Jan Copley Blog » Medicaid/Medi-Cal http://jancopley.com/blog Just another WordPress weblog Thu, 17 May 2012 17:45:06 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 The High Emotional—And Financial—Cost of Alzheimer’s Disease http://jancopley.com/blog/the-high-emotional%e2%80%94and-financial%e2%80%94cost-of-alzheimer%e2%80%99s-disease/ http://jancopley.com/blog/the-high-emotional%e2%80%94and-financial%e2%80%94cost-of-alzheimer%e2%80%99s-disease/#comments Mon, 19 Mar 2012 17:45:07 +0000 admin http://jancopley.com/blog/?p=929 Alzheimer’s is a disease that affects everybody it touches—husbands, wives, children and grandchildren—they all bear witness to their loved one’s slow demise.

Sadly, emotional stress is not the only stress that accompanies Alzheimer’s disease; those loved ones serving as caretakers may carry a huge amount of financial stress as well. The cost of caring for an Alzheimer’s patient can run anywhere from $64 a day to $77,380 a year, and because Alzheimer’s disease can be such a long-lasting disease (a person can suffer from Alzheimer’s for up to 20 years) the costs of care can end up being astronomical. It’s obvious that people can’t do it alone.

Long-term care insurance can be very helpful in paying for the costs of care necessary for a loved one suffering from Alzheimer’s… if your loved one has thought ahead and purchased the policy before they or their spouse began suffering from symptoms of Alzheimer’s. Some people may not have thought ahead and hope that government programs will be able to help with the high cost of care. Medicaid [Medi-Cal in California] can be helpful … if you fall in the right category and know how to navigate the complex system. (Medicare doesn’t cover the cost of long-term care.)

Unfortunately, learning how to navigate the system is not something you can do in an hour or two. Because your experience will depend on a number of unique factors we can’t give you an easy set of instructions to follow. The best advice we can give is to say that right now, the best way to navigate the Medicaid/Medi-Cal system is to find someone who knows the system to assist you. Most estate planning and elder law attorneys help their clients with these issues on a regular basis. If you want to ensure that you and your loved ones will be cared for no matter what the future may bring, don’t be afraid to ask your attorney for help.

]]> http://jancopley.com/blog/the-high-emotional%e2%80%94and-financial%e2%80%94cost-of-alzheimer%e2%80%99s-disease/feed/ 0 Will Medicare Provide for You in Your Golden Years? http://jancopley.com/blog/will-medicare-provide-for-you-in-your-golden-years/ http://jancopley.com/blog/will-medicare-provide-for-you-in-your-golden-years/#comments Wed, 08 Feb 2012 16:57:23 +0000 admin http://jancopley.com/blog/?p=892 Many retirees (or soon-to-be-retirees) have been living and saving under the assumption that Medicare would pay for a bulk of their medical costs during retirement, but a recent article in the Wall Street Journal reveals that counting on Medicare may not be the safest bet anymore. According to the article, one of the most important facts that retirees need to understand about Medicare is that “Medicare pays for very little long-term care, and you’ll still need significant savings to cover the rest of your medical expenses.”

This statement may come as a shock to those who fall in the soon-to-be-retired category simply because they likely haven’t had to give much thought to post-retirement medical costs yet; but they may be in for a rude awakening when the time comes to rely on Medicare. “Two-thirds of those on Medicare also said they pay the same, or more, for healthcare now than when they were working. They have been unpleasantly surprised by the cost of Medicare Part B premiums, what you pay for doctor and outpatient coverage, with 44% paying more than they had expected.”

Fortunately, our readers can become aware of this need to be more proactive about their own healthcare, and can start planning now. How you should plan will depend greatly on your age, your current rate of saving, and many other factors. Please contact our office (or your own trusted attorney or financial planner) today.

