Aging is a natural process in life and, for some people, there may come a time when they are no longer able to care for themselves. Since there is no way to tell if you will be one of these people, it is best to plan for such an eventuality. It is much better to have everything in order if the day comes when you can no longer make your own decisions instead of leaving certain decisions in the hands of the state or people you may not consider reliable.
Do you have an elderly family member who you need to care for? Perhaps this individual is still able to carry out most daily needs, but your relative's health situation is on the decline and you're gradually becoming more involved.
Purchasing long-term care insurance is certainly a big investment that many Americans feel is out of their financial reach. There's also the chance that purchasing long-term care insurance will be a waste of money if the progression of your life determines that you never require such care.
No one knows when tragedy will strike, and no one expects to become disabled or incapacitated. However, if something like this happens to you or your spouse -- and long-term care is required -- you will want to be financially prepared. One way that couples prepare for needing long-term care is to purchase insurance that will cover the cost of a nursing home.
New York residents will have a lot of different options available when selecting an appropriate nursing home for their loved one. In fact, the selection process can be confusing as you try to balance your financial considerations with your wish to find the best facility available.
Imagine your mother or father suffered a catastrophic stroke and you're the designated health care power of attorney. Depending on the severity of your loved one's health condition, he or she could be incapacitated and unable to make decisions for him- or herself. As the health care "attorney in fact" or health care "proxy," you'll need to be the one to speak with doctors to ensure doctors give the kind of care your loved one would want.
If you're trying to choose a nursing home for your elderly mother, it might be the first time you've ever had to do this. As such, you'll be in a new world that you may know nothing about.
If you are caring for an elderly loved one and planning for his or her long-term care, it can be difficult to navigate the potentially complex area of elder care planning. This is a complicated issue, and without experienced help, you can become quickly overwhelmed when trying to understand what you are eligible for and how you can secure needed and rightful benefits.
While it still remains to be seen which specific legislative policies the administration of President-elect Donald J. Trump will pursue in 2017, it is a relatively safe bet that a repeal of the federal estate tax will be included.
It is important to know the distinctions between Medicare and Medicaid. With more than 70 million "baby boomers" coming of age, a growing number are now asking the question. Here's a brief explanation: