Did you know that if you start receiving Social Security early, but change your mind within 12 months and pay all the money back, you can still wait until your full retirement age and collect much larger monthly benefits? In effect, after you reach age 62, you can use Social Security as a short-term interest-free loan. Although this option doesn’t make sense for most people, there are situations where it’s a good idea. For instance, a
Reverse mortgages can be a big help to seniors who need extra cash, but they can become a big headache for the person’s family members after they pass away or move to a nursing facility. Family members need to be aware of their rights and obligations, because they usually have to make decisions quickly after a person dies or moves. Reverse mortgages allow homeowners who are at least 62 years old to borrow money on their house.
Some people try to save money by writing their own will using a pre-printed form or an online program, without consulting a qualified attorney. We often advise people that this is a mistake, and that the potential unfortunate consequences of using a homemade will can be far worse than the cost of doing it the right way in the first place. A recent case from Florida provides yet another example of why this is true. A
Many people today keep working beyond age 65 – the age when most people become eligible for Medicare. If you’re still working and your employer offers health coverage, do you need to enroll in Medicare? Should you do so? The answers can be complicated – and there may be different answers for the different “parts” of Medicare. Here’s a closer look: Medicare Part A. Part A of Medicare covers hospital visits and nursing home stays, as
If an estate plan isn’t kept current, it can become useless. You always want to make sure your will is up-to-date with your wishes, your financial circumstances, and current tax and other laws. However, it’s important to keep in mind that changing a will is not a “do-it-yourself” process. Generally, any changes to your will must be made with the same formalities as the will itself, including witnesses and signatures. In the past, some people have
Caregiving is hard work, and it’s easy for caregivers to become exhausted. Adult day care centers provide care and companionship in a group setting to seniors who need supervision during the day, allowing their caregivers to go to work or take a much-needed break. There are about 4,600 such programs in the U.S., according to the National Adult Day Services Association. They typically operate Monday through Friday during business hours, and are often affiliated with another
An advance medical directive gives instructions on the kind of medical care you would like to receive should you become unable to express your wishes yourself, and it often designates someone to make medical decisions for you. This is an extremely important document – but it won’t be of much value in an emergency if it’s tucked away in a safe deposit box or in a file cabinet where no one can easily find it. It’s a good
The median cost of a private nursing home room in the U.S. is now $87,600 a year, an increase of 4.4 percent over last year, according to a study by the Genworth Financial insurance company. The median cost of a semi-private room is $77,380, up 2.6 percent. For assisted living facilities, the median rate is now $3,500 a month, according to the study. The national median rate for home health aides is $20 an hour, up 1.6
A lot of health care providers still don’t know that the law has changed, and that Medicare now covers many skilled nursing, home health care and therapy services even if they simply maintain a person’s health and don’t improve their condition. Although the government launched an educational campaign about the change earlier this year, a large number of providers are still in the dark and are refusing to provide treatment on the grounds that Medicare won’t
Medicare gets a lot of news coverage, but its cousin Medicaid remains something of mystery to most people. The Medicaid program is the largest single source of funding for nursing home care in the U.S., but there are many myths about exactly who qualifies for it and what coverage it provides. Here are five common misperceptions, followed by the real story: 1. I don’t have to worry about Medicaid, because Medicare will cover all my nursing
Attorneys licensed to practice in Florida | Massachusetts | New Hampshire
Business Law | Civil Litigation | Elder Law | Estate Planning | Family Law | Probate & Trust | Real Estate | Tax
