In the wake of the pandemic, rising inflation, mass shooting tragedies, and other events, more people recognize that they need to plan for the future. Yet while financial planning has been at the top of many Americans’ minds, a vast majority of people have stalled in creating an estate plan. According to a new study completed by Caring.com, a mere one in three people has an estate plan in place. Worse yet, more than 40 percent of those without a will report that they wouldn’t create one until they had encountered a serious health concern. Why Is It Important to Make Continue Reading
What to Know About Being a Health Care Proxy
When you assume the role of the health care proxy of a loved one, you make crucial medical decisions on their behalf. If your loved one becomes incapacitated and cannot communicate with health care providers, you are responsible for ensuring health care providers respect their preferences for care. If you are a health care proxy, your role is to protect your loved one’s interests when they are vulnerable. Health care proxies have an essential, yet challenging role, as medical decisions can significantly impact patient outcomes. What Is a Health Care Proxy? A health care proxy is a person who makes Continue Reading
Are Wills Public Record?: Estate Planning Q&A
Wills contain important information about who receives money, possessions, and property upon a person’s death. Who can view this information, and is it a public record? Once your will goes through probate, it becomes a public record. The probate court must maintain the will so that the public can access it. Anyone can visit the probate court to view the will, regardless of whether they are an heir or beneficiary. For a fee, they can obtain a copy. In some counties, wills are also available online. Why Are Wills Public Records? Numerous individuals could have a right to receive assets Continue Reading
Estate Planning for Your Digital Legacy
One aspect of your estate plan that you may not yet have taken into consideration is your digital legacy. Arranging what happens to your digital assets and information when you pass away has become an increasingly essential component of financial literacy — and comprehensive estate planning. According to Pew Research, the number of adults in the United States who say they use the internet has grown from 52 percent in 2000 to 93 percent in 2021, with 85 percent using the internet daily. Many people rely on digital technology to socialize, work, pay bills, and manage their affairs. Including Digital Assets Continue Reading
Does Medicare Pay for Assisted Living?
Assisted living facilities support older adults with daily living while fostering their independence. Individuals who do not require round-the-clock nursing but need help with everyday activities like bathing, housekeeping, medications, and meal preparation can benefit from assisted living. Some seniors choose to move into assisted living following a frightening event, such as a fall. They want to live autonomously but may feel unsafe in their homes. Averaging $4,500 per month, assisted living can be expensive. Those considering assisted living might wonder whether Medicare, a federal health insurance program for qualifying adults aged 65 or over, will cover the cost. Traditional Medicare covers Continue Reading
Medicare Will Now Cover Medically Necessary Dental Care
In November 2022, the Centers for Medicare and Medicaid Services (CMS) announced that Medicare coverage will be expanded to include medically necessary dental services. This change in Medicare rules will allow people with life-threatening conditions to receive dental care and operations related to conditions approved by CMS. The provisions in the final rule become effective on January 1, 2023. What Makes Dental Care Medically Necessary? The final rule expanded the definition of “medically necessary.” Medicaid currently defines “medically necessary” as “health care services or supplies needed to diagnose or treat an illness, injury, condition, disease, or its symptoms and that Continue Reading
What to Do When Medicare Denies Coverage
When Medicare declines to cover your medical needs, the denial can leave you with an expensive medical bill. If Medicare refuses to cover your care, do not assume this means you will have to take on the financial burden. As a beneficiary of Medicare, you have the right to appeal the denial. There are many reasons why Medicare might initially fail to cover a type of care, but it is possible to overcome Medicare’s denial by appealing it. Although getting a coverage denial can feel discouraging, those who choose to appeal have a good chance of success. According to Medicare Continue Reading
Protecting Spouses of Medicaid Applicants: 2023 Guidelines
The Centers for Medicare & Medicaid Services (CMS) has released the 2023 federal guidelines for how much money the spouses of institutionalized Medicaid recipients may keep, as well as related Medicaid figures. What Are Spousal Impoverishment Rules? Spousal impoverishment is a concern for older couples when there is one spouse who requires long-term care and applies for Medicaid. Before the federal government enacted spousal impoverishment protections, many healthy spouses faced poverty when their partners needed long-term care. The spousal impoverishment rules are based on the idea that spouses will provide for each other. Community Spouse Resource Allowance In 2023, the spouse of a Medicaid Continue Reading
Majority of Adult Children Cannot Support Boomer Parents, Surveys Find
A recent survey by the American Advisors Group (AAG) finds that 55 percent of adult children say they are not financially prepared to help their Baby Boomer parents cope with rising inflation and living expenses. “Americans want to see their parents age with grace and dignity and have the resources they need to live comfortably, but for many families the current economy is making that difficult,” AAG Chief of Marketing Martin Lenoir said in a news release. AAG surveyed more than 1,500 adult children, ages 40 to 55, across the country. Known as the “sandwich generation,” this group faces the responsibilities not Continue Reading
Can a Nursing Home Hold Friends or Family Members Responsible For a Resident’s Care?
If your loved one is entering a nursing home, you may worry whether you could be liable for their care. Under federal law, a facility cannot require a family member or friend to co-sign an admission agreement and take on personal liability. However, nursing homes around the country still try to do so, and often these matters end up in court. What can you do to prevent this from happening to you? It starts with educating yourself on what is and is not allowed. A law known as the Federal Nursing Home Reform Law prohibits a nursing home or facility from Continue Reading