How to Make Sure You Receive All the Financial Benefits You Deserve as You Age

Many individuals solely depend on their resources or private care abiding insurance to take care of their home, nursing cost, or sponsored living residency. Private coverage is a thinkable way to fund an assisted residency and a nursing home. However, there are other options available.

One way to ensure that you and your family have the care they deserve is by having a conclusive plan that includes Medicaid, private insurance, and veterans benefits. This has the advantage that you won't dispose of your assets.

Usually, they help people who wish to fund and plan for lasting care. They together pick up a plan that pays for the assisted living residency or nursing home that does not consume every asset your loved ones had accumulated. Here are ways to make sure you receive the financial benefits you deserve as you age.

Choose the Right Options

From the many available options, the attorneys will help you choose the right one. They are committed to helping you strategize and get long-term care, veterans benefits, Medicaid benefits, and fund your retirement needs.




Generally, they choose a unified approach that attracts multiple funding sources. The attorneys will have to review the situation before they develop the right approach for you. Some of the available options include:

• Medicaid benefits

• Personal long-term care cover

• Veterans benefits

They aim to help you afford a funded assisted living residency or a nursing home care— which will preserve your assets.

Have Long-Term Care Coverage

Ensure that you don't take long to visit a veteran benefit denial law attorney. Many people tend to think that their loved one's long-term care policy is sufficient to find out that it is at the point of exhaustion.

Generally, assisted living facility and nursing home planning do not consume much time. However, there are constraints and time limits. For example, Medicaid planning sounds essential as it has a look-back period of five years to transfer the assets.

Additionally, if the situation may demand that you use long-term-care coverage in the future, for this reason, take action and maximize your policy benefits by incorporating them with other policy options as soon as your services begin. 

They can review the situation and develop a strategy that offers you a nursing home policy without consuming much of your assets.

5 Insurance Tips for People Over the Age of 50

If you've ever been in a hospital you’ll know how expensive healthcare is. Insurance is the only way the common man can afford healthcare. However in many cases insurance premiums can also be quite expensive, especially for senior citizens. It’s like being between a rock and a hard place. For a senior citizen being eligible for health insurance is a task in itself. On top of that the exorbitant premiums pretty much annihilate their chances of getting insurance. Here are a few insurance tips for senior citizens. 

Lead a Healthy Life

It’s bad enough being plagued by diseases in your twilight years, but to add to it yourself is madness. Senior citizens have to be in tip top shape to be eligible for healthcare. Insurance is a bit like loans. You can only get it if you can prove that you don’t need it. If you’re in peak physical condition the insurance company may be inclined to reduce your premiums. However, that’s not a certainty, but it is a possibility. And that’s pretty much all you get these days, so make use of it. 

Prepare For Your Retirement

It doesn’t hurt to plan ahead. In fact, it’s imperative to plan ahead. As you start approaching the age of retirement you should already have a plan in place. This plan will see you through the rest of your years. Making provisions for health insurance in this plan is very important. Once the money stops coming in you’ll be struggling to make insurance payments, which is why you should set some money aside just for that. Calculate how much your insurance will cost you after your retirement and set that money aside. In some cases health insurance can be more helpful than your kids, I’m just saying.

Streamline Your Policy

As you grow older your insurance premium becomes more expensive. Soon there’ll come a point where you won’t be able to afford it. That’s when you’ll have to start making some tough decisions. You’ll have to streamline your insurance policy to meet your financial status. That means losing some aspects of your coverage, such as disability and long-term care. It’s a sacrifice you’ll have to make eventually. You know your health and you know what you’re prone to, so make specific provisions accordingly. Your health insurance plan should be suited to your needs. At the same time it shouldn’t cripple you financially. 

Beware of Conmen

When you’re at the end of the road people will try to take advantage of you. Senior citizens suffering from life threatening diseases and who can’t afford treatment are susceptible to anything. Conmen are pretty aware of this situation. They roam hospital corridors looking for such individuals and promise them an insurance plan or health discount card that can potentially save their life. To add insult to injury these people wear breast cancer ribbons to seem more caring and friendly. Before you deal with such people always do a background check on the internet about their product and their company. 

Rely On the Government

When all else fails it’s time to rely on the government. Sometime they actually come through for you. Take COBRA for example. It’s a law that keeps you protected under your former employer’s insurance coverage for about 18 months, as long as you continue to make payments. There are other state aids available that can help you through unemployment. Research them to see if you’re eligible. However, keep looking for a way to get back up on your feet, because government help is not eternal. You can only take advantage of them for so long before they decide to let you go.

