Michigan recently began its long anticipated “Estate Recovery” program. The program enables the state to seek recovery of the cost of the medical care expenses paid to a person older than 55 years of age, via the state’s Medicaid assistance programs, from their estate’s assets at their death.
Although “Estate Recovery” was first mandated by the […]
Category: Long Term Care Planning
Long-term care can be very expensive, but many long-term care expenses can be deducted from your taxes. Two important recent decisions by the U.S. Tax Court provide guidance on when care giving services are deductible. In one decision, the court ruled that payments to non-medical caregivers are still deductible as medical expenses; in the other, […]
Most seniors prefer to stay at home as long as possible rather than move into a nursing home. For many families, this means eventually hiring a caregiver to look after an aging relative. There are two main ways to hire someone: directly or through a home health agency.
Hiring Directly
When you hire a caregiver directly, you […]
Thinking about a time when you will need help taking care of yourself is not fun. That is why most people put off discussing long-term care until it can’t be ignored. But it is better to start long-term care planning early. Here are some reasons to start planning now:
People are living longer and are more […]
The basic premium for Medicare Part B will be $115.40 a month in 2011, up from $110.50 in 2010 (a 4.4 percent increase). But because there will be no cost of living benefit increase for Social Security recipients for 2011, most beneficiaries will be exempted from paying this increase and will instead pay the same […]
Quick, what is the the second-most common type of progressive dementia in the elderly? Lewy body dementia (LBD) affects an estimated 1.3 million individuals and their families in the United States, but because LBD symptoms can closely resemble other more commonly known diseases like Alzheimer’s (the most common type of progressive dementia) and Parkinson’s, it […]
Medicare open enrollment is coming! During the annual open enrollment period, which runs from November 15 to December 31, you may switch Medicare drug or health care plans. While you should review your coverage every year, this year it is particularly important because of changes brought on by the new health care law.
As the health […]
Medicare Part A covers up to 100 days of “skilled nursing” care per spell of illness. However, the conditions for obtaining Medicare coverage of a nursing home stay are quite stringent. Here are the main requirements:
1. The Medicare recipient must enter the nursing home no more than 30 days after a hospital stay that itself […]
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 […]
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, […]
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