Many people are aware that seniors are entitled to collect Social Security benefits that are calculated based on their spouse’s work record. What’s less well-known is that this benefit applies in many cases to divorced spouses. In fact, ex-spouses may even be entitled to survivors benefits in certain circumstances. As a spouse, you have the option of (1) claiming a Social Security retirement benefit based on your own earnings record, or (2) collecting a spousal benefit

Social Security retirement benefits by themselves are generally not taxable – but people with even a modest amount of income in addition to their Social Security payments may end up having to pay taxes on their benefits. The tax result is determined by something called “combined income,” which is one-half of your Social Security income plus all your additional income (including non-taxable interest). For married couples, if your combined income is between $32,000 and $44,000, you may

After a Medicaid recipient dies, the state will attempt to recoup whatever benefits it paid for the person’s care from his or her estate. This process is called “estate recovery.” For most Medicaid recipients, their house is the principal asset available. Unfortunately, this usually means that the state can order a sale of the house, and the person will be unable to leave his or her family home to his or her family. There are some

It’s not uncommon for an assisted living facility to try to force a resident out, or to refuse to renew the person’s lease. Often, the reason is that the facility believes that the resident’s condition has deteriorated to the point where it can no longer provide all the services that he or she needs. But there might be other reasons, too. Some facilities don’t want to keep people who are eligible for Medicaid, even if the

Seniors who have chronic illnesses and disabilities can now get Medicare coverage for skilled nursing and therapy services … even if those services will simply maintain the person’s present health status and aren’t likely to improve their condition. This is very important news for people who have diabetes, heart disease, Alzheimer’s disease, multiple sclerosis, Parkinson’s disease, Lou Gehrig’s disease, arthritis, or the effects of a stroke, among other conditions. Earlier this year, the government agreed to

Choosing the best drug plan under Medicare Part D isn’t always easy. Some people just pick the plan with the lowest premium, but that plan might not be the best value for you, depending on your needs. The real cost of a plan depends not only on the premium, but also on the availability of the drugs you need, your additional out-of-pocket costs, and how convenient it is to obtain your medications. Here are the key

People typically buy long-term care insurance years before they need it. As a result, they’re taking a gamble that the company will still be around when it’s time to pay out. What happens if the company goes out of business? Usually, insurance companies don’t just suddenly shut their doors. Most commonly, another insurance company will buy out or absorb a company that’s in trouble, and the new company will honor the old company’s policies. But in

A nursing home agreement is a binding contract that typically involves a large amount of money. Just as with a real estate contract, it’s wise to have an attorney review the agreement before you sign it, so you can understand exactly what your rights and responsibilities will be. That can be especially true if you’re signing a contract for an aging relative. For instance, you’ll want to know to what extent you might become personally responsible