When one spouse needs long-term care, the spouse who stays home faces many worries and challenges. The spouse at home, sometimes called the community spouse, not only loses a loving companion, but also faces a host of health and financial concerns. This is especially...
Serving the Cleveland Area since 1994
Serving the Cleveland Area since 1994
Long Term Care Planning
Long-term illness care is a major expense for Baby Boomers
Many baby boomers are concerned that a long-term illness could wipe out their retirement savings. That's because skilled nursing and assisted living can be very expensive, and Medicare only covers a limited amount of the expenses. The annual cost of long-term nursing...
Staying healthy into old age
According to the Genworth Cost of Cary Survey, the median price of a nursing home is $8,000 a month. Unfortunately, an average social security check is only $2,000 a month. The U.S. Department of Health and Human Services says that 70 percent of Americans will require...
Planning for health care costs in retirement
Many Ohio residents contemplating retirement talk to their financial planners about their investments, Social Security benefits and taxes but neglect to discuss health care. Planning for health care costs is just as important as creating a financial plan because a...
Long-term care planning for senior citizens
Planning for long-term care is an important consideration for aging Ohio residents. It is a good idea for adults who are approaching retirement to have a conversation with their children about their plans for retirement and what should happen in the event of a serious...
Tips for long-term care planning
Ohio adults might want to think about long-term care planning since, according to the U.S. Department of Health and Human Services, around 70 percent of people at or older than 65 will need some type of long-term care. Women are more likely than men to end up in a...
Protecting marital assets and applying for Medicaid
As the costs of long-term care increase, people in Ohio are more concerned with the specifics of providing for themselves in the event that they need care later in life. For those who are planning to rely on Medicaid to cover some or all of the expenses, it's...
Some may pay more for Medicaid next year
At the end of each year, older Ohio residents and others throughout the country receive something called a Income-Related Monthly Adjustment Amount (IIRMA). It is sent by the Social Security Administration (SSA) and lets a person know how much that they will pay in...
Using the Veterans Aid & Attendance Pension Benefit for care
Veterans and the surviving spouses of veterans in Ohio may be eligible for a little-known benefit from the Department of Veteran Affairs. This program offers monthly benefits to help to pay for long-term care when people grow older and need help. The Veterans Aid...
Long term care planning begins at 50
Ohio residents may not think it necessary to consider long term care planning while they are still so young and healthy as they are in their 50s. But that's exactly the point. Long term care is a thing that becomes much more difficult to plan for and establish for...