]]> http://jancopley.com/blog/will-medicare-provide-for-you-in-your-golden-years/feed/ 0 A Woman’s Work Is Never Done http://jancopley.com/blog/a-woman%e2%80%99s-work-is-never-done/ http://jancopley.com/blog/a-woman%e2%80%99s-work-is-never-done/#comments Fri, 06 Jan 2012 13:27:25 +0000 admin http://jancopley.com/blog/?p=862 Do you know who will take care of you when you are unable to take care of yourself? Studies show that most caregivers for aging seniors are likely to be women, and most likely to be your daughter or daughter-in-law. What this means is that unless parents have a plan for their future long term care, the financial burden of caring for these aging parents will fall to daughters and their families.

Serving as a caregiver for elderly parents includes more than just driving to doctor appointments or helping with the shopping, it often includes paying for food and medical costs, as well as taking time away from careers to care for family members. In fact, it’s not unusual for female caregivers to experience a significant loss of income over a lifetime in reduced salary and retirement benefits.

Many seniors think that they will have government programs such as Medicare and Medicaid to fall back on, but these programs don’t always provide as much as expected or hoped. Relying on government programs can leave your children or family members footing just as much of the bill as they would without the programs. Instead, seniors may want to consider investing in long-term-care insurance, which can provide more flexible and comprehensive coverage than government programs, and save seniors and their families much time and money.

If you are a daughter of aging parents, now is the time to talk to your parents about the future. Studies show that you are the one who is likely to shoulder the responsibility of caring for parents as they age. Doing so will affect your family, your career, your finances, and even your health.

The subject of aging and elder care is a difficult one, but not one to be left to the last minute. Talk to your family about your wishes and plans for the future, then bring your estate planning attorney into the discussion. Once you have an idea of your wishes, an expert can help you feel better about your options, and put you on the right path for keeping your family healthy, happy, and financially secure in the years to come.

]]> http://jancopley.com/blog/a-woman%e2%80%99s-work-is-never-done/feed/ 0 NOW is the Time to Think About Long-Term Care http://jancopley.com/blog/now-is-the-time-to-think-about-long-term-care/ http://jancopley.com/blog/now-is-the-time-to-think-about-long-term-care/#comments Fri, 11 Nov 2011 21:51:53 +0000 admin http://jancopley.com/blog/?p=827 As Baby Boomers begin to retire and to think about life after retirement, many find that one of their primary concerns is that of long-term care. Some news sources seem to think that paying for long-term care is going to be a number one issue in the coming years, not only for elderly individuals and their families, but for our society as a whole.

“The cost of long-term-care itself is not trivial. Nursing homes cost on average $87,235 annually… One year in an assisted-living facility is now $41,724. Adult day services are $70 per day, and home health aides cost $21 per hour… How can the country deliver and finance long-term-care for its rapidly aging population?”

It is comforting to know that AARP takes a somewhat less dramatic view of the issue. While they do agree that most seniors will at some point face the need for long-term care—“even if you’re in good health today, there’s a good chance that you’ll eventually need some type of long-term care, at least for awhile”— they urge people to take a pragmatic approach… and to start planning as early as possible. “The cost goes up with age, but it’s still affordable for many people over age 65. Once you hit the mid-70s, though, the cost of a good long-term care policy becomes very expensive, and it may be difficult to qualify for [it].”

An elder law or estate planning attorney is another resource for seniors and their families who are trying to plan ahead for the possibility of paying for long-term care. We specialize in helping you sort through your options, get your financial ducks in a row (right now and years down the line), and apply for government benefits, if necessary.

Don’t let the need for long-term care catch you by surprise. Contact our office to start planning now.

