Greetings to our clients, family and friends!
Please pay particular attention to this month’s articles regarding long-term care insurance. This month’s articles will be very helpful whether you currently have long-term care insurance or are interested in purchasing a policy.
As in our past newsletter you will find helpful tips for your planning and care needs as well as links to other helpful online articles and resources. And remember, please take the time to look over this month’s articles; we believe they will prove to be very beneficial to you and your family.
Please contact our office if you have any questions or concerns regarding the Medicaid Transfer Rule changes or for any other planning needs.
This Month's Articles:
Consumer Group Sues Over 'Law' Changing Medicaid Rules
Study Finds Wide Variation in Projected Need for Long-Term Care
New Transfer Rules Change Long-Term Care Insurance Purchasing Decisions
Book Review: How Not to go Broke at 102!: Achieving Everlasting Wealth
What Is a Supplemental Needs Trust?
Retired Couples Will Need $200,000 for Basic Medical Costs
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| Consumer Group Sues Over 'Law' Changing Medicaid Rules |
| The consumer watchdog group Public Citizen has filed suit in federal court charging that the Deficit Reduction Act of 2005 (DRA) signed by President Bush on February 8 is invalid because the president signed a version of the bill that was passed by the U.S. Senate but not the U.S. House of Representatives. The DRA would place new restrictions on the ability of the elderly to transfer assets before qualifying for Medicaid coverage of nursing home care. |
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| Study Finds Wide Variation in Projected Need for Long-Term Care |
| How likely is it that you will need long-term care, and how much will you have to put aside to pay for it? An analysis of the projected long-term care needs of those currently turning age 65 predicts that about half will not have to pay anything for long-term care. But more than a third of retirees will spend some time in a nursing home, and 1 percent will need to have at least $250,000 set aside and invested at age 65 to pay for their care. |
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| New Transfer Rules Change Long-Term Care Insurance Purchasing Decisions |
| As the states implement the Deficit Reduction Act of 2005, qualifying for Medicaid nursing home benefits will become more difficult. The proponents of the law hope that these changes will encourage more people to purchase long-term care insurance instead of relying on Medicaid to pay for nursing home care. |
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| Book Review: How Not to go Broke at 102!: Achieving Everlasting Wealth |
 We are all living longer, so how do we make our money last and get the most out of our extended old age? That is the question posed by Adriane Berg, elder law attorney, radio advice show host, consultant, and author of How Not to go Broke at 102! Her book provides a framework to think about the issues surrounding our increased longevity |
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| What Is a Supplemental Needs Trust? |
| Planning by parents can make all the difference in the life of a child with a disability, as well as that of his or her siblings who may be left with the responsibility for caretaking. A special kind of trust can be an essential part of such planning. |
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| Retired Couples Will Need $200,000 for Basic Medical Costs |
| Couples retiring at age 65 who lack employer-sponsored health coverage will need an average of $200,000 to cover basic medical costs during retirement, according to a new annual estimate by Fidelity Investments. |
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