“Three Ways to Protect Yourself from the Cost of Nursing Home Care,” by Jeffrey Marshall, Marshall, Parker & Weber, LLC “This article will discuss three techniques that elder law attorneys use to help families protect themselves against the financial cost of long-term care once the need for that care has arisen. These strategies are just part of the planning arsenal that is available. They can be used in a time of crisis. But, of course, it is best to plan early, rather than wait for a crisis to happen. … Using assets to pay off debts and expenses … Buying
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“Medicare Part B Premiums Rise 7% In 2020, With Premiums For Highest-Income Couples Nearing $12,000 A Year,” by Ashlea Ebeling, Forbes “The Centers for Medicare & Medicaid Services has announced Medicare Part B premiums for 2020, and the base premium increases nearly 7% from $135.50 a month to $144.60 a month. That $9.10 monthly increase compares to a modest $1.50 monthly increase last year. Meanwhile high earners are still getting used to income-related surcharges that kicked into higher gear in 2018, and those have been bumped up again too. The wealthiest senior couples will be paying nearly $12,000 a year in Medicare
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“A Retirement Community That Comes to You,” by Paula Span, New York Times “Typically, a C.C.R.C. operates a complex or campus where residents shift from independent living to assisted living, a memory-care unit or a nursing home if their health and mobility decline. But in continuing care at-home programs, members essentially spend the independent living years in their own houses. … Though some at-home programs date to the 1990s, there are still very few. Across the country, nearly 2000 C.C.R.C.’s, mostly nonprofits, serve about 745,000 residents. Only 32, in about a dozen states, have added at-home programs. But more senior
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“IRS Seeks to Adjust RMDs for Longer Lives,” by Melanie Waddell, ThinkAdvisor Quote: “The Internal Revenue Service has released proposed regulations to update the life expectancy tables for required minimum distributions from qualified retirement plans, IRAs and annuities. … With the proposed change, a retiree’s first RMD would be 3.44% of their account, down from 3.65%, according to Jeff Levine, a CPA and financial planner.”   LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): If this change takes effect, retirees will have more wealth to protect for longer … one more reason to insure for LTC
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“Even If You Have Medicare, You’ll Still Pay Thousands Out-Of-Pocket For Health Care,” by Howard Gleckman, Forbes Quote: “One of the biggest misconceptions seniors have about health care is this: I have Medicare so don’t need to worry about medical costs in old age. It is a dangerous mistake. Not only does traditional Medicare generally not pay for long-term supports and services (either at home or in a nursing home), but it doesn’t pay for a significant chunk of medical treatment. And while most seniors purchase Medicare Supplement (Medigap) insurance to top up their basic Medicare, even they may incur significant
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