If you have long-term care insurance, brace for the possibility of a steep increase in premiums this year. Some of the largest long-term care (LTC) underwriters are asking state regulators for large increases on some policies this year.
The current ultra-low interest rate environment is a key reason for the rate hikes. Low rates have cut […]
Category: Long Term Care Planning
Many of our clients have asked us what impact, if any, the legislative health care reform being considered would have on their future long term care costs. Most of the discussion about health reform has centered on issues like the “public option” and abortion restrictions. Putting aside the issue of whether such reform is warranted, […]
It is that time of year again — time to reassess whether your Medicare plan is working for you. Medicare’s open enrollment period began November 15 and continues until midnight December 31. During this period, you may enroll in a Medicare Part D (prescription drug) plan or, if you currently have a plan, you may […]
Price rollbacks throughout the U.S. economy during the past year did not apply to long-term care service providers, according to the 2009 MetLife Market Survey of Nursing Home, Assisted Living, Adult Day Services, and Home Care Costs. Private room nursing home rates rose 3.3 percent to $79,935 a year or $219 a day, while assisted […]
Although talking to your parents about money can be difficult, not discussing finances now could mean more problems and conflicts later. Can We Talk? is a practical guide to working with your parents to make financial plans and preserve legacies while you both still have the luxury of time.
Written by certified financial planner Bob Mauterstock, […]
There is an extremely helpful new website for family members who are the caregivers of their elderly parents. Parentgiving.com was created to help time-starved caregivers provide better care for their aging parents. This new website provides in-depth information and helpful checklists about a variety of caregiving topics; on-call professional care managers who possess the expertise […]
If a senior has Medicare Part D, they may be at risk of falling into the coverage gap, or the so-called “doughnut hole.” While in the “doughnut hole a senior pays 100% for their drug costs, up to an additional $3,454 for 2009, after which catastrophic Medicare drug coverage kicks in. AARP has developed an […]
Due to budget cuts, Michigan’s Medicaid program has begun limiting coverage for certain medical expenses for all adult beneficiaries age 21 or older, which includes, obviously, seniors receiving nursing home Medicaid coverage. Effective July1, 2009, Medicaid will not pay for services from certain types of medical service providers.
As of July 1st, Michigan’s Medicaid program will […]
The Internal Revenue Code provides an income tax deduction for medical expenses which include “qualified long-term services”1. However, the IRS provides special rules on deducting qualified long-term care costs as medical expenses. While the costs of a skilled nursing home should be deductible, the deductibility of the costs of an Assisted Living Facility (ALF) is […]
Many seniors are injured by falls that occur in their own home. Each year, more than 734,000 people over 65 are treated in hospital emergency rooms for injuries associated with stairs, bathtubs, furniture, carpeting and other products seniors live with and use every day.1 Thousands of these injuries are related to falls: 3,000 seniors each […]
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