015 and has special benefits for our reservists, surviving dependents and Purple Heart recipients," said Veterans Affairs Secretary David Shulkin in a statement.
The Department of Housing and Urban Development (HUD) has announced changes to the federal reverse mortgage program. Citing the need to put the program on better financial footing, HUD will raise reverse mortgage fees for some borrowers and lower the amount homeowners can borrow.
Grandparents may be tempted to leave an IRA to a grandchild because children have a low tax rate, but the "kiddie tax" could make doing this less beneficial.An IRA can be a great gift for a grandchild. A young person who inherits an IRA has to take minimum distributions, but because the distributions are based on the beneficiary's life expectancy, grandchildren's distributions will be small and allow the IRA to continue to grow. In addition, children are taxed at a lower rate than adults—usually 10 percent.
What happens if a Medicaid recipient in a nursing home marries a healthy bride? Is the new spouse entitled to any of the nursing home resident's Social Security or pension during his life or can she receive it as a surviving spouse?
A Special Needs Trust is a very specific kind of trust that offers the option of keeping someone eligible for public benefit programs while also receiving the benefit of a supplemental fund. This supplemental fund can pay for an entire range of services and goods that are not covered by public programs.
Online bill paying has become a popular way to make paying bills easier, and now you can pay your Medicare premiums online too. If your bank allows customers to pay bills online, you can use that service to pay your Medicare premiums.
Estate administration is the process of managing and distributing a person’s property (the “estate”) after death. If the person had a will, the will goes through probate, which is the process by which the deceased person's property is passed to his or her heirs and legatees (people named in the will). The entire process, supervised by the probate court, usually takes about a year. However, substantial distributions from the estate can be made in the interim.
Trump signed the bill – dubbed the “Forever GI Bill” by its supporters – at his golf club in Bedminster, N.J., with little fanfare and no press or public remarks, and only Department of Veterans Affairs Secretary David Shulkin at his side. Shulkin took a few questions from reporters following the signing, though they focused mostly on the violence that erupted during a white nationalist rally in Charlottesville, Va., over the weekend.
Many seniors and their families don't use a lawyer to plan for long-term care or Medicaid, often because they're afraid of the cost. But an attorney can help you save money in the long run as well as make sure you are getting the best care for your loved one.
The Republican Party appears to be sending differing signals following the collapse of Senate GOP efforts to overhaul the Affordable Care Act (ACA), the healthcare law better known as Obamacare. Although defeated, there is consensus within the party and even in Democratic camps, that there are numerous problems with the ACA. In a series of tweets, President Donald Trump has, in recent days, ramped up calls for the Senate to vote on healthcare before considering any other legislation. The latest rumblings seem to indicate that there is a possibility the Administration will consider eliminating the insurer subsidies provided under the ACA thereby resulting in staggering increases in average health insurance premiums of at least 20%.
If your child has reached the teenage years, you may already feel as though you are losing control of her life. This is legally true once your child reaches the age of 18 because then the state considers your child to be an adult with the legal right to govern his or her own life.
Immediate annuities can be ideal Medicaid planning tools for spouses of nursing home residents. For single individuals, they are usually less useful. An immediate annuity, in its simplest form, is a contract with an insurance company under which the consumer pays a certain amount of money to the company and the company sends the consumer a monthly check for the rest of his or her life.
Medicare Part A covers institutional care in hospitals and skilled nursing facilities, as well as certain care given by home health agencies and care provided in hospices.Any person who has reached age 65 and who is entitled to Social Security benefits is eligible for Medicare Part A without charge. That is, there are no premiums for this part of the Medicare program.
The Supreme Court of the United States handed down its opinion on Kindred Nursing Centers, L.P. v. Clark, No. 16-32 on May 15, 2017. The case addressed whether or not a person acting as a power of attorney could bind an estate to an arbitration agreement.
No one wants to think about his or her death, but a little preparation in the form of a prepaid funeral contract can be useful. In addition to helping your family after your death, a prepaid funeral contract can be a good way to spend down assets in order to qualify for Medicaid.
Disability benefits are available to qualified recipients under two programs, Supplemental Security Income (SSI) and Social Security Disability Income (SSDI). SSI is a means-tested program for people with disabilities who have very limited means, but SSDI is an insurance program that is available to qualified workers with disabilities regardless of their resources. As of November 2014, some 10.9 million disabled workers and their dependents were receiving SSDI benefits from Social Security.
If you’re over 50, chances are you’ve thought about moving your parents into a senior living community. If you’re under 30 or a minority, however, you may actually be less likely to consider this option for your parents. Those were among the findings of a recent survey commissioned by Caring.com, in which respondents were asked whether they’d ever consider senior living either for their parents or for themselves.