In This Issue
- Free Medicare Preventive Care Has Kicked In
- A Trip to the Hospital May Put Assisted Living Residents on Medicaid at Risk of Eviction
- Book Review: The Savvy Senior
- Consider Putting Gifts to Grandchildren in a Trust
- 2011 Long-Term Care Insurance Price Index Announced
To Clients, Colleagues and Friends:
One of the benefits of the health reform law took effect January 1, 2011: free preventive services for Medicare recipients. Under the law, people with regular Medicare will no longer have to pay a co-pay, coinsurance, or deductible to receive preventive services that are highly recommended by the U.S. Preventive Services Task Force.
Assisted living facility residents covered by Medicaid are at risk of being evicted if they leave the facility, even for a temporary hospitalization, the National Senior Citizen's Law Center warns in a recently released White Paper on the problem. Ironically, Medicaid officials in most states have the power to prevent these evictions but in most cases are not exercising it.
Gifting assets to your grandchildren isn't just a nice thing to do; it can reduce the size of your estate and the tax that will be due upon your death. While you can make an outright gift, pay health care and school costs directly, or put the money in a custodial account, putting the money into a trust has some major advantages.
A 55-year-old individual can expect to pay $1,480 annually for $169,000 in current benefits, which would grow to $354,000 of coverage by age 80, according to the 2011 Long-Term Care Insurance Price Index.