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Tuesday, June 05, 2012
Jeremy Wechsler Releases New Book on Estate Planning
Looking for a great resource on estate and retirement planning? Jeremy Wechsler, your Estate & Elder Law Attorney, recently co-authored a new book with Peter R. Wechsler, his father and Your Retirement Quarterback. The book is an easy read but full of valuable information on estate and retirement planning.
Learn more about the book here: https://solvingtheretirementpuzzle.com
Monday, August 29, 2011
Long Term Care Costs
Most people know that it’s crucial to plan for retirement. It used to be the case that saving about $1 Million would cover a typical couple, but that number seems to be ticking up rapidly. Retirement planning is a specialty, and you should see a qualified retirement planning professional.
But in addition to retirement, what many people don’t consider is the cost of long-term care, if needed, for you and/or your spouse.
Consider Genworth Financial’s annual facts and figures on the costs of long-term care:
- Assisted Living Facility (One Bedroom) $36,000 per year
- Nursing home – Private room – $97,000 per year
- Home Health Aide - $46,000 per year.
Note that these are the average costs for 2011. The costs vary depending on the provider and your needs. Also, long-term care costs increase every year, and the increases are usually significant. So not only must you plan for long-term care, you must include inflation when factoring the costs.
You have to consider your family’s health history, your health history, the amount of assets you have, and other factors when planning for long-term care. There are different planning opportunities available to preserve at least a portion of your estate and qualifying for Medicaid sooner. However, these strategies are only available to those that start planning at least five years ahead of time. But it’s hard to predict when you’ll go into a nursing home. There are strategies available for “crisis planning” but the biggest problem with waiting until there is a crisis is that what we can do today, we may not be able to do tomorrow. The laws are constantly changing for Medicaid, especially since it’s a joint federal-state program.
The bottom line is that planning for long-term care costs while you’re still healthy is advantageous for you and your family.
Thursday, February 24, 2011
Special Blog: Medicare Matters
The Federal Government’s Medicare program, which most seniors over 65 enroll in, is a good Health Insurance plan, except for one very small fact. Along with various co-pays and deductibles that you need to pay along the way, Medicare only pays for 80% of your Medical bills. If you quickly do the math, and consider a possible serious medical issue or two popping up in the near and distant future, the 20% of medical bills that you are responsible for can add up to thousands of dollars!
To cover the gaps in Medicare coverage, you have two options. You can buy a Medicare Advantage plan or buy Medicare Supplemental Insurance otherwise known as “MediGap”.
The following is an introduction to Medicare Supplement (MediGap) insurance.
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DEFINITION: Medicare Supplement Insurance, also known as Medigap, is private Insurance that pays for the “gaps” in coverage that “Original” Medicare Parts A & B do not cover. It is not Medicare Advantage (which is typically a HMO type of Medicare Coverage).
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COVERAGE: Medicare Supplements cover 100% of the gaps for medical procedures and hospital costs that Medicare approves and will pay for (except the gaps). If Medicare doesn’t approve of a particular (unconventional) treatment or procedure, Medicare Supplements won’t pay as well.
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ELIGIBILITY: To purchase Medicare Supplements, one must have Medicare Parts A & B
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PLANS: There are several Medicare Supplement Plans to choose from. The features of the different Plans are standardized by the Federal Government. Companies selling Medicare Supplements cannot deviate from the standard features. Plan “F” from one company is EXACTLY the same as Plan “F” from another company.
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PRICE: Even though companies are selling the same exact plans, they can charge different prices. The Plan “F” price from one company can be different than the Plan ”F” price from another company. There is no pricing standardization. Please make it a point to shop around for the best price!
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PRE-EXISTING CONDITIONS: Pre-existing conditions do not matter and will NOT have an effect on pricing or your eligibility when buying a Medicare Supplement Plan if:
a) You are new to Medicare and you sign up within the 7-month Initial Enrollment window;
b) You were involuntarily terminated from another Medicare Plan due to the company ending their Medicare programs, etc.;
c) You are coming off a Gov’t plan or a Group Plan from an employer.
Aside from these three exceptions, pre-existing conditions could factor into your pricing and/or eligibility
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DOCTORS & HOSPITALS: With Medicare Supplements there are NO RESTRICTIONS to what Doctors and Hospitals you choose. There are NO NETWORKS and NO REFFERALS needed for specialists, tests or procedures. You may receive medical care in any state, with NO geographical limitation
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CO-PAYS: With Medicare Supplements, there are NEVER ANY CO-PAYS, or OUT-OF-POCKET COSTS when receiving medical care (except for $20 per Dr. visit in the new Plan ‘N’)
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CLAIMS: There is coordination between Medicare, Medicare Supplement Insurers and Health Care providers so you will never receive a bill, or have to submit bills. You will only receive a “Summary of Benefits” so you can see what was paid for and by whom
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INTERNET & TELEPHONE: Your Medicare coverage is much too important to buy on the Internet, over the Telephone or from TV Commercials. You need someone to come to your home, and get to know you and your situation so they can provide you with the most appropriate options and recommendations. Look to work with an Insurance Professional who specializes in Medicare and who will always be available for questions and guidance… as this will provide you the best value, along with the peace of mind that you deserve!
Thanks to our guest blogger, Howard Peck, who we regularly work with and who is a Pennsylvania licensed Insurance Broker specializing in Medicare Advantage, Medigap, Part ‘D’ Drug Plans and Long Term Care Insurance. Howard represents numerous Top ‘A’ Rated Insurance Companies that allows him to offer the best plans based on his client’s needs and budget. Please contact us if you’d like to arrange for a consultation with Howard.
The Law Offices of Jeremy A. Wechsler assist clients with Estate Planning, Wills, Trusts, Asset Protection, Special Needs Planning, Powers of Attorney, Will Challenges and Probate/Estate Administration in Willow Grove, PA as well as Abington, Hatboro, Dresher, Horsham, Bryn Athyn, Huntingdon Valley, Fort Washington, Jenkintown, Glenside, Oreland, Warminister, Wyncote, Ambler, Elkins Park, Flourtown, Philadelphia, Warrington, Cheltenham, Gwynedd Valley, Jamison, Feasterville Trevose, Richboro, North Wales, Blue Bell, Lafayette Hill, King of Prussia, Collegeville, Oaks, Phoenixville, Oxford Valley, Langhorne, Penndel, Bristol, Fairless Hills, Bensalem Plymouth Meeting and Furlong in Philadelphia County, Bucks County and Montgomery County.
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