Long-term care insurance helps you prepare for financial costs associated with aging, such as nursing home care, assisted living, or in-home care. Yet long-term care insurance policies vary widely in terms of the amount of coverage and how long the protection lasts. The Average Costs of Care The 2021 Genworth cost of long-term care survey provides national median monthly costs for the following: Nursing home care = $9,034 (private room); $7,908 (semi-private room) Adult day health … [Read more...] about How Much Long-Term Care Insurance Should You Purchase?
Can a Nursing Home Hold Friends or Family Members Responsible For a Resident’s Care?
If your loved one is entering a nursing home, you may worry whether you could be liable for their care. Under federal law, a facility cannot require a family member or friend to co-sign an admission agreement and take on personal liability. However, nursing homes around the country still try to do so, and often these matters end up in court. What can you do to prevent this from happening to you? It starts with educating yourself on what is and is not allowed. A law known as the Federal … [Read more...] about Can a Nursing Home Hold Friends or Family Members Responsible For a Resident’s Care?
Majority of Adult Children Cannot Support Boomer Parents, Surveys Find
A recent survey by the American Advisors Group (AAG) finds that 55 percent of adult children say they are not financially prepared to help their Baby Boomer parents cope with rising inflation and living expenses. “Americans want to see their parents age with grace and dignity and have the resources they need to live comfortably, but for many families the current economy is making that difficult,” AAG Chief of Marketing Martin Lenoir said in a news release. AAG surveyed more than 1,500 adult … [Read more...] about Majority of Adult Children Cannot Support Boomer Parents, Surveys Find
Be Cautious of Generic Health Care Proxy Forms
Doctors, nurses, and hospital staff work hard to care for their patients when they are sick or hurt. However, even when a procedure is done to save a patient’s life, a hospital cannot act without patient consent. If a patient cannot speak for themselves and express their wishes, the hospital relies on what is known as a health care proxy form. If you have ever been admitted to the hospital, you have likely been asked to sign a health care proxy form. Hospitals use proxy forms to obtain … [Read more...] about Be Cautious of Generic Health Care Proxy Forms
Are You Missing Out on Benefits? Identify the Programs Available to Seniors Like You
Older adults have access to hundreds of federal and state benefits programs. Many retirees meet the requirements for these aids, yet do not know they are eligible and miss opportunities to receive assistance. Others can feel overwhelmed by complex application processes. BenefitsCheckUp, the National Council on Aging’s online resource, helps elders identify the federal and state assistance programs for which they are qualified. The database is free to access, and the National Council on Aging … [Read more...] about Are You Missing Out on Benefits? Identify the Programs Available to Seniors Like You
It Pays to Be a Smart Shopper When Buying a Medigap Insurance Policy
Medigap premiums for plans from insurance companies offering the same benefits vary widely, so it pays to be a smart shopper. Federal law requires that each insurance company offers the same benefits for each of the Medigap plans lettered A through M, but each company sets its own premium rates. A Medigap insurance company sets premiums in three ways: Community-rated, where the premiums are the same, regardless of age Issue or entry age-related, where premiums are cheaper if … [Read more...] about It Pays to Be a Smart Shopper When Buying a Medigap Insurance Policy
When Is a Nursing Home Eviction Legal, and What Can I Do?
Nursing home evictions, or involuntary discharges or transfers, disrupt the lives of residents, leading to homelessness, separation from familial support systems, and loss of care. As federal law covers all federally funded nursing home residents, nursing home evictions are legal only in particular instances, such as: The nursing home can no longer provide for a resident's needs. The resident does not pay for care after "reasonable and appropriate notice," which varies by state. The … [Read more...] about When Is a Nursing Home Eviction Legal, and What Can I Do?
The Powers and Responsibilities of Representative Payees
Do you have a friend or loved one who receives Social Security and is unable to manage her payments? If so, you can request that the Social Security Administration (SSA), the government agency that disburses Social Security, name you as the representative payee for that person. Being a representative payee gives you the power and the responsibility to manage that money for your friend or loved one. (The Office of Personnel Management and the Railroad Retirement Agency also appoint … [Read more...] about The Powers and Responsibilities of Representative Payees
Keeping Your Emergency Contacts and Medical Information Updated for First Responders
If medical personnel are able to access your medical history during an emergency, it could mean the difference between life and death. But if, for example, you are injured, in shock, suffering from dementia, or are otherwise incapacitated, you may not be able to provide that information yourself. There are several systems readily available to help make crucial contact and medical history information available to first responders. Consider taking the time to update your details with the … [Read more...] about Keeping Your Emergency Contacts and Medical Information Updated for First Responders
Estate Planning Made Simple
You may have had the experience of putting off a responsibility because it seemed rather overwhelming, but at some point, you decide to tackle the beast. When you are done, you realize that you were overestimating the difficulty, and you wish you had gotten started sooner. This is a scenario that can be applied to estate planning procrastination. A lot of people know that they should put a plan in place, but they keep dragging their feet because they expect it to be a huge ordeal. In … [Read more...] about Estate Planning Made Simple