Archive for June, 2011
Financing Long Term Care – Helping Elder Parents Pay for their Long Term Care
You may already be taking care of elderly parents or may be looking at the possibility in the near future. According to a report from USATODAY/ABC News/Gallup Poll, 41% of baby boomers are curently helping take care of elderly parents by providing personal help or financial assistance or both.
If planning for long term care financing has not been done prior to the need for care, the monetary burden will fall on the caregiving family member. Decisions about how long term care will be paid for, who will be responsible for managing the elderly parent’s estate, as well as how the long term care will be given can cause stress and contention among family members.
Long Term Care and the Tricky New Medicaid Rules
The new law makes it much more difficult to protect a family’s wealth while having the government pay long-term nursing home costs for a family member through Medicaid. What you need to know…
THE TRUTH ABOUT MEDICARE
Surveys show that most people greatly underestimate their risk of needing nursing home care someday. The cost of such care already is extremely high, close to or exceeding 0,000 per year in many parts of the country and rising steadily. Over a period of years, it can consume a family’s lifetime of savings and leave it deeply in debt.
Big mistake: Thinking that after the age of 65, Medicare pays for nursing home care.
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