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Does Medicare Pay for Assisted Living?

July 10, 2019 in: Senior Finances,

If you are considering assisted living for a loved one, you may want to know what your financial options are. The biggest question will probably be: Does Medicare pay for assisted living? This article will answer this question and provide tips to help you make the right decision for your loved one.

Medicare and Assisted Living

If you are considering putting a loved one into assisted living, one of the most important deciding factors is the cost. Besides the location and type of care, it’s important for the current caregiver to be aware of how much of the cost will fall on his or her shoulders. This means conducting research in order to determine what the options are. Assisted living facilities can be expensive, so it's important to know ahead of time what to expect and which facilities fit within your budget.

What Types of Nursing Homes Accept Medicaid

April 10, 2019 in: Senior Finances,

There are so many things to consider if you or an elderly loved one are in need of a Medicaid nursing home. Managing these costs can seem like a daunting task. Understanding the differences between Medicare and Medicaid can greatly help. 

Does Medicaid Help Pay for Nursing Homes, and Other Long-Term Care?

December 03, 2018 in: Senior Finances,

“What is Medicaid?” People who aren’t aware of this term should know this medical program. It runs on a shared basis by the state and federal institutes in the United States. The aim is to assist the medical cost of those with budget constraints and limited resources.

People who want to consider nursing homes but can’t financially afford it should look into Medicaid. Here’s an explanation of their services in detail:

Avoid These Financial Planning Mistakes When Retirement Planning for Your Loved One

November 19, 2018 in: Senior Finances,

As your parents start to plan their retirement, you are worried about how they will support each other financially. Complex interest, taxes and compound interest leaves a lot of room for mistakes most people don’t see coming. For years, your parents avoided the financial mistakes as best as they could because they had jobs and savings. Now the time has run out and they are planning to move into an assisted living in Santa Fe, there are certain problems you should look into before your loved one’s savings start dwindling.

How Much Money You Need to Retire if You Live Until 100 Years Old

July 18, 2018 in: Senior Finances,

How to Determine How Much Money You Need to Retire if You Live Until 100 Years Old

 Life is long. A majority of us wish to live a long life but worry about getting older. You may have false teeth or need a cane to support you but above all, you can’t work to earn income.

The bad news is that survival in the post-retirement age can be quite costly.

If you retire at 65 and live to be a 100-year-old—you are facing 35 years without steady income.

So, have you saved enough?

The Odds of Living till You Are 100

  • Research indicates that one out of three male and one out of every two females who are in their mid-50s today will live to be 90.
  • For a couple who is 65 today, there is a fifty percent possibility that one of them will reach the age of 92. 
  • A person who is 75 today is likely to reach the age of 88.
  • Once you reach the age of 85, your life expectancy goes up to 92 years old.
  • Should you get to 95, you are expected to live to at least 98.

How Much Money Do You Need to Retire?

Regardless of whether or not you live to be a 100, determining how much money you need to retire can be tricky. There are many things to factor into your calculations.

You should consider the amount you spend, the change in expenses overtime, costly medical treatments that you might need, the amount of your retirement wage, and so on…

The most ideal approach to get a reasonable idea of the amount you will require is to utilize a retirement calculator.

Creating a Secure Retirement Plan that Gets You to 100

It might seem impossible, however, the capacity to bear the cost of a long life may be easier than you think. Here are a couple of tips to consider that can help in your retirement planning:

Postpone social security

Barring government emergency, Social Security wage does not go away. The genuine worth of your Social Security benefits is that you will keep on getting them regardless of to what extent you live. This means it may be best to defer the beginning of your advantages to augment your month to month payment.

Work for a few more years

If you work longer, either by postponing retirement or with some sort of post-retirement work, you will have more capacity to afford a better life for a longer period of time. Moreover, studies show that working is one of these ways can accomplish a prolonged life by staying active.

Think about a lifetime annuity

Adequate pay is the way to financing a long life. A lifetime annuity resembles benefits that you purchase for yourself. In return for a singular amount of cash, you get a month to month payout that is paid for whatever length of time that you live — regardless of to what extent that is.

Start planning today!

A Guide On Financing Senior Care – The Do’s and Don’ts

September 26, 2017 in: Senior Finances,

Today, many senior citizens are asking themselves the question, “How do I pay for my assisted living expenses?” Families need to make informed decisions before putting their money into any assisted living or care facility, as there are a lot of programs that are, unfortunately, scamming people. At times like this, most people try to look for funds that might help them make life better for their elders.

With the real estate market constantly going up and down, and the economy doing a number on the lower and middle-class families, people are no longer able to finance senior care through traditional ways. This means families should be thinking out of the box when determining how to fund senior care.

The following are five financial ways you can go about paying for elderly care:

1. Veterans Aid and Attendance

2. Social Security Benefits

3. Long-Term Care Insurance Policies

4. Elderlife Line of Credit (Bridge Loans)

5. Reverse Mortgage

When setting up care, whether in a nursing home or assisted living facility, there are certain do's and don’ts that pertain to financing care. Here’s how to make sure that you don’t end up bearing financial hardship while financing senior care:

Do make sure you are well informed by doing plenty of research on any assisted living program interested in or are thinking of applying for. Make a list of all the things your family member will need, at what time, and for how long.

Don’t make any kind of delays in writing down your name for free financial care programs. The financing from Veterans Aid and Attendance can also be used by the vet’s spouse and can be paid to family members for assisted care.

Do wait as long as you can when it comes to social security benefits. Today, benefits can be maximized and you can take advantage of retirement credits that have been delayed. Depending on when the senior citizen was born, each year the benefits increase by 3 to 8%

Don’t go for both yours and your spousal benefits, if only one of you has retired. The new policies now allow for spousal benefits, in which a person's significant other can use the benefits as well.

Do ask what kind of services will be included in the package if you are opting for assisted living. This will help you to converse with your family member on what other needs they may want or need so that you can inform the caregiver beforehand.

Don’t forget to compare prices when looking into different companies. Your first search should be on what is more comfortable and reasonable – assisted living or a nursing home?

Do think twice before accessing the long-term care insurance policies. There are several options, which include cash surrender, accelerated death benefits, death benefit loans, and viatical or life settlements. Do a careful analysis of your elder’s health and then go for the option that offers the most cash.

Don’t forget to research each option individually, as options vary from being charged for income tax, removal of death benefits and becoming ineligible for Medicaid.

When it comes to financing senior care, you have numerous options, but each comes with a catch. That catch might or might not be in your favor. However, you will still be financially secure when the time comes to take care of your family member like they did for you when you were young.

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