Just because you’re over a certain age doesn’t mean you can’t enjoy the benefits of health insurance. If you play it smart you can remain protected under a decent coverage for the rest of your days. Keep these tips in mind and you won’t have to rely on your kids for help. You’ve taken care of yourself for this long, why shouldn’t you be able to continue to do it? The one thing I know about senior citizens is, that they’re proud. And as they say pride can only be surrendered, it can’t be taken away from you.

Author Bio:
This article is authored by Jenny Wadlow, a professional freelance blogger. She writes articles for Fundraising for a Cause, a website selling pink ribbon products. Her hobbies include gardening and home brewing.

Savings Plans for Those Hitting Half Century of Their Lives

retirement (Photo credit: 401(K) 2013)

If you will be reaching the age of 50 this year, it is assumed that your savings for the rest of your life is already halfway through. However, the chances are that you are lagging behind in the savings area and need to start collecting money for your future. The good news is that there are plans which give opportunity to you to work on your financial security for post-retirement life.

Making Contributions:

It is possible that you decide to make savings for post-retirement life at a later stage of your life. You are not an exception and there are many who like you, have just begun with their savings. The concept of ‘catch-up’ is applicable to such citizens who are 50 years or above in age so that they can make contributions above the limit decided for various savings plans.

You may have just reached 50 years of age but you still have a window of opportunity for adding to your savings by making contributions to any IRA or by making ‘salary deferral’ contributions to a 457 plan or 403(b) or a 401(k) plan.

IRA Contribution- To make IRA contribution you can either opt for 100 % compensation or lesser part of $5500. But for those who will reach 50 years you can make additional contribution of $1000 to the account.

Plans Sponsored by Employers- For plans that are employer-sponsored you are granted the permission to make more contributions that the limit that is set only if you are to reach 50 years with the end of the year- a privilege only to those that are of and above 50 years.

• In case of 401(k) and SIMPLE IRA plan where you are allowed to make deference of 100% of the compensation up to an amount of $12,000, you can make a payment of extra $2,500.
• In case of 457, 403(b) and 401(k) plans where the deference amount can reach up to $17,500 an additional amount of $5,500 is allowed for those that are 50 and above in age. 

Multiple Plan Limitations:

While participating in more than one plan that is employer-sponsored, contributions made through the ‘salary deferral’ features should not surpass the ‘dollar limit’ that is applicable for the particular year.

Miscellaneous Issues:

There are other issues too that have effect on all that you plan for your retirement like sponsoring your child’s college tuition fees or supporting your fully-grown child rather than adding to your savings for life after retirement. You might as well think of investing in ‘long-term care’ or LTC insurance for prevention of retirement savings usage to cover long-term illness expenses rather than using it to finance your retirement life.

Conclusion:

Hopefully the ideas mentioned in the above paragraphs will help you to make your life post-retirement a financially independent one. Those of you who fall in the range of mid-forties and mid-fifties, you still have the time to retrace your steps and make financially wise decisions. You should consider investing in insurance plans to cover unexpected expenses like accidents. This will help you to financially secure your post-retirement life.

Author’s Bio: Alisa Martin has been authoring articles on various subjects related to finance. She has knowledge on Second Citizenship for investors and other such topics for contributing articles.

Smart Tips When Preparing for Retirement

retirement (Photo credit: 401(K) 2013)

Between 45 and 54, the idea of retirement often becomes more important to many individuals. But in order to make sure that this goal is attainable, there are several smart tips you will want to follow.

Catching Up After Age 50

For those just beginning to seriously save towards retirement, Investopedia.com says, “Don’t be disheartened.” “Better late than never,” is definitely applicable in this case. And there are actually special provisions for individuals people aged 50 years and up to “catch-up” on their retirement goals.

For people age 50 and older, the limit of contributions to an IRA, 401(k), 403(b) or 457 plan is raised to an excess of the usual threshold. This allows salary deferral contributions to be higher which builds up a nest egg for the future more quickly.

Rebalancing a Portfolio

As you approach retirement, your asset allocation should be reassessed every once and awhile to ensure that your investments become less risky as you grow older. This is because as you move toward the end of your working career, you will have less and less time to recover from investment losses. So rebalancing your investments will help you find places to allocate funds that are more dependable as you near a time in which you will rely on them more.

