Who is your support system as you age?

For most people, it is their children but those who are childless are faced with creating their own support network to help them negotiate housing, social-service and health care options in addition to legal and financial considerations. One of the first steps is for “elder orphans” should take in creating their support system is to hire an elder law lawyer who can draw up documents that will protect them if they become incapacitated. For more advice about how to plan for your later years, follow our link to the NYT article. Single? No Kids? Don’t Fret: How to Plan Care Continue Reading

Short-Term Care Insurance: An Alternative to the Long-Term Care Variety

A little-known insurance option can be an answer for some people who might need care but are unable to buy long-term care insurance. Short-term care insurance provides coverage for nursing home or home care for one year or less. As long-term care premiums rise, short-term care insurance is gaining in popularity. This type of insurance is generally cheaper than its long-term care counterpart because it covers less time. Purchasers can choose the length of coverage they want, up to one year. According to the American Association for Long-Term Care Insurance a typical premium for a 65-year-old is $105 a month. Continue Reading