What You Should Know About Long-Term Care
Research shows that roughly one in seven adults aged 65 or older will need long-term care at some point in their later years. Meanwhile, tens of millions of Baby Boomers in the United States are growing older [...]
Survey Highlights High Costs of Long-Term Care in 2023
You may not foresee ever needing assistance with your day-to-day life. However, research shows that seven in 10 adults aged 65 and older will require long-term care at some point in their later years. Meanwhile, [...]
Retirees: Deduct Your Long-Term Care Insurance Premium
Even if you have a long-term care insurance policy, you may likely be hoping that you won't ever have reason to use it. Regardless of what the future holds, there's one silver lining of which [...]
Medicaid Asset Protection Trusts (MAPT) in Long-Term Care Planning
Medicaid Asset Protection Trusts (MAPTs), also known as Medicaid Planning Trusts or Home Protection Trusts, offer a crucial planning strategy for individuals seeking Medicaid coverage but having excess assets. These specialized trusts provide a means [...]
Transferring Parent’s Home Under Medicaid Caregiver Child Exemption
When it comes to caring for elderly parents and securing their long-term care, the caregiver child exemption, also known as the caretaker child exemption, is a valuable option for families. This provision enables seniors to [...]
Deducting Long-Term Care Insurance Premiums in 2023
Are you a taxpayer who has purchased long-term care insurance (LTCI)? Take note of your policy details and your premium amount, as you may be able to deduct the cost – or at least part [...]
Older Adults Lack Information in Search for Long-Term Care
According to a recent national study, nearly a quarter of Americans aged 50 and older say they – or a loved one – needed long-term care in 2022. The findings further suggest that seniors and their caregivers [...]
What is Long-Term Care and Who Provides It?
Long-term care is the care you need if you can’t perform daily activities on your own for an extended period of time. There are a number of different ways that long-term care can be provided. [...]
Who Should Purchase Long-Term Care Insurance?
Buying long-term care insurance is one way to protect against the high cost of long-term care. However, this type of insurance may not be for everyone, so consider all your options. Long-term care – care [...]
Four Ways the Coronavirus Pandemic May Affect Long-Term Care Insurance
The coronavirus pandemic has had a devastating impact on the elderly, particularly those in nursing homes and other long-term care facilities. This has raised questions about how the virus has influenced the costs and provision [...]
New Rule May Make It Harder for Medicare Beneficiaries to Receive Home Care
It may become harder for Medicare beneficiaries to find home health care due to a new rule from the Centers for Medicare and Medicaid Services (CMS). Although the rule changes the way home health care [...]
What a Good Long-Term Care Insurance Policy Should Include
Nursing home and long-term care costs continue to rise and it is difficult to qualify for Medicaid to pay for nursing home costs. Long-term care insurance can help cover expenses, but long term care insurance contracts [...]
What’s a Health Care Proxy and Why Do I Need One?
If you become incapacitated, who will make your medical decisions? A health care proxy allows you to appoint someone else to act as your agent for medical decisions. It will ensure that your medical treatment instructions [...]
How to Fight a Nursing Home Discharge
Once a resident is settled in a nursing home, being told to leave can be very traumatic. Nursing homes are required to follow certain procedures before discharging a resident, but family members often accept the [...]
Medicaid Eligibility and the Qualified Income Trust (QIT)
Eligibility for Medicaid long-term care assistance depends on several factors, including: Citizenship/residency Being aged, blind, or disabled Asset limits Income limits Certain types of assets are non-countable and will not affect eligibility. However, the income [...]
Understanding Medicaid Long-Term Care Exemptions
About 60% of New Jersey nursing home residents and more than 2/3 of those in New York long-term care facilities are reliant on Medicaid to cover the cost. While some of those residents were lower [...]
Five Estate Issues You Shouldn’t Tackle on Your Own
When you’re planning for your own future and providing for your loved ones, it is always beneficial to have the knowledgeable guidance of an experienced estate lawyer. Though forms and software abound to help you [...]
New Jersey Lawmakers Seek to Improve Caregiver Support
Well over one million New Jersey residents are caring for elderly and disabled relatives, and the challenges they face can be overwhelming. Balancing responsibility for an aging relative with work, child-rearing, and the day-to-day business [...]
New Yorker Article Highlights Abuses in the Guardianship System
Serious problems with the public guardianship system in the United States can lead to elder abuse, according to an in-depth article in The New Yorker titled “How the Elderly Lose their Rights.” Court-appointed guardians can [...]
Pay Attention to the Small Details When Dealing with Long-Term Care Insurers
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 [...]
How Much Long-Term Care Insurance Should You Purchase?
A number of considerations go into how much long-term care insurance any consumer should buy. The average cost of a private room in a nursing home is nearly $250 a day, and the average monthly [...]
Why Factoring Long-Term Care Into Your Estate Plan Pays Off
For most people, thinking about estate planning means focusing on what will happen to their money after they pass away. But that misses one pretty significant consideration: the need to plan for long-term care. The [...]