Long-term care insurance can be confusing, no matter who you are, especially if you don’t know who to turn to for expert advice. The decision to purchase long-term care insurance is very important and one you shouldn’t rush into without proper research. Because you cannot purchase long-term care insurance when you need to use it, you must make the decision about obtaining it ahead of time. Americans aged 65 or older have a 40% chance of spending time in a nursing home, according to the U.S. Department of Health and Human Services. And the costs can be staggering. Medicare doesn’t cover long-term nursing home expenses. Medicaid will pay the cost, but to qualify you’ll need to spend down your hard-earned assets. Click to read more.
Most adults become eligible for Medicare on the first day of the month they turn age 65. Whether you need to sign up, and how to go about doing so, depends on the type of coverage you select and whether you collect Social Security benefits prior to becoming eligible for Medicare.
If you have already started receiving Social Security benefits before your 65th birthday, you don’t have to sign up for Medicare Part A or Part B. Click to read more.
Many baby boomers find that their aging parents need health care assistance. Luckily, there are options to help parents grow old gracefully, either in their own home or in a facility, and several ways that you can finance the cost of their care.
Healthy seniors who can look after themselves generally are eligible to enter a continuing-care retirement community that allows them to buy or rent an apartment and ensures lifetime nursing care when necessary. Another option is private long-term care insurance, which can help cover nursing home costs or the cost of an in-home aide. Click to read more.
When business owners plan for surviving a change of ownership or the loss of a key employee, they frequently incorporate life insurance as part of the process. Life insurance can be used as a funding mechanism in buy-sell plans, which are legal agreements that provide for an orderly transfer of ownership interests. Outside of a buy-sell plan, insurance may compensate a business for the cost associated with the loss of a key person. Click to read more.