]]> http://jancopley.com/blog/now-is-the-time-to-think-about-long-term-care/feed/ 0 Veteran Journalist Shares Her Personal Experiences Entering the Medicare System http://jancopley.com/blog/veteran-journalist-shares-her-personal-experiences-entering-the-medicare-system/ http://jancopley.com/blog/veteran-journalist-shares-her-personal-experiences-entering-the-medicare-system/#comments Thu, 30 Jun 2011 04:03:44 +0000 admin http://jancopley.com/blog/veteran-journalist-shares-her-personal-experiences-entering-the-medicare-system/ Trudy Lieberman has had plenty of experience with Medicare—of course up until now most of it was from the outside looking in. As a journalist for more than 40 years specializing in insurance, health care, health care financing and long-term care, one would think that when the time came this year for her to enter the Medicare system herself she’d be an old pro. Unfortunately, as Ms. Lieberman discovered—and shared with the readers of her exceptional five part article series in Time Magazine’s Moneyland—entering the Medicare system as a patient can be confusing for even the most knowledgeable of inside reporters.

While her experience as a reporter may not have made signing up for Medicare any easier for Ms. Lieberman, her willingness to share her entrance into Medicare with readers may make the process easier for the rest of us. Here are just a few of the issues Lieberman has written about thus far:

Sorting through Medicare information and choosing a plan: “Brochures and ‘lead cards’ for Medicare Advantage plans and Medigap policies began flooding my mailbox in January. This stuff can be a real burden, but some of it’s worthwhile – some even important – so you can’t just throw it all away…Hopefully, my sorting system (partly informed by decades of reporting on Medicare, partly by common sense) will make the task easier for you.

Choosing a Medigap Plan to fill in the gaps of Medicare coverage: “It quickly became clear that the push to give consumers more choices and more information has actually made the job of picking a Medigap plan much harder. I ended up having to check out multiple websites, brochures, handouts and make several toll-free calls for assistance.”

Finding a plan to cover the cost of prescription drugs: “I decided to ask my pharmacy about the retail cost of the drugs I currently take. I’ve always had great drug coverage, so it was shocking to learn that my prescriptions would cost $3,131 a year if I had to pay out-of-pocket. (Of course, from interviewing seniors over the years, I know some folks actually pay four or five times that amount.)”

Part five comes out next week, and we look forward to reading the conclusion of this helpful series. We know how confusing and time consuming dealing with Medicare can be, so it’s helpful to know that many elder law attorneys specialize in helping seniors with this very process—we can help you too.

]]> http://jancopley.com/blog/veteran-journalist-shares-her-personal-experiences-entering-the-medicare-system/feed/ 0 Long-Term Care; Be Prepared in an Area of Uncertain Options http://jancopley.com/blog/long-term-care-be-prepared-in-an-area-of-uncertain-options/ http://jancopley.com/blog/long-term-care-be-prepared-in-an-area-of-uncertain-options/#comments Fri, 11 Feb 2011 20:48:54 +0000 admin http://jancopley.com/blog/?p=618 It’s flu season again, and the strain going around this year has been a difficult one, mainly because of how long it keeps its victims out of commission. So the article we recently found on Time.com about Long-Term Care seems particularly timely and relevant, if only because this year’s flu could be seen as an omen of what’s to come as Baby Boomers age into their golden years.

According to the article, “A huge wave of baby boomers may need long-term care in their golden years — and yet fewer than half have taken steps to prepare for it… two-thirds of Americans believe it’s important to plan for long-term care, but only 44% have taken steps to protect themselves.” Part of the reason for this lack of preparedness is that Baby Boomers underestimate the likelihood that they’ll need long-term care, or they overestimate the likelihood that their children or families will be able (or willing) to provide that care.

But there’s another reason why Baby Boomers are statistically unprepared for the crisis of old age; to put it simply, there aren’t any clear avenues to solid and reliable financial preparedness. “While it’s clear that not enough people are thinking about preparing for their long-term-care needs, it’s not at all clear what, if any, the best solutions are.”

Some think that extra savings in the bank will cover the cost of long-term care; others believe that government programs such as Medicaid or Medicare will take care of them. Unfortunately, both of these beliefs are mistaken. “The average cost of a nursing home ranges from $85,000 to $120,000 a year, while hiring an aide to spend six hours a day on average in the home starts around $40,000 a year… Medicare, meanwhile, only covers up to 100 days of long-term care and often involves co-payments. Medicaid will cover long-term nursing-home care but only after the person has drained his or her savings account.”

