Articles Posted in Long-term Care Planning

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AdobeStock_637141132-300x168Few of us want to face up to the struggles advanced age can bring, much less plan for them. But since it’s a good bet that you’ll live longer than previous generations in your family, you have to ask yourself this question:

Will I be able to afford those extra years without demolishing my lifetime of saving when I need long-term care?

This is an important question since the cost of long-term care is a financial threat that can wipe you out in no time…especially in Connecticut.

So what do you do? Continue reading

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Worried womanIf you want Medicaid in Connecticut to pay for your long-term care, one thing you should NOT do is give away your assets – unless you think you won’t need Medicaid within the next five years.

When you apply for Medicaid for long-term care in either a nursing facility or in your home, you are required to provide financial records for the past five years. This is called the “look back” period. Continue reading

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Safe and moneyBy Lara Schneider-Bomzer

Purchasing annuities is a good way for married couples to protect assets, but doing it wrong could mean huge penalties. Here is what you need to know about annuities as it relates to Medicaid planning in Connecticut:

If your spouse is residing in a nursing home or is in need of home care, chances are you’ve read our blogs about the ways to protect your assets and qualify your spouse for Medicaid benefits. But not all strategies apply to all couples.

Just as a refresher, under the Medicaid rules, the Institutionalized Spouse (IS) may only have a maximum of $1,600 in assets in his name.  The Community Spouse (CS) may have a house, a car and up to half of a maximum of $130,380, called the Community Spouse Protected Amount (CSPA).  While there are income requirements for the IS, the CS may have as much income as she receives with no limit.

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men-sticking-tongues-at-each-other-300x211Sibling relationships can be fraught even in the best of times. Under the stress and strain of dealing with the needs of aging parents, they can deteriorate swiftly and dramatically. It’s a common issue faced by families from all walks of life. But it can be easier to manage if you know that to expect.

It’s important to make the distinction between knowing what to expect and having expectations.

Most people, if they are honest, have an idea of how they’d like their sibling group to handle the various financial, emotional, and day-to-day needs as parents get older. But reality doesn’t always line up with those expectations. With the added pressure and anxiety of having to make important decisions and sacrifices, adult siblings often fall into old childhood patterns, triggering each other in unhealthy ways. Emotions run high. The concept of what’s “fair” gets distorted.

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dollars-1412644-mThe Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) disability programs are the largest of several Federal programs that provide assistance to people with disabilities. While these two programs are different in many ways, both are administered by the Social Security Administration and only individuals who have a disability and meet medical criteria may qualify for benefits under either program.

SSDI pays benefits to you and certain members of your family if you are “insured,” meaning Continue reading

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iStock_000016746886Smallby Carmine Perri

You want to apply for Medicaid – a complicated process – but you’ve heard that hiring an attorney specializing in Medicaid planning is expensive.

So why not use one of those new services that say they’ll do the same thing for less?

But do they really do the same thing?

The State of Florida doesn’t think so. Continue reading

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By Linda Raineault

exclamation sign red circle 3d modern design flat icon on whiteHave you heard the sales pitch?

There are annuities available that contain provisions known as “nursing home income doublers” that can help you pay for the cost of a nursing home stay.

These provisions are found in annuity contracts that guarantee the purchaser an income stream for life by way of an income rider that is attached to the base contract.

The sales pitch sounds fantastic!

Many contracts are sold based on a premium bonus feature and guaranteed high annual interest rates that sound fabulous in today’s low interest rate environment.

Additionally, the owner can elect to start taking the guaranteed income stream for life at any time after the contract is purchased. Continue reading

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By Carmine Perri

iStock_000016746886SmallImagine yourself in this situation: As a favor, you agree to help your spouse’s parent get settled into a nursing home.

If you’re like most people, you’d be emotionally stressed and feeling a bit guilty. Not exactly the best mindset for absorbing complex information nor for making legally-binding decisions.

But that’s exactly what some nursing home admission coordinators encourage people to do when they ask them to sign an admissions agreement while they’re at the nursing home for the first time.

This often ends up being a painful mistake. If you don’t completely understand Continue reading

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iStock_000007924623SmallYou did well financially, and when the time came to move to assisted living you never considered the possibility that you might run out of money.

But you didn’t expect to live this long! And now that you need more help, it’s even more expensive to live.

What do you do?

The State of Connecticut created the Private Assisted Living Pilot Program – available for up to 125 qualifying individuals in Connecticut who have spent down their assets as a result of living in private assisted living facilities. Continue reading

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iStock_000018435449SmallIndependent Living. Assisted Living. Nursing Home. What do these terms mean? How are they different from each other? And which one is right for you? Take a look here to learn what each one is all about.

Independent Living

Maybe you’re starting to think that a little more help would make life easier. You’re still living in the two-story house you raised your kids in. Maybe your spouse is gone, or maybe not, living is just getting to be too much.

Your daughter wonders aloud if you’d be happier in a retirement community where everything is Continue reading

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