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Nursing Home Care
Most of us will live a long life. However, if we live too long, our bodies are likely to wear-out, creating the high probability that long-term care will be needed. When such care is required, the consequences can be devastating to families, especially if it continues for many years. Presently, there is not a government entitlement program - Medicare, Medicaid, and Veterans Administration that will pay all the costs, especially if our intent is to remain at home. In suc ...
After more than 20 years in elder law, I have learned that with the wave of baby boomers approaching retirement, there will be an unprecedented demand for professional long-term care services, including those provided by home health care agencies, assisted living facilities, and nursing homes. With the increased demand, prices for the services are likely to skyrocket, making them unaffordable to most.
Long-term care insurance ("LTCI") provides the financial leverage necessary to overcom ...
Your clients know that long-term care risks exist, but most would rather not think about them. Instead, they falsely believe that the financial problems caused by living too long will not happen to them, but only to others. To illustrate the problem, a recent study completed by the American Academy of Actuaries stated that many baby boomers can expect to have a retirement lasting 30 years. The study also reflected the fact that a 65 year old couple has a 58% chance of one of ...
After more than 20 years in elder law, I have learned that with the wave of baby boomers approaching retirement, there will be an unprecedented demand for professional long-term care services, including those provided by home healthcare agencies, assisted living facilities and nursing homes. With the increased demand, prices for the services are likely to skyrocket, making them unaffordable to most.
To avoid such a result, long-term care insurance ("LTCi") provides the financial leverage ...
Recent statistics clearly show that in the average nursing home, women residents outnumber men by three to four. Why is this? The answer is simple, women live longer than men. As a result of living longer, and without someone at home to provide simple care, women are most vulnerable to enter a nursing home. Add frailness to the formula, and a simple slip and fall, the world suddenly takes a turn for the worse.
With the high risk, comes a high cost. On average, nursing homes in Wisconsin charge ...
I recently worked with an elder law attorney, who had a client who was adamant about not selling any of her stock portfolio in order to qualify her husband for Medicaid benefits. She was spending $7,000 per month on her husband's nursing home care, and was obtaining the bulk of the money from selling small portions of her stock portfolio. Her long standing financial adviser had convinced her not to qualify her husband for Medicaid benefits, because in order to do so, she would have t ...
Many seniors mistakenly believe that Medicare covers nursing home stays. In fact, Medicare's coverage for nursing home care is quite limited. Medicare only provides up to 100 days of "skilled nursing care" per illness, and there are a number of requirements that must be met before the nursing home stay will be covered.
In order for a nursing home stay to be covered by Medicare, the individual must enter a Medicare approved "skilled nursing facility" or nursing home within 30 days of a hospital ...
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