longterm care

How Much Do You Really Know About Long-Term Care?

How Much Do You Really Know About Long-Term Care?

How much does eldercare cost, and how do you arrange it when it is needed? The average person might have difficulty answering those two questions, for the answers are not widely known. For clarification, here are some facts to dispel some myths.

True or false: Medicare will pay for your mom or dad’s nursing home care.  

FALSE, because Medicare is not long-term care insurance.

Wealth Management and Memory Disorders

Wealth Management and Memory Disorders

Just how many older adults have memory disorders? Well, here are two recent estimates. The Chicago Health and Aging Project figures that nearly a third of Americans 85 and older have Alzheimer’s disease. The National Institute on Aging sponsored a study, which concluded that 14% of Americans age 71 and older have dementia to some degree.

Older women may be the most vulnerable to all this.A new Merrill Lynch and Age Wave study notes that after age 65, women have twice the projected risk of Alzheimer’s that men do.

Financial Elder Abuse: Perception vs. Reality

Financial Elder Abuse: Perception vs. Reality

What actions can be taken to try and shield your parents from such abuse? As a first step, you and your parents can meet with an estate planning attorney to put a signed financial power of attorney in place (if one is absent). Should your mom or dad lose the capacity to make financial decisions on their own, this document can authorize you (or another family member) to make worthy decisions on their behalf.

Do You Need Longterm Care Insurance?

Like estate planning, long-term care insurance is a critical component of a financially secure future, but many people tend to put it off or actively avoid it. Planning ahead helps you avoid burdening your family and loved ones with the mental and financial costs of providing care. Read on for more about adding a long-term care policy to your overall wealth portfolio and what to consider along the way.