Supporting Older Children

Another consideration to take into account is any children or other family who are still dependent on you. Although it sounds harsh, you may need to consider your own best interests if you are nearing retirement age and still supporting adult children who live at home. Think about beginning to charge them rent or a portion of their living costs. In most cases, you will actually be doing them a favor by encouraging their responsibility and maturity.

Preparing for the Unexpected

Another life factor which may become more real as you age is the possibility of long-term illness and more frequent medical costs. To protect yourself and your nest egg, it might be wise to look into long-term care (LTC) insurance. These sorts of plans will help cover medical expenses so that your finances remain stored for living and other costs.

Getting Free to Plan and Save

For many individuals, all of these plans sound like great ideas but are really quite impossible because of current debt and other difficult financial situations. In order to devote more attention to savings, you will first want to work your way to financial freedom.

Begin by focusing on paying off any demanding short term loans. TitleBucks.com and similar lending companies can be helpful in a serious bind. But to use them properly requires paying them off immediately and gradually weaning yourself off reliance on quick cash. Asses your lifestyle and find ways to make cuts so that you can live within your means. This is a great beginning step towards savings and investment later.

With these keys to achieving financial stability and preparing for the future, you can look forward to a successful retirement.

Advice for Job-Seeking Caregivers

Individuals seeking employment as caregivers are in a great position; the demand for caregivers is at an all-time high. 

According to the Pew Research Center, an average of 10,000 Baby Boomers in the United States turns 65 years old every day.

The need for caregivers will only continue to increase as Baby Boomers enter retirement. Government studies estimate 7 in 10 Americans over the age of 65 will need long term care at some point. 

Being a carer takes a lot of patience and empathy, but it can be a highly rewarding career that enhances the life of those that are looked after. If you were to take on one of many Jobs for live-in caregivers in Philadelphia, you'll always be looking to give your services to clients that really need it in order to enhance their quality of life. 

Services can vary depending on the needs of your senior you will work for. For example, some individuals simply need companionship, safety supervision, and assistance with daily activities. Others require more help with hygiene and medical needs such as being reminded to take their medicine. Live-in caregivers can also help with transportation needs, cooking, running errands, and light housework.

It’s important that, as a caregiver, you understand how to give off a good impression throughout your job search in order to succeed at landing a job in this high demand market.

Creating a resume may sound obvious, but many people applying to be a caregiver skip this step entirely. Bringing along a professional resume that lists your previous employment and any related experience will help tremendously. 

Even if you have no prior professional care giving experience, you should list other jobs you have had to prove you are a dependable employee. Include any community volunteer or charity work you participate in, as well.

When you are searching for interviews, use social media to your benefit. There are tons of job listing sites for caregiver jobs NYC and many websites specifically designated for potential caregivers. 

Make detailed profiles and scour the online listings to find agencies and opportunities that match your needs. Do some research in advance to be sure you understand the average pay for caregivers in your area, both at agencies and when working independently, in order to decide your best route.

Always arrive early to an interview, dressed in clean, simple clothing that you would wear on the job. Being reliable is a vital part of being a caregiver and showing up a few minutes early never hurts. 

Ask questions and prove that you have done some research on the company, its mission, and how it is run. Demonstrate your ability to communicate effectively and solve problems, which are two huge parts of being a successful caregiver.

Don’t be afraid to be friendly and laugh when talking with a potential employer. People want to know that you are not rigid and serious and will be able to connect with others, especially the person for whom you provide care. 

Be warm and show that you have a sense of humor. Explain why you became a caregiver and display your passion for the profession.

A Scan Foundation report estimates that 27 million people in the United States will need long term care by the year 2050, and the need for caregivers will continue to increase as Boomers retire en masse over the next few decades.

Connecting and engaging with your potential employers can make all the difference in finding a caregiver job that fits what you are looking for. 

Take time to think about why you chose the path of caregiving, be genuine and honest in your interviews, and you may find the job search process just a bit easier!

About the Author: Barbara Davis is a big fan of all things N'awlins. When she is not exploring the culturally rich nooks and crannies of The Big Easy she enjoys working on her freelance writing career, frequently writing on such topics as retirement, Baby Boomers, and health care.

What Are Your Payment Options for Assisted Living?

Most people want to be able to live on their own their whole lives. Unfortunately, your health may start to deteriorate to the point that you can no longer take care of yourself. 

Your family members may not be able to give you the care that you need either. You may need to eventually consider living in an assisted living facility.