The only other obvious solution is long-term care insurance; but even with long-term care insurance, nothing is clear cut, and too many people have found themselves paying into a policy and ending up with no return on their investment. This isn’t to say that long-term care insurance shouldn’t be an option, only that it’s one to be well-researched. Long-term care insurance is still one of the best options out there, but “There have been horror stories of people paying premiums on long-term-care insurance policies for years, only to find the benefits won’t cover their needs 20 or 30 years down the road when health care and long-term-care costs are significantly higher.”

The best advice we can give is to do your research and ask for the help of an advisor with experience in elder law, elder care, and senior financial planning. Whatever you do, don’t throw the baby out with the bathwater—we may have no clear and easy answers yet, but that’s no excuse to remain completely unprepared.

]]> http://jancopley.com/blog/long-term-care-be-prepared-in-an-area-of-uncertain-options/feed/ 1 Stuck In The Middle: Caring For Aging Relatives http://jancopley.com/blog/stuck-in-the-middle-caring-for-aging-relatives/ http://jancopley.com/blog/stuck-in-the-middle-caring-for-aging-relatives/#comments Mon, 17 May 2010 17:47:02 +0000 admin http://jancopley.com/blog/?p=410 “Too rich for most government-funded social programs and not rich enough to pay for full-time, long-term care services.”

Does this sound familiar? It is exactly the kind of financial situation most elderly find themselves in today, and one which requires many adult children who are still raising their own kids to also care for their parents. That is the situation in which Michelle Singletary, Washington Post staff writer, finds herself in today. In her W.P. article Prepare now for a future that might include caring for your elderly family, she describes the feelings of frustration, admiration, and obligation that come with caring for her elderly father-in-law.

Singletary writes movingly about the realities of caring for an aging relative, but what she seems most determined to convey is that it is never too early to start thinking about what your own parents’ future holds. “If you have even an inkling that you may become the caregiver for an aging parent or relative, start planning for it now. Ask questions about the person’s finances. Collect information from community and nonprofit organizations. Get your own finances in order because you’ll probably have to pitch in financially.”

Part of planning for your aging parent or relative is thinking about Medicaid, Long-Term Care Insurance, and the best way to save and protect your assets. Call our firm and let us help you—and help your aging parents.

]]> http://jancopley.com/blog/stuck-in-the-middle-caring-for-aging-relatives/feed/ 0 Will You Be Able To Afford Old Age? http://jancopley.com/blog/will-you-be-able-to-afford-old-age/ http://jancopley.com/blog/will-you-be-able-to-afford-old-age/#comments Thu, 08 Apr 2010 20:05:47 +0000 admin http://jancopley.com/blog/?p=377 Are you ready for the financial implications that come with growing older? As the average American lifespan grows longer the cost of aging becomes more and more prohibitive.

A recent segment on NBC’s The Today Show is takes a close look at long-term care and the price individuals and couples are required to pay as age related illnesses make it more and more difficult for senior citizens to live at home without care.

The show tells the story of “Roberta” and her husband, a couple married for 44 years, who felt there was no choice but to divorce after Roberta’s husband was diagnosed with dementia and the subsequent nursing home bills quickly depleted their assets. After paying no less than $75,000 in care costs, Roberta was advised by her attorney that one of the only ways to conserve her remaining assets for her own support would be to divorce her husband, allowing him to qualify for Medicaid coverage.

With growing numbers of senior citizens being diagnosed with debilitating elderly illnesses, and the cost of nursing care on the rise, more and more couples are finding that without some kind of long term care insurance they simply can’t afford the cost of aging. Medicaid can help, but as the story of Roberta and her husband shows, Medicaid doesn’t come without its own price.

