Seniors who are relying on Medicaid to help pay for expensive nursing home care need to plan carefully for the possibility that their spouse will pass away before they do. Unlike Medicare, not all seniors are eligible for Medicaid. Medicaid is designed for people with limited income and assets, and to be eligible, you must meet strict financial guidelines. Many people have to spend down their assets to almost nothing and/or exhaust their long-term care insurance

Some people think that once they’ve written a will and implemented an estate plan, they can forget all about it. Of course, that’s not true; an estate plan must be reviewed periodically and updated, or it can become out-of-date and actually frustrate all your good intentions. As a general rule, an estate plan should be reviewed at least every five years to make sure it still reflects your personal and financial situation, your wishes, and the

Seniors who are buying or selling a house often have very different issues from younger buyers and sellers. They may be contemplating downsizing, moving to a more accessible home, searching for an active adult community, or looking for a way to age in place. Because of this, some real estate agents have now begun specializing in helping people who are age 50 and older. A “Seniors Real Estate Specialist,” or SRES, is an agent who has

Many people are surprised to discover that Medicare actually provides very limited coverage for nursing homes. In theory, Medicare Part A covers up to 100 days of care in a skilled nursing facility for each spell of illness. However, this is true only if the nursing-home care follows at least a three-day admission to a hospital. Further, after 20 days, you must pay a copayment of $157 a day (although this may be covered by Medigap insurance).

The amount you can deduct on your taxes as a result of buying long-term care insurance has been increased by the IRS for 2015. If you itemize your deductions, you can generally claim a deduction if your premiums, together with your other unreimbursed medical expenses, amount to more than 10% of your adjusted gross income (or 7.5% if you’re 65 or older). The maximum amount of the premiums you can deduct each year depends on your

One of the most difficult financial decisions for middle-aged and older people is whether to purchase long-term care insurance. On the one hand, LTCI premiums are generally high, they’re likely to increase in the future, and if you’re in your 50s or 60s, the need is probably decades away. On the other hand, many people have been saved by having LTCI. It enables them to choose their own care setting, hire help without dipping into savings,

The Department of Veteran’s Affairs is seeking to modify its regulations for Veterans Pensions without submitting its proposals to Congress. Currently, a veteran who served during wartime and has either a non-service connected disability or is over the age of 65 can receive a “Veterans Pension” to help pay for long-term care. Currently, the veteran must meet income and asset requirements. The veteran with a dependent may receive a maximum of $2,120 per month to offset