Many people are reluctant to use one of these facilities because they feel they are worried about paying for it. Fortunately, there are several ways that you can pay for assisted living.

Utilize Long-Term Care Insurance

Long-term care insurance will pay for you to go into a nursing home or assisted living facility. The average policy for a 55 year old will cost about $3,500 a year. These policies clearly aren’t cheap, but you will probably be a lot better off purchasing them than trying to pay out of pocket down the road.

Most long-term care policies should cover everything that you need. The average policy will pay for about $4,470 worth of services a month. That is nearly 60% more than the median cost of living in an assisted living facility. 

However, you should ask your insurance carrier what services they will cover and find out how much different facilities cost long before you need them.

Consider a Bridge Loan While Selling Property

You may have trouble paying the premiums for long-term care insurance while you are still working. You may want to take out a bridge loan instead. Bridge loans will pay for your stay at an assisted living facility when you can’t afford to pay upfront. A number of companies offer them.

You will need several people to cosign the loan for you. They will be collectively responsible for making the payments while you are in the assisted living facility. However, one person will usually be appointed to be responsible for making the payments.

The rates on these loans are usually very reasonable. They typically offer a line of credit of up to $50,000 with the same rates as secured home loans. They are ideal for people who are in the process of selling their homes to pay for assisted living.

Look into Medicaid and Medicare Coverage

Many people are unrealistic about what Medicare and Medicaid will cover. They typically aren’t feasible payment options when you have other options available. However, you may still be able to take advantage of them.

Most states offer some form of Medicaid waiver that will allow you to pay for some of your assisted living costs. However, residents in Louisiana, Kentucky, Alabama, Pennsylvania, and South Carolina do not offer such coverage. 

You may want to consider relocating to another state if you are a Medicaid recipient and suspect that you may need to enter an assisted living facility within the next few years.

Medicare is also an option worth considering, but you generally can’t use your Medicare coverage until all other options have been exhausted. You will need to deplete all of your assets first.

About the author:

Kalen is a freelance finance and lifestyle writer. He shares tips to help seniors live comfortably after retirement, such as using Senior Apartments in Kalamazoo Michigan.

Does Your Budget Need a Makeover?

It’s not uncommon to reset your budget when you reach a major milestone, such as getting married, retiring or buying a house. When you do that, however, you manage your finances in fits and starts, and you miss numerous chances to save and spend more wisely.

When life goes along smoothly with no major interruptions, you might not think about money. But all the while, costs go up, fees are incurred, and new cost-saving opportunities come along. If you haven’t set a budget in a while, ask yourself these questions to see if it’s time to reorganize your financial priorities.

Has my Month-End Balance Changed?

When you wrote your budget 10 years ago, you may have assumed you’d end each month with a set amount of money left over. Take a look at your bank statements from the past year and see if that amount has gone up or down since your last budget.

Suppose you used to have $500 at the end of each month. If you’re now keeping less, go through your expenses and look for things to reduce or eliminate. If you’re keeping more, have some fun with it; better yet, put that extra money into your retirement account.

Am I Still Getting my Money’s Worth?

If you’re spending more time fixing your 1996 Mustang than you are driving it, you’re not getting much return on your investment anymore. Similarly, your gym membership might seem silly since you bought a treadmill last year. Let your budget reflect these changing priorities.

Just as revenues and expenses change, so does the need for certain things. What seemed essential in your 20s and 30s might not matter in your 40s and 50s. Analyze your spending habits over the last few years and decide whether certain expenses are still important in your life.

Am I Properly Preparing for the Future?

Some situations come out of nowhere, like an illness or a termination. Other things are inevitable, like retirement or the passing of a loved one. These situations don’t have to be imminent for you to start preparing for them, but as the day approaches, give them more attention.

As you get older, you may want to cut back your work hours, thus cutting your pay. Or you may start facing various health problems, resulting in higher expenses. Factor those possibilities into your current budget; the more you prepare, the easier these things will be to manage.

Do I have a backup plan?

Even after you’ve considered every contingency, something unexpected could happen to put your finances at risk. Instead of being blindsided by these sudden changes, protect yourself by having an alternate budget in place.

This Plan B should reflect what would change if things went awry. For instance, what would you do if you or your spouse became ill and needed long-term care? Some people might cut expenses to pay for home care, while others might rent out or sell a second home.

Nothing stays the same, and it’s important to make sure your finances follow suit. Give your budget a regular review to keep your finances on a smooth track.