Plan ahead for your own old age by talking to your advisors about Medicaid and your options for long-term care insurance.

]]> http://jancopley.com/blog/will-you-be-able-to-afford-old-age/feed/ 0 The IRS Provides One More Reason to Consider Long-Term Care Insurance http://jancopley.com/blog/the-irs-provides-one-more-reason-to-consider-long-term-care-insurance/ http://jancopley.com/blog/the-irs-provides-one-more-reason-to-consider-long-term-care-insurance/#comments Mon, 19 Oct 2009 13:49:28 +0000 admin http://jancopley.com/blog/?p=244 In the estate planning business we help people plan for the future, not only for their children and heirs but for themselves as well; which is why we are pleased to share the news that it just got a little bit easier to plan for your own financial future, because according to this article on Emax Health the IRS has just approved higher tax deductions for long-term care insurance.

Advancements in health care and our standard of living mean that Americans are living longer than ever before, but that doesn’t mean they’re living better in their old age. Very few of us get to be healthy and hearty until our dying days; rather, most aging Americans will experience a slow decline in their mental and physical health, and require some kind of nursing care, either at home or in a nursing facility. Unfortunately, the cost of that care is prohibitively expensive, and once a patient’s own financial resources have been exhausted the burden then falls on their family, or they end up relying on government benefits.

Long-term care insurance is one way of planning ahead to pay for the nursing care that most of us will almost assuredly need. The higher tax deductions approved by the IRS offer one more reason to consider long-term care insurance: by planning for your future you can save on your taxes right now. But do your research and consult with a professional before you jump in, because the deductions are available only on “qualified” policies, and there are limits to how large a premium can be deducted depending on the age of the taxpayer at the end of the year.

]]> http://jancopley.com/blog/the-irs-provides-one-more-reason-to-consider-long-term-care-insurance/feed/ 1 Alzheimer’s Disease Can Take Your Memory AND Your Financial Security http://jancopley.com/blog/alzheimer%e2%80%99s-disease-can-take-your-memory-and-your-financial-security/ http://jancopley.com/blog/alzheimer%e2%80%99s-disease-can-take-your-memory-and-your-financial-security/#comments Wed, 14 Oct 2009 18:57:28 +0000 admin http://jancopley.com/blog/?p=240 Alzheimer’s disease affects as many as 5.3 million people in the United States; which means it affects as many as 5.3 million families, because Alzheimer’s is a disease that affects everybody it touches—husbands, wives, children and grandchildren—they all bear witness to their loved one’s slow demise.

Sadly, emotional stress is not the only stress that accompanies Alzheimer’s disease; those loved ones serving as caretakers may carry a huge amount of financial stress as well. According to this article by Denise Bonilla the cost of caring for an Alzheimer’s patient can run anywhere from $64 a day to $77,380 a year, and because Alzheimer’s disease can be such a long-lasting disease (a person can suffer from Alzheimer’s for up to 20 years) the costs of care can end up being astronomical. It’s obvious that people can’t do it alone.

Some of the options to help Alzheimer’s patients pay for medical expenses are long-term care insurance or Medicaid [Medi-Cal in California] (Medicare doesn’t cover the cost of long-term care). Long-term care insurance can be very helpful… if you’ve thought ahead and purchased the policy before you or your spouse began suffering from symptoms of Alzheimer’s. As for the government programs, those also can be helpful… if you fall in the right category and know how to navigate the complex system.

Unfortunately, learning how to navigate the system is not something you can do in an hour or two. Because your experience will depend on a number of unique factors we can’t give you an easy set of instructions to follow. The best advice we can give is to say that right now, the best way to navigate the Medicaid/Medi-Cal system is to find someone who knows the system to assist you. Most estate planning and elder law attorneys help their clients with these issues on a regular basis. If you want to ensure that you and your loved ones will be cared for no matter what the future may bring, don’t be afraid to ask your attorney